National Automated Clearing House (NACH) is a centralized ECS( Electronic Clearing Service) system operated by National Payments Corporation of India(NPCI). NACH was formed to consolidate multiple ECS systems running across the country into one centralized system to facilitate inter-bank high volume debit/credit transactions, which are repetitive in nature in electronic mode. The system also identifies the destination account based on Aadhaar Number, through APBS(Aadhaar Payments Bridge System). NACH is the most popular and prominent mode of direct benefit transfer(DBT) credits to beneficiaries.
Features and Benefits
» Through NACH – Credit, one-to-many credit transfers, such as payment of dividend, interest, salary, pension, distribution of subsidies, etc.,
» Through NACH – Debit, operates to collect transaction from many accounts to one destination account like collection of utility bills such as Telephone Bill, Electricity Bill, Water , Gas, Insurance Premium etc,
» Customers who are having loan account with us but maintaining operative / Salary account with other bank can easily remit regular installments automatically without any extra effort.
» Time taken to activate the Mandate is very minimal.
» Automated processing and exchange of mandate information electronically with well-defined timelines for acknowledgement / confirmation.
How it Works?
» Customers who are having operative / Salary account with other bank but want to transfer fund to any account with our bank on regular interval can submit a mandate to us
» We will send your digitized mandate to other bank for acknowledgment
» On acknowledging the mandate bank will claim and credit the specified amount to your account with Gayatri Bank at prescribed interval shown in your mandate