Standing Instructions (SI) and Electronic Clearing Service (ECS) in details
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4 سال پیش
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Standing Instructions (SI) is the
Standing Instructions (SI) is the instruction given to the bank when the loan account and saving account are in the same bank. By these instructions, the system automatically deducts the monthly installment from your saving/current account.
Electronic Clearing Service (ECS) is used when the lender bank is different than the bank in which you have a saving account. In this case, the ECS works in the same ways as the Cheque Clearing system works.
Please ensure that you have sufficient balance in your account at the time of SI or ECS. If your SI/ECS gets failed then the bank imposes a penalty on you which can be up to Rupees 700.
Now our Negotiable Instrument Act 138 also include SI and ECS, so the bank can file a case under NI Act 138 against the defaulter.
Murari Garg
Twitter: murarigarg
Electronic Clearing Service (ECS) is used when the lender bank is different than the bank in which you have a saving account. In this case, the ECS works in the same ways as the Cheque Clearing system works.
Please ensure that you have sufficient balance in your account at the time of SI or ECS. If your SI/ECS gets failed then the bank imposes a penalty on you which can be up to Rupees 700.
Now our Negotiable Instrument Act 138 also include SI and ECS, so the bank can file a case under NI Act 138 against the defaulter.
Murari Garg
Twitter: murarigarg
4 سال پیش
در تاریخ 1399/10/05 منتشر شده
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