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NACH/ ECS CHARGES?

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Bob78900

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Guys Can anyone explain why everytime banks debit charges for nach/ ecs other than your emi amount. How can one avoid these charges 😅
 
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Bob78900 said:
Guys Can anyone explain why everytime banks debit charges for nach/ ecs other than your emi amount. How can one avoid these charges 😅
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Every bank has its own set of rules and charges which can be cross checked from the respective bank's website.

During 2020, Bank (Axis in my case) used to debit charges plus GST for every NACH being processed from other banks but all these charges were reversed during 2021 due to a circular by RBI. I can't recollect what it was but there are no charges being debited currently due to ECS debit atleast.
 
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prc1990 said:
Every bank has its own set of rules and charges which can be cross checked from the respective bank's website.

During 2020, Bank (Axis in my case) used to debit charges plus GST for every NACH being processed from other banks but all these charges were reversed during 2021 due to a circular by RBI. I can't recollect what it was but there are no charges being debited currently due to ECS debit atleast.
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It's not a good thing na we ended up paying more. And While loan banks always ask us to do nach 🥲
 
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Bob78900 said:
It's not a good thing na we ended up paying more. And While loan banks always ask us to do nach 🥲
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Please check on the NACH fees for your bank. If it is not matching with the actual fees debited, kindly initiate a discussion with your bank.

Sometimes, these charges are waived off for salary accounts.
 
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Bob78900 said:
It's not a good thing na we ended up paying more. And While loan banks always ask us to do nach 🥲
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Yes for paying EMI on your loan, you mandatorily need to opt for auto debit. This will also give some sort of comfort to your lender that they are and can able to recover charges whenever it is required. Manual EMI payment is not allowed with banks. I guess only handful of NBFC institutions support this.
 
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prc1990 said:
Yes for paying EMI on your loan, you mandatorily need to opt for auto debit. This will also give some sort of comfort to your lender that they are and can able to recover charges whenever it is required. Manual EMI payment is not allowed with banks. I guess only handful of NBFC institutions support this.
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Yes 🥲
 
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I'm getting confused regarding NACH charges.
I've been paying my Home Loan EMI through Idfc first for 1.5 years and never have been charges a single paise for that.
But then I set-up my new SIPs through Axis Liberty since this April and in one of the other threads here was informed that Axis charges 25 rupees per nach txn which is a big amount really in the context.
I did a bit of googling and found confusion only.
But what I noticed that for banks that are disclosing charges, mostly those are on current account SOC only and not savings. Even for Axis I didn't find NACH/ECS charges on savings SOC, but it is there in current account SOC.
Is there a catch here ? or Nach/ecs charges only apply on savings account?
 
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VISHESH_BANSAL said:
Here is the Screen Recording, for your reference
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thanks man for sharing
believe it or not, some of those charges towards the end are not showing to me weirdly
after the chequebook charges directly showing account closure ones and then 2 other non-important ones and then end !!
I'm trying to record the screen but somehow never could properly use the screen recorder in this phone
will share if I can capture properly
 
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krishc said:
thanks man for sharing
believe it or not, some of those charges towards the end are not showing to me weirdly
after the chequebook charges directly showing account closure ones and then 2 other non-important ones and then end !!
I'm trying to record the screen but somehow never could properly use the screen recorder in this phone
will share if I can capture properly
Click to expand...
Bro You need to slide, to view other relevant charges
 

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now I'll have to move all my SIP to other account
I've already set-up other mandates after hearing first time from you in the other thread
so far, I did only 4 such txn , have not been charged yet
guess will get the consolidated bamboo at the end of quarter
 
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