NATIONAL ELECTRONIC CLEARING SERVICE CREDIT – 100 Definitions National Electronic Clearing Service system introduced by Reserve Bank of India (RBI) for NECS electronic fund transfer within India. The objective of the system is to facilitate centralized processing for repetitive and bulk payment instructions. Customer ________________ (Please insert the name of the Corporate), which shall use the NECS services for bulk payments. DBS Bank Ltd., which shall act as the agent of the Customer to upload the user data on the Sponsor Bank webserver of RBI/Clearing House. Destination Account Holders Beneficiaries holding accounts with Destination Bank Branches who have opted to avail NECS facility by way of direct credit to their account. Destination Bank Branches Bank branches where the Destination Account Holders maintain their bank accounts. MICR Code of the destination branch wherein the Destination Account Holder maintains his Destination Sort Code account given back to the Sponsor Bank by Destination Bank Branch as the credit could not be given to the specified account of the Destination Account Holder. Return funds Letter issued by the Customer to the Sponsor Bank from time to time authorizing the Sponsor Bank NECS Request Letter cum Authority Letter to debit its account with the Sponsor Bank and credit accounts of the Destination Account Holders through the NECS. NECS Credit File Format of credit file as prescribed by RBI under NECS submitted to the Sponsor Bank. Execution Date Date of settlement communicated by RBI for processing the NECS Credit Input File. Business Day Days on which banks participating in RTGS/NEFT are functioning on all RTGS/NEFT working days. Banks participating in NECS would also function on these working days. General Terms
NATIONAL ELECTRONIC CLEARING SERVICE – CREDIT 100 Definitions NECS Customer National Electronic Clearing Service system introduced by Reserve Bank of India (RBI) for electronic fund transfer within India. The objective of the system is to facilitate centralized processing for repetitive and bulk payment instructions. ________________ (Please insert the name of the Corporate), which shall use the NECS services for bulk payments. Sponsor Bank DBS Bank Ltd., which shall act as the agent of the Customer to upload the user data on the webserver of RBI/Clearing House. Destination Account Holders Destination Bank Branches Beneficiaries holding accounts with Destination Bank Branches who have opted to avail NECS facility by way of direct credit to their account. Bank branches where the Destination Account Holders maintain their bank accounts. Destination Sort Code MICR Code of the destination branch wherein the Destination Account Holder maintains his account Return funds given back to the Sponsor Bank by Destination Bank Branch as the credit could not be given to the specified account of the Destination Account Holder. NECS Request Letter cum Authority Letter NECS Credit File Execution Date Business Day Letter issued by the Customer to the Sponsor Bank from time to time authorizing the Sponsor Bank to debit its account with the Sponsor Bank and credit accounts of the Destination Account Holders through the NECS. Format of credit file as prescribed by RBI under NECS submitted to the Sponsor Bank. Date of settlement communicated by RBI for processing the NECS Credit Input File. Days on which banks participating in RTGS/NEFT are functioning on all RTGS/NEFT working days. Banks participating in NECS would also function on these working days. General Terms
necs-credits-terms-and-conditions.docx