Learn more about the Electronic Clearing Service from TMB.
The Electronic Clearing Service (ECS) from TMB entails automatic payment of utility and routine monthly bills / installments from your savings / current account subject to your prior one time approval. Similarly, refunds of IPO, Interest Warrants, Dividend etc. can also be credited to your account automatically. Here you do not have to go to anywhere to pay for the utility services or stand in long queues for any kind of Bill Payment.
Based on the standing instructions, payments will be debited in your account and credited to the presenters account automatically.
At present, there are 54 centers across India where ECS is operational. Of these, 15 centres are managed by RBI, 14 by State Bank of India, 11 by Punjab National Bank and the remaining by various other banks.
ECS is currently active in the following cities viz. Ahmedabad, Bangalore, Baroda, Chennai, Coimbatore, Ernakulam, Erode, Hyderabad, Kolkata, Kozhikode, Ludhiana, Madurai, Mangalore, Mumbai, New Delhi, Puducherry, Pune, Salem, Surat, Thiruvananthapuram, Trichy, Vijayawada, Visakhapatnam
All the branches in the above mentioned centres are advised to popularize ECS services by educating our customers to receive/send payment through ECS.
Customers are regularly / repetitively making few payments like Electricity bill, Water bill, Municipal taxes, Telephone bill, Insurance premium, Credit Card payments, etc., to various service providers.
In the same way, customers are also receiving Refund orders for IPOs, interest warrants, Dividend warrants, etc., periodically for/ on their investments made in the fixed deposits / shares, tax refund, etc.
The Customers can simply give ECS mandate to the respective companies, utility providers with full 15 digit account number, MICR Code, etc with a copy to the bank. It is a hassle free mode of secured, fast, cheap payment system without any risk.
Similarly, (a) Government Departments can approach the bank for Salary Payments, (b) Corporates/financial institutions for interest, Dividend Payments, (c) Municipal Corporations for Bill payments (d) utility providers like credit card issuers for collecting payments, (f) Electricity Board for bill collection, (g) Water Boards for bill collection, (h) Income Tax Departments for Tax refund through ECS etc.
Thus, our bank can act as Sponsoring bank for both ECS Inward and outward Debit / Credit for the mentioned type of payments.
Customers are requested to ensure that the ECS Debit Mandate is registered with their branch, to avoid return of ECS.