When I first learned about ECS Return Charges HDFC Bank, I didn’t fully understand what it meant or how it could affect me. It all started when I received a notice about a missed payment from my utility company. That's when I got to know from my friend, working in HDFC Bank, that bounce charges could apply if there were insufficient funds in my account for a scheduled electronic payment. I asked him about the charge to get confirmation on the amount it deducted. He said the ECS return charge for me is Rs 500.
What are HDFC
ECS Bounce Charges?
My friend explained that ECS, or Electronic Clearing Service, is a convenient way to make regular payments like utility bills or loan EMIs. However, if there's not enough money in my account or when the payment is due, the bank will charge me for the bounce. This fee is what they call ECS Return Charges HDFC.
Here’s a breakdown of what I learned about these charges:
Charges for Returned Transactions: Each time a scheduled payment fails because of insufficient funds, the bank imposes a fee.
For the 1st time - Rs.450 (Sr Citizen - Rs 400),
2nd time - Rs.500 (Sr Citizen - Rs 450) and
3rd time onwards - Rs.550 (Sr Citizen - Rs 500)
He said frequent ECS returns can negatively affect my credit score, which is important for future loans.
I usually receive an alert via SMS or email if a payment has failed, which helps me stay informed. This entire experience made me realise the importance of monitoring my bank balance. I hope you found this answer helpful.
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Authors Of The Question
What is ECS Return Charges HDFC Bank?
Faruk
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31 days
2024-10-28T00:46:06+00:00 2024-10-28T00:46:07+00:00Comment
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