Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What are the processing / service charges levied under ECS Credit?

April 26, 2017Charges credit ECS levied service

0

Posted

What are the processing / service charges levied under ECS Credit?

1 Answer

0

Posted

Ans : The Reserve Bank of India has deregulated the charges to be levied by sponsor banks from user institutions. The sponsor banks are, however, required to disclose the charges in a transparent manner. No processing charges are levied by the ECS Centres; the same has been waived till March 31, 2010. Destination bank branches have been directed to afford ECS Credit free of charge to the beneficiary account holders.