RBI has introduced a method of payment which promises you an option to collect your periodic interest/ dividend/ repurchase directly through your bank account. In this system, payment instructions would be issued electronically through our banker to the clearing authority and the clearing authority would supply credit reports to the bank with which you maintain the specified amount. The branch will credit your account directly and an ECS entry will appear in your passbook. A payment advice will also be sent to you. This facility will help you in avoiding cases of pilferage, fraudulent encashments etc.

The facility would be available for indivudual transactions upto Rs. 3,00,000/- (Interest Dividend). This facility would only be an additional mode of payment and would be optional. You can withdraw from the service with a six weeks notice to the Registrars.

If you agree to participate in the new mechanism, you are requested to fill in the Mandate Form and send it to the Registrar of the Scheme. The information would be kept confidential and would be utilised only for the purpose of effecting payments to you.

ECS (Credit Clearing) is available in the following centres:

Electronic Clearing Services - Mandate Form - Download (.pdf)