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  #1  
Old November 8th, 2017, 03:21 PM
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Default HDFC Bank Utility Code for ECS

Hi I would like to have the information about the Electronic Clearing System for quicker installments and accumulations offered as well as the lists of the Utility codes for various branches of HDFC Bank?
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  #2  
Old November 8th, 2017, 04:36 PM
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Join Date: May 2011
Default Re: HDFC Bank Utility Code for ECS

The Reserve Bank of India offers the Electronic Clearing System for quicker installments and accumulations.

ECS Credit can be utilized to pay intrigue, profits, to name a couple.

Other than being utilized for different exchanges, ECS Debit can be utilized to gather service charges, EMIs and so forth.

Both are offered to the corporate customer as a support bank.

Advantages

ECS Credit and Debit office can be benefited at all areas as stipulated by the RBI

Secure and more advantageous with simple to-track exchange histories

Critical Points for Setting up ECS Credits and Debits

In the first place, the organization needs to acquire a command from the recipient/payee which would give every one of the points of interest as stipulated by Reserve Bank of India.

The organization will then need to course the ECS through a Sponsor Bank. The organization is required to present an E1 shape to get a User code from the RBI through the Sponsor Bank. One client code is gotten for ECS at all RBI areas.

The organization at that point presents the information in delicate frame for affecting the ECS. The information is given in particular documents arranged city insightful.

The information must be given to the Sponsor Bank no less than 5 working days before the settlement date. The settlement date is the date on which the record of the recipient will be credited (ECS Credit) or payee's record will be charged (ECS Debit).

ECS Credit: Returns turnaround time differs from T+1 to T+3 after the settlement date for ECS credit, the RBI gives a rundown of uncredited/returned things.

ECS Debit: Returns turnaround time differs from T+1 to T+3 after the settlement date for ECS Debit, RBI gives the last rundown of records charged and according to RBI controls, no late rejects are acknowledged by RBI.

NECS Credit: This is a brought together process and turnaround time for information accommodation is 2 days preceding settlement date. Profits are accommodated next working day of the settlement date. All the documentation is like ECS credit and just single E1 shape is required.

RECS Credit and Debit: This is area savvy handling and turnaround time for information accommodation is 2 days preceding settlement date. Profits are accommodated next working day of the settlement date. All the documentation is like ECS credit and charge and just single E1 frame is required at a district.

Please find the file attached below which has the Electronic Clearing Service (Debit Clearing) Mandate Form including the Utility Codes for the various branches of HDFC Bank.

Electronic Clearing Service (Debit Clearing) Mandate Form




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