"To avoid penalty file your income tax return for the A.Y. 2019-20 on or before the extended due date i.e. 31st August 2019"           "Great things never came from comfort zones"           "Wealthy people invest first and spend what’s left and broke people spend first and invest what’s left"           "Good, better, best. Never let it rest. Till your good is better and your better is best"           "Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future"           "You cannot save time for future use, but you can invest it for the future you"           "The secret to getting ahead is getting started.................Start using your Savings to Earn Money"           "The best gift, and investment, you can give your child is your time"           "Investing in your child’s education is never a wasted effort"           "Do something today that your future self will thank you for"

Difference-between-NACH-and-ECS

 

Difference between NACH and ECS

288 views
4

Introduction-

National Automated Clearing House (NACH), a web based solution for Banks, can be used to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature. This seems to be a much better fund transfer mechanism at the moment.
 
Electronic Clearing System (ECS), is an electronic mode of funds transfer from one bank account to another. It can be used by institutions for making payments such as distribution of dividend interest, salary, pension, among others. It can also be used to pay bills and other charges such as telephone, electricity, water or for making equated monthly installments payments on loans as well as SIP investments. ECS can be used for both credit and debit purposes.
 

 

Difference between NACH and ECS-

Since NACH aims to replace the existing ECS systems, now we discuss a few differences between the two systems are as under-
  • ECS is a manual process and, thereby, takes a lot of time and faces verification issues. In NACH, the workflow is defined and this helps save a lot of time.
  • Unlike ECS, NACH provides a unique mandate registration reference number which can be used for future reference.
  • NACH involves less paperwork, so the rejection ratio is less as compared to ECS.
  • With NACH, your payment gets settled on the same day, while ECS takes 3 to 4 days for the same.
  • NACH features a dispute-management system, which will resolve your issues easily, while ECS has no such systems in place.
  • NACH registrations take only 15 days, while ECS registrations take up to 30 days.

 

See the related post : Introduction about FASTag



Comments


Leave a Reply

Name *
Comments *
   

© 2019 - EnSkyAR Financial Services