| Model Letter from the User to a prospective destination account holder |
| Model Letter from the User to a prospective destination account holder | |
FORM NO. E-4
Appendix- VII
Electronic Clearing Service (Credit Clearing)
Model letter from a User to a prospective Destination Account Holder
Date:
Dear Customer/Investor,
A new method of payment had been introduced by Reserve Bank
of India which provides you an option to collect your monthly/quarterly/half-yearly/yearly
interest/dividend/salary/pension directly through your bank accounts. Your bank
account would be credited through the new payment mechanism right on the due
date. No payment instrument would be issued as at present. Payment instruction
would be issued by us electronically through our banker to the Clearing Authority
and the Clearing Authority would supply credit reports to the bank with which
you maintain the specified account. The branch will credit your account and
indicate the credit entry as 'ECS' in your passbook/statement of account. We
would be issuing an advice to you directly after the transaction is effected.
2. Individual transactions without any monetary ceiling would
be covered under the Scheme. If you maintain more than one bank accounts, payment
can be received at any of these accounts. You do not have to open any new bank
account for the purpose.
3. This would be only an additional mode of payment and would
be optional. You would have the right to withdraw from this mode of payment
by giving an advance notice of 6 weeks. Your complaint, if any, (the scope of
which is very limited) would be immediately dealt with and we assure you to
give a reply within 15 days.
4. If you are agreeable to participate in the new payment
mechanism, you are requested to fill in the Mandate Form attached herewith.
The information to be supplied should accurate and complete in all respects
and duly certified by your bank. ( )
Authorised signatory
For ABC & Co
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