Name of the Organization : Punjab National Bank(pnbindia.in)
Type of Facility : How to Avail ECS Facility?
Location : Delhi
Website : http://www.pnbindia.in/En/ui/Home.aspx
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What is ECS ? :
** ECS is a mode of electronic funds transfer in a paper less mode of transactions introduced by Reserve Bank of India.
** ECS facilitates bulk transfer of monies from one bank account to many bank accounts or vice versa using the services of a ECS Centrex at a ECS location.
** There are two types of ECS i.e ECS (credit) and ECS (debit)
** ECS facility is an optional / an additional mode of payment.
Punjab National Bank is properly equipped to provide ECS (debit and credit clearing) facility for the benefit of the customers.
Benefits to Beneficiary Customer :
** The beneficiary need not visit his bank for depositing the paper instruments, which he would have otherwise received had he not opted for ECS Credit.
** The beneficiary need not be apprehensive of loss/theft of physical instruments or the likelihood of fraudulent encashment thereof.
** Cost effective.
Benefits to Institution/ Govt. deptt. /Corporate clients beneficiary etc (User Clients) :
** Savings on administrative machinery for printing, dispatch and reconciliation of paper instruments that would have been used had beneficiaries not opted for ECS Credit.
** Avoid chances of loss/theft of instruments in transit, likelihood of fraudulent encashment of paper instruments, etc.
** Efficient payment mode ensuring that the beneficiaries’ get credit on a designated date.
** Cost effective.
Main features of ECS (Credit) :
ECS Credit is used for affording credit to a large number of beneficiaries having accounts with bank branches at various locations within the jurisdiction of a ECS Centre by raising a single debit to an account of a bank (that maintains the account of the user institution). ECS Credit enables payment of amounts towards distribution of dividend, interest, salary, pension, etc., of the user institution
Main features of ECS (Debit) :
ECS Debit is used for raising debits to a large number of accounts maintained with bank branches at various locations within the jurisdiction of a ECS Centre for single credit to an account of a bank (that maintains the account of the user institution). ECS Debit is useful for payment of telephone / electricity / water bills, cess / tax collections, loan instalment repayments, periodic investments in mutual funds, etc., that are periodic or repetitive in nature and payable to the user institution.
How to avail ECS facility? :
Application to be submitted for registration by the user clients with the branch where it is maintaining the account.
Bank will provide the S/W to be installed at user client site. The user client will submit the ECS data i.e details of transactions in a floppy to the branch where it is maintaining the account. You can avail ECS facility of payments of interest/dividend warrant, refund of share application money etc, directly in electronic form into your bank account by the institutions /companies by submitting ECS credit mandate form.
Precautions taken while fill up ECS mandate form:
Please fill up 15 digit account number excluding the fifth digit while submitting the ECS (debit) mandate form, in case of you are maintaining account with our CBS branch.
List of ECS (credit and debit ) Centres
For any further clarification you may contact :
Nirmal K Singh
(Chief Manager)
Punjab National Bank
Transaction Banking Division
Head Office
5, Sansad Marg New Delhi
Send a mail to tbd@pnb.co.in
Contact at 011 – 23359035, 23766383, 23710021 (Ext. 349)