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Old 17th September 2009, 19:08   #1
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Default Axis Bank Insists on PDCs instead of ECS

Hi,

I am taking car loan from axis bank. I have my salary account from Citibank. Axis bank insisting on PDCs instead of ECS. The reason is they are facing some issues in ECS clearance from Citibank. Thats why they want PDCs instead of ECS.

I am bit worried, as PDC could bounce because of any signature mis-match or errors in cheque.

The finance team from Malik cars saying that, even HDFC, ICICI also are not accepting ECS from Citibank account.

Any suggestions?

Thanks!
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Old 17th September 2009, 20:03   #2
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Quote:
Originally Posted by the_maven View Post
Hi,

I am taking car loan from axis bank. I have my salary account from Citibank. Axis bank insisting on PDCs instead of ECS. The reason is they are facing some issues in ECS clearance from Citibank. Thats why they want PDCs instead of ECS.

I am bit worried, as PDC could bounce because of any signature mis-match or errors in cheque.

The finance team from Malik cars saying that, even HDFC, ICICI also are not accepting ECS from Citibank account.

Any suggestions?

Thanks!

Buddy this is a common problem faced with Citi account holders.

Very sadly Citibank does not allow ECS to be cleared from any bank, this being case even in Bengaluru. Some sort of high handedness by CITI

Its better you hand over PDC's, else you have to pay cheque bouncing charges every time an ECS tries to hit your account, since CITI will never honour any ECS from any bank.
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Old 21st September 2009, 16:21   #3
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Not all cheque bounces are criminal offences. Only when the cheque bounces for insufficient funds does it amount to an offence. Go in for PDS; the alternative is to ask your employer to switch to a bank which provides better customer service. ;-)
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Old 22nd September 2009, 10:26   #4
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I have a homeloan with Stan C with ECS from Citibank but yes 6 years old
Give PDC's and sign atleast 2 times on the cheque so any one can match. Returning cheque apart from insufficient fund is not a problem. Also keep the list of cheque numbers given to the bank.
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Old 1st October 2009, 17:09   #5
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Hi mind disclosing the interst rate axis bank offering you?
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