Early Repayment Charge (Prepayment charge)
Charge that banks and financial institutions levy on borrowers when they prepay the loan amount before the end of loan tenure. Early repayment charge is also called prepayment penalty.
Electronic Clearing Service (ECS)
Electronic Clearing Facility : An inter bank arrangement where by a customer can give instructions to his bank where he holds a current or savings account to pay the monthly installments of payments due on loans / credit cards held with another bank.
Electronic Clearing Service (ECS) Credit ECS Credit is used for affording credit to a large number of beneficiaries by raising a single debit to an account, such as dividend, interest or salary payment.
ECS Credit can be utilised for payments like interest / dividend etc. in the accounts maintained with other banks by another bank.
Electronic Clearing Service (ECS) Debit ECS Debit is used for raising debits to a number of accounts of consumers / account holders for crediting a particular institution.
It is a scheme under which an account holder with a bank can authorise an ECS user to recover an amount at a prescribed frequency by raising a debit in his account. The ECS user has to collect an authorisation, which is called ECS mandate for raising such debits. These mandates have to be endorsed by the bank branch maintaining the account.
ECS Debit is normally used for collections, which include payment of utility bills (electricity, telephone), collection of taxes etc.
Electronic Funds Transfer (EFT) Any transfer of funds initiated by electronic means, such as an electronic terminal, telephone, computer, ATM or magnetic tape.
EMI This refers to the Equated Monthly Installment (EMI) to be paid to the Bank towards the loan taken by the borrowers on a monthly basis. The EMI comprises of Interest and Principal component.
EMI Due date The payment due date assigned for the loan account to recover the EMI.
E-Payment On line payment system that facilitates payment online from the customer's account.
Expired Card A credit card or debit / atm card whose validity date has passed is an expired credit card.
Charge that banks and financial institutions levy on borrowers when they prepay the loan amount before the end of loan tenure. Early repayment charge is also called prepayment penalty.
Electronic Clearing Service (ECS)
Electronic Clearing Facility : An inter bank arrangement where by a customer can give instructions to his bank where he holds a current or savings account to pay the monthly installments of payments due on loans / credit cards held with another bank.
Electronic Clearing Service (ECS) Credit ECS Credit is used for affording credit to a large number of beneficiaries by raising a single debit to an account, such as dividend, interest or salary payment.
ECS Credit can be utilised for payments like interest / dividend etc. in the accounts maintained with other banks by another bank.
Electronic Clearing Service (ECS) Debit ECS Debit is used for raising debits to a number of accounts of consumers / account holders for crediting a particular institution.
It is a scheme under which an account holder with a bank can authorise an ECS user to recover an amount at a prescribed frequency by raising a debit in his account. The ECS user has to collect an authorisation, which is called ECS mandate for raising such debits. These mandates have to be endorsed by the bank branch maintaining the account.
ECS Debit is normally used for collections, which include payment of utility bills (electricity, telephone), collection of taxes etc.
Electronic Funds Transfer (EFT) Any transfer of funds initiated by electronic means, such as an electronic terminal, telephone, computer, ATM or magnetic tape.
EMI This refers to the Equated Monthly Installment (EMI) to be paid to the Bank towards the loan taken by the borrowers on a monthly basis. The EMI comprises of Interest and Principal component.
EMI Due date The payment due date assigned for the loan account to recover the EMI.
E-Payment On line payment system that facilitates payment online from the customer's account.
Expired Card A credit card or debit / atm card whose validity date has passed is an expired credit card.
No comments:
Post a Comment