ATTENTION : CUSTOMERS USING RTGS/ NEFT/NECS/ECS FOR REMITTANCES

I got this message from one of my bank and thought of sharing with you all.

As per Reserve Bank of India guidelines with effect from 1st January 2011, banks will solely rely on the account number details (name of the beneficiary’s bank and the branch, IFSC code number of the beneficiary’s branch, account type and account number) provided by the remitter for the purpose of affording credit in the RTGS/NEFT/NECS/ECS credit products. Name and account number information of the beneficiary will not be matched for affording credit.

Responsibility to provide correct beneficiary account number details rests solely with the remitter. Hence customers are requested to furnish the correct account number details of beneficiary in the remittance instructions/Challans and through the online / internet delivery channel. Bank shall not be held liable for wrong credit because of incorrect account number details of beneficiary, furnished by the remitter in the application form/Challan or through the online / internet delivery channel for RTGS/ NEFT/ NECS/ ECS credit products.

These guidelines are equally applicable to ECS debit transactions to be used by destination branches for debiting their customers accounts based on account number details furnished by the user institutions/ sponsor banks.