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Electronic Clearing Services (ECS)

This is a unique system under which Bank of Baroda helps companies and institutions making heavy payments disburse these amounts directly into the bank accounts of the beneficiaries such as account holders, shareholders, investors etc.

Key Benefits

Fayde to a Corporate Body:

Corporate bodies who have periodic, large volume payments to a fixed group investors / beneficiaries enjoy the following benefits:

  • Savings in administrative cost presently being incurred for printing of paper instruments in MICR format and dispatching them by Registered Post.

  • Elimination of fraudulent encashment due to loss in transit of instruments.

  • Reconciliation of transactions is made automatic. By the time the ECS cycle is completed, the user institution gets electronic data file from its bank with the date of payment and banker's confirmation thereon.

  • Cash management becomes easier as arrangement for funds is to be made only on the specified date.

  • Ensures better customer / investor service.

  • In line with practices adopted by best companies the world over who pay their shareholders / investors and customers.

Fayde to the customers:

  • Prompt payment on the due date.

  • Convenient receipt of money reduces trips made to the bank for depositing dividend/interest warrants.

  • Elimination of fraudulent encashment against instruments lost in transit.

BoB Cash Reach:

A tailor made product for customers, that enables faster remittance of funds. A more economic, convenient, smoother mode of operation which can be availed of by a well supported network of centres.

  • Smoother: Time and money spent on dispatches are saved
  • More economic: Involves a premium service at nominal cost with a pickup service from the client's office.
  • More Convenient: The collection and credit are both done on days convenient to the client.
  • Centred towards client benefits: All the benefits are passed on to the clients, in terms of enhanced quality, ease of liquidity and profit maximisation through better resource management.
  • Spread over a good network: Initially launched at 5 centres, with the connectivity to be now fanned over to around 200 centres.

For the terms and conditions governing this product, please CLICK HERE.

> Baroda Money Express > Collection Services > Electronic Clearing Services > Debit Cards

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