Hi there, I recently cancelled my ECS mandate in Kotak Bank. The process isn’t very difficult, and you can do it in the comfort of your home with the help of the online mode. So, if you want to learn how to cancel ECS mandate in Kotak Bank, keep reading.
What is meant by ECS?
ECS, or Electronic Clearing Service, is an electronic payment mode that is recurring or repetitive as well as period. This facility is used for making bulk payments. Examples are dividends, interest, salary, pension and more.
This system is also used to collect large sums of money made towards services such as electricity, telephone and water bill payments. ECS helps in transferring money from one bank account to several accounts and vice versa. Let me share the two kinds of ECS as well.
- ECS Credit:
This service is used to credit a large number of beneficiaries' bank accounts with bank branches located at multiple locations within the jurisdiction of an ECS Centre. This is done through a single debit from an account of a bank. This kind is used for dispensing money related to salary, pension, dividend, etc.
- ECS Debit:
Here, money is debited from a large number of bank accounts maintained with bank branches at multiple locations within the jurisdiction of an ECS Centre to credit an account of a bank (that maintains the account of the user institution). This kind helps in the payment of phone, water, electricity and many other bills.
How to cancel ECS in Kotak
Kotak Mahindra Bank has provided a simple solution to help you in calling ECS or NACH.
Log in to the Kotak Mahindra Bank’s app.
Click the “Service Request” tab at the bottom of the screen.
Click on the “Account Service Request” option on the next screen.
Click on the “NACH Cancellation” option on the next screen.
You will be able to view the active loan NACH linked to your account. Select the ones where you wish to cancel the NACH/ECH and click the ‘Submit’ button.
Click on the ‘Confirm’ button on the next page.
Your NACH/ECS will be successfully cancelled. You will be notified via email and your registered mobile number.
I hope my answer helps you to learn how to cancel ECS mandate in Kotak Bank.
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How to cancel ecs mandate in kotak bank?
Rishi
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1
2 Year
2023-10-08T20:42:46+00:00 2023-10-08T20:52:55+00:00Comment
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