Hi,
I have a salary account with HDFC bank. I have taken a personal loan from ICICI and I have given ECS mandate. ECS date is 5th of every month. From the last two months, HDFC people will try to debit my account right in early morning around 7 AM or so on 5th even without waiting for the transaction hours to end on the ECS date. Suppose for some reason, the account does not have required money at 7 AM on the ECS date, they will simply return the ECS and charge ECS return charges of Rs. 200/-. I would loose money like this also my credibility will go for a six! While giving the ECS mandate, only the ECS date is accepted and not the time of debit! Is there any RBI guidelines to these banks that ECS can be debited at their will and need not wait till the close of transaction hours on that particular ECS date to enable the person to credit his account? Can I have an answer for this as I am not getting proper response from the Phone Banking people.
- Srinaren

Hello,

You have to manage your account 1 day before of the ECS date.

Dear Administrator,
Thanks for your reply. If we have to manage our account one day in advance, then why the ECS date of one day ahead is to be given? If we are due to a Govt. Agency some payment and the last date is fixed, it is accepted on that date till the working hours or transaction hours. In my Bank ECS also, on few occasions, ECS has been debited a day later or sometimes in the afternoon etc., That means there is no fixed time for debiting. When I went through the RBI guidelines on ECS Debit, it simply says your account will be debited on the ECS date and there is no mention that you have to have balance in your account one day prior or at 7 AM, your account is going to be debited! Normally, when you say the last date, time has to be given till the end of the transaction hours because for customers to credit their accounts during those transaction hours. May I request you to enlighten me with the RBI guidelines on this issue. Because this has happened twice. Continuing my argument, this happened on 5th May and one more ECS account of mine in the same HDFC bank which was due on 7th was debited at 2 PM on 7th. That means there is no regulation regarding the time of debit of ECS by RBI and only the banks are arbitrarily debiting!!!! Can you please throw some more light on this?
-Srinaren

Hello Srinaren,

As per the rule you have to manage your accounts one day before the ECS date.

sir, is there any rule that if one ecs has bounced then no bank is allowed to debit next ECS without again permission of that customer? please reply
prasshant

ECS returned is the biggest crime one is doing. I am paying my emi for my home loan to citibank from 5 years through ECS suddenly one month i forget to check my balance so ecs is returned. As soon as I know about it on next day I tried to ring their customer care. But It is impossible to call customer care of citibank as they are on cost cutting so you wont get simple acess to citibank customer care. ( One of the reason is that if customer intereact with them he will ask for reduction of home loan rates which they are not willing to but putting their PLC rates but they have pressure from market rates so they ought to reduce the rates. Anyway come to the point I called customer care to pay my emi on next day. But in between they charge 600 rs for ecs return and drwee bank debited( icici bank) 280rs. So they charge 880/- in total . What I think is ecs means least documentation and funds have been transferred. But what I relizing is that electronic machinery is more important then manual payment. They get opportunity cut the throat of customer by charging so much hefty amount for the system in which they are least affected ( means they again has to put the ecs after informing the customer). I think ECS is as simple as one is paying online with least documentation . But this is the irony of our system.

hi,

I have taken a home loan from SBI and the mode of repayment is through ECS.The date of clearing the sum is given as 7th of each month. But in my first payment money got deducted from my salary account (HSBC-Kolkata) on 10th of the month and til today it did not got credited to my loan account (SBI-Kolkata),( 16th of the month).There was only a day off (SUNDAY) in between and a half day (Saturday).Called HSBC and they confirmed a successful transaction.Called SBI,they told money is with RBI !

My question is normally how much time it takes to show the payment ? As my loan is on daily reducing balance,delay in processing makes a diifference for me.Can you please guide me what shall I do.

Thanks,
T.Bhattacharya

Dear sir,

I am senthil kumaran from chennai holding an SB Account in SBI .

I had registered for an ECS amt of Rs.3970 for 8 months with bajaj finance which is completed on 5-Jul-2010. but i am having some disputes with bajaj finance with ECS amount .so i skipped 7 out of 8 ECS dues, but i paid all my dues through person in cash.
but they are telling that some amount is pending which i don't want to pay.

so i want to know whether they are able to take money from my SBI SB Account through ECS even though the ECS tenure of 8 months is already completed.

kindly clear my doubt.

regards
senthil

dEAR Sirs,

Kindly give the correct answer for my humble question,

I given the ECs to Bajaj Finance for Every Month of 5th Dated. Now the date 5th is on sunday. So, Kindly tell me when it will be clear.

Kindly do the needful at earliest.

Narasimhan.V

Dear Sir,

Just need information whether is this mandatory that on ECS form all account holder signature is required.

If yes than where we in RBI circular we can find the same.

Thanks.

Regards,
Sahasrangshu B

Hi,
I am S Sen a savings bank account holder for Kolkata. Lately i have been observing suspicious ECS transactions in my account, i did not sign any manadate. When i asked the bank, they told me that the name on the transaction does not match to the actual holders but the account numbers, but they cannot do anything to stop it. i am in a fix, so is it possible that somebody else gave my account numer mistakenly and i am suffering the consequesnces. What should i do now, please advise.

HI,
Can anyone please tell me about the guidelines of RBI for the charges of ECS BOUNCE a BANK can charge. I have a dispute with MTNL for FALSE billing because of which i did'nt kept balance in my account for ECS to be cleared.
Instead the bank deducted Rs.500 + S.T @ 10.3% for ECS return.
Does the Bank have the auhority to deduct any charges they want or fixed by there respective bank, or is there any guidelines given by the RBI for such charges to be deducted, if no guidelines is given then this is pure gundaraaj and if any guidelines are given and the bank is overcharging then it should be called UTP i.e. UNFAIR TRADE PRACTICE and such bank should be penalised.
If anybody can guide me on this issue please reply ASAP.
regards
VIKAS DANGI
dangivikas@gmail.com

Dear Sir

I have sufficient amount in SB account from 7 January 2011onwards in SBI. My Carloan is supposed to deduct on 9 Janaury 2011. I have taken loan from Tata capital who weren't deducted yet. I have called their manger to equire and he says that he did not have any information regarding this hence, no problem for me. I have called their toll free number to know reason, they collected my phone number and email id to send information later but did not turned up. Even I worte mail to them through 'customercare@tatacapital.com' they simply sait I have paid 9 installments and mentioned remaining outstanding and they did not told any thing regarding not deducting EMI. I repeatedly sent mail requrest to deduct and complete smooth trasactions but, no one replied now. How can I repay this without any hurdles. In my account no bounce or error messages appeared. Please let us know to pay this lazy company to avoid rules book later. If I want to pay them How can I repay. Or shall I submit their EMI to any government organisation so that tomorrow myself saved from fines and taxes and other mess ups.

Sincere request to Tata capital please dont give any loan if you are not having time to collect EMI (Through ECS).

Thanks in advance

VJR

Originally Posted by admin

Hello Srinaren,

As per the rule you have to manage your accounts one day before the ECS date.

Dear Admin,

can u enlighten me which rule of RBI ECS says that we should have money one day before ?
I have checked ECS rules of RBI and nowhere it is mentioned. Please help innocent people who deposit money in time in their banks in working hours.

Many thanks,
Manoj Siva

Sir,

I have taken a car loan with HDFC Bank and given a ECS through ICICI Bank. My Installment date is on 07 of every month.

Last month i.e. March I have made a down payment and cleared my outstanding on 30th March and on 3rd April, i have submitted a application with ICICI Bank on stopping my ECS.

Now on 7th April they have deducted Rs. 270 as ECS charges saying that Application has to be submitted in one month advance, otherwise there will be a deduction.

Kindly confirm what does the RBI guidelines suggest in this case.


Thanking in advance
Yours Sincerely