Electronic Clearing System definition

Electronic Clearing System or “ECS” or “ACH”, shall be deemed to include transfer of funds electronically either through a message for transfer of funds sent electronically or through an image of an instrument of transfer of funds sent electronically or through an electronic file containing the details of the funds transfer sent by electronic media or payment through an electronic cheque or where funds are transferred through various types of plastic cards or such other debit clearing service notified by RBI, participation in which has been consented to in writing by the Borrower for facilitating payment of EPIs and/or PEPII.

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Electronic Clearing System. (ECS) shall mean the debit clearing service notified by Reserve Bank of India participation whic h has been consented to in writing by the Borrower for facilitating the payment of EMIs. "Standing Instruction" (SI) shall mean the written instructions issued by the Borrower to the Bank to debit the account of the Borrower maintained with Bank for facilitating payment of EMIs.

Electronic Clearing System hereinafter referred to as “ECS”, shall be deemed to include transfer of funds electronically, either through a message for transfer of funds sent electronically or through image of instrument of transfer of funds sent electronically or through an electronic file containing the details of the funds transfer sent by electronic media or payment through an electronic cheque or where funds are transferred through various types of plastic cards or such other debit clearing service notified by Reserve Bank of India, participation in which has been consented to in writing by the Borrower(s) or Co-borrower(s) for facilitating payment of Instalments.

Examples of Electronic Clearing System in a sentence

• This debit or charge will be made through the Bulk Electronic Clearing System (BECS) from your account held at the financial institution you have nominated below and will be subject to the terms and conditions of the Direct Debit Request Service Agreement.

• Direct Debiting to credit cards does not form part of procedures governed by the Bulk Electronic Clearing System.

• If IHFL so require, the Borrower shall give to IHFL post dated cheque payable, from time to time and/or standing Instructions and/or salary deduction and/or a Mandate /Authorization for payment through Electronic Clearing System, in the prescribed form of IHFL, towards payment of EMI and other amounts payable by the Borrower.

• This debit or charge will be made through the Bulk Electronic Clearing System (BECS) from your account held at the financial institution you have nominated in Item 2 of the Schedule to this Agreement and will be subject to the terms and conditions of the Direct Debit Request Service Agreement.

• This debit or charge will be made through the Bulk Electronic Clearing System (BECS) from your account held at the financial institution you have nominated below or to the credit card details you have provided and will be subject to the terms and conditions of the Direct Debit Request Service Agreement.

• If USFB permits repayment under the Loan through Electronic Clearing System (“ECS”)/Automated Clearing House (“ACH”) instructions as notified by RBI or through Standing Instructions linked to the Borrower’s account with USFB (“SI”), the Borrower should execute requisite mandate for registering ECS/ACH/SI.

• The annual premium may be paid by cash, cheque, debit/credit card, online payment, demand draft, however monthly mode is permitted only through salary deduction scheme (SDS), Electronic Clearing System (ECS) or through direct debit.

• Debit from Bank, Building Society or Credit Union Account Financial Branch: Institution: BSB Number: - Account Number: Account Holder Name: I/We authorise Global Payments Australia 1 Pty Ltd ACN 601 396 543 (User ID No 342190, 342191, 428198) to debit my/our account at the Financial Institution identified above through the Bulk Electronic Clearing System (BECS) in accordance with this Direct Debit Request.

• By signing this document, I/we authorise Teachers Federation Health Ltd ABN 86 097 030 414 and with Debit User Number 009933 the Debit User, to debit my/our account, detailed in the schedule below, with any amount, through the Direct Debit System (Bulk Electronic Clearing System).

• For the purposes of this Article, total elapsed time (T.E.T.) shall mean the time between the start of the first piece of work and the end of the last piece of work and includes the time not worked between the pieces.

More Definitions of Electronic Clearing System

Electronic Clearing System hereinafter referred to as “ECS”, means the system/arrangement operated as such under the aegis of RBI, for facilitating inter alia the electronic payments / receipts for transactions that are repetitive and periodic in nature.

Electronic Clearing System. (ECS) shall mean the debit clearing service notified by Reserve Bank of India participation which has been consented to in writing by the Borrower for facilitating the payment of EMIs.

Electronic Clearing System or "ECS" shall mean an electronic debit clearing service as notified by the RBI, participation in which has been approved by the Borrower by giving prior consent in writing to the Lender.

Electronic Clearing System. ECS' hereinafter referred to as 'ECS', shall be deemed to include transfer of funds electronically, either through a message for transfer of funds sent electronically or through image of instrument of transfer of funds sent electronically or through an electronic file containing the details of the funds transfer sent by electronic media or payment through an electronic cheque or where funds are transferred through various types of plastic cards or such other debit clearing service notified by RBI, participation in which has been consented to in writing by the Borrower for facilitating payment of installments; S 'Effective Date' means the date on which the first disbursement is availed by the Borrower out of the Loan;