how to change ECS from one bank to another?

I wanted to change ECS to SBI Bank so my manager guided me through the ECS transfer process. I will share with you what he has told me to follow.

How to change ECS from one bank to another for SBI?

To change ECS from one bank to another you need to submit important documents such as

• Last salary slip/ offer letter

• Bank Statement

• Cancelled cheque

• Signature of the customer that is to be verified by the bank.

You can change your ECS by mailing the bank branch, visiting the bank directly or contacting, or contacting your relationship manager.

To learn how to change the bank account for LIC ECS I would advise you to refer to Ms Kajol's answer. What she has written is to the point. Her answer will help you out if you want to learn how to change bank account for LIC ECS. 

This is all I have to say about ECS transfer. I hope you find this informative.

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Hello,

I want to tell you that the RBI launched ECS (Electronic Clearing System) to facilitate the bulk transfer of funds from one bank a/c to another. It is typically used for bulk transfers done by institutions to make payments, such as pension, interest, dividend, salary, etc. It can also be used to pay EMIs and bills like water, electricity, etc. Read below to know how to change ECS from one bank to another:

You must know that banks are switching from ECS to NACH (National Automated Clearing House). So, if you are looking to register an Electronic Clearing System again with another bank a/c, you are required to provide a new NACH mandate, after clearing bouncing charges and pending premiums.

Let me tell you how you can change ECS from your bank to LIC.

Submit a duly filled and signed LIC NACH Mandate form and a canceled cheque to any LIC branch in which a minimum of 1 policy is being serviced. LIC will send the mandate’s scanned copy to your bank for validation.

In case your account does not have enough funds, you are required to pay for NACH/ECS mandate in cash at the cash counter. I suggest you make the payment within a stipulated time if you don’t want to pay the penalty.

Debit dates for deduction of premium allowed: only 28

th

, 15

th

, and 7

th

of the month. (Both at PS and NB Stage) that are calculated automatically based on the commencement date.

No notices or receipts will be dispatched for NACH (monthly) mode. You can obtain the premium payment certificate through the LIC’s official website, after enrolling in the policy. For every other mode, you will get receipts by ordinary post.

If a policy holder wants to discontinue the NACH facility, you are required to request the servicing branch a minimum of twenty days in advance of the debit date for monthly mode policies and thirty days in advance for other modes. You can submit the NACH mandate form in any LIC Branch.

You can go for the NACH facility if the bank from which the premium is to be paid is on NACH board and the bank a/c is compatible with core banking solutions (CBS).

This is the process for changing ECS from your bank to LIC. The exact procedure to change ECS from your bank to any other bank may differ from bank to bank. So, I suggest you contact your bank to know about the exact process, 

You can also visit the official website of your preferred bank’s official website to know how to change ECS from one bank to another online.

I hope you find this answer helpful!