Reserve Bank of India RBI offers Electronic Clearing System (ECS) for faster collections (ECS Debit) and payments (ECS Credit).

Electronic Clearing System (ECS) for Credits and Debits

The Reserve Bank of India offers the Electronic Clearing System for faster payments and collections.

ECS Credit can be used to pay interest, dividends, to name a couple.

Besides being used for other transactions, ECS Debit can be used to collect utility bills, EMIs etc..

ECS Debit is normally used for collection which include payment of utility bills (electricity, telephone), EMI of loans etc.

Both are offered to the corporate client as a sponsor bank.

Benefits

ECS Credit and Debit facility can be availed at all locations as stipulated by the RBI

Secure and more convenient with easy-to-track transaction histories

ECS Credit:

Returns turnaround time varies from T+1 to T+3 after the settlement date for ECS credit, the RBI provides a list of uncredited/returned items.

ECS Debit:

Returns turnaround time varies from T+1 to T+3 after the settlement date for ECS Debit, RBI provides the final list of accounts debited and as per RBI regulations, no late rejects are accepted by RBI.

NECS Credit:

This is a centralised process and turnaround time for data submission is 2 days prior to settlement date. Returns are provided on next working day of the settlement date. All the documentation is similar to ECS credit and only single E1 form is required.

RECS Credit & Debit:

This is region wise processing and turnaround time for data submission is 2 days prior to settlement date. Returns are provided on next working day of the settlement date. All the documentation is similar to ECS credit & debit and only single E1 form is required at a region.

Contact-

Corporate Office

HDFC Bank House
1st Floor,C.S.No.6/242,
Senapati Bapat Marg,
Lower Parel,
Mumbai - 400 013.