What Is the ECS Mandate?
ECS mandate stands for Electronic Clearing Service, which helps in automating monthly transactions. The banks have facilitated the ECS mandate to make the life of their customers easier. Through the ECS mandate, a bulk amount of money can be transferred from one account to the other automatically. This system is highly advantageous when you are investing in Mutual funds or other stock investments where regular payment is needed.
We often tend to forget to keep a track of important days and dates to follow up the credit card payments or any sort of payments. ECS in this case keeps a note of regular intervals. And ECS makes sure to get the work done without any delay. Right after you register and submit the ECS mandate form the credentials are checked by the National Payments Corporation of India (NPCI). After the whole verification process is done, your auto-debit system initiates. The bank can deduct money only after your ECS mandate has been granted.
Now, let us proceed further and learn more about the ECS mandate form and the ECS cancellation if required:
How To Download ECS Mandate Form?
You can download the ECS Mandate Form online. All you have to do is contact your bank initially. And then you have then authorized by duly approving the form. Almost all renowned banks have a portal on their official website from where you can download the ECS form.
You can also get your ECS form offline from a bank branch nearby.
The entire process of filling up the ECS mandate form takes about a week. Once the verification process is done, the ECS form is activated and is good to be used.
Now, you can easily fix your ECS monthly debit: utmost money that the bank can auto-debit. You will receive a message after each transaction is done through the ECS mandate. In case you wish to terminate the system you have to communicate with the bank and apply for ECS cancellation beforehand.
How To Cancel ECS?
ECS cancellation has several convenient ways. You can terminate your mandate at any given time, irrespective of the cause. Make sure to let your bank know beforehand of the decision you have taken. You will have to submit the form before a week of your EMI debit date.
You will have to fill the ECS cancellation form as well. And remember to fill it correctly. After that, keep track of the cancellation process by following your money transaction segments.
Conclusion
ECS mandate has been introduced to make our busy lives more manageable. It takes charge of making monthly bulk transactions automatically. All you have to do is register for your ECS online or offline. For the online process, you can simply go to the bank website, and for the offline method, you can visit your nearest branch.
Also Read: Finance: Financial Intermediation
