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Banking Query

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This query is : Resolved

Sanjay Dhaduti (Querist)
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14 June 2009 I was recently penalised Rs. 276 by ICICI bank as an ECS of Rs. 2000 bounced due to insufficient funds in my SB A/c, eventhough on the same day there were enough funds credited to my A/c from salary, chq. credits etc. during the business hrs.

ICICI bank is saying there is an RBI guideline that the previous days closing balance will be considered for honouring ECS or Cheque payments and not the balance during the days business hrs. can some one throw some light on the correctness of this statement.

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Guest (Expert)

14 June 2009 Dear Sanjay,

I think ur account was credited after clearing hours.

For example in ur bank clearing time is 11:00A.M. and ur account was credited on same day at 12:00P.M. , then there is chance of chq return becuse of insufficient fund at 11:00 A.M.

Please check the timings of transactions.

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