What distinctive features a mobile bank app can offer you? Find out now

The banking industry is adopting the latest technology trends. Mobile phones have become the most important device, while the mobile apps have turned out to become the most essential tool to manage money. The number of customers using online banking is increasing when compared to those using the traditional one.

Technology has made things faster and more convenient that people don’t have time to wait. Mobile banking apps help you with this. For instance, the IDFC FIRST Bank ebanking app on your mobile can help you perform several things such as shopping, paying bills, transferring funds, opening a savings account, etc., online. 

What makes an e-banking app unique?

A mobile banking app helps a bank account holder to carry out all financial transactions online. From checking the account balances to transferring funds and setting up payments, it helps you do everything at your convenience. Some distinguishing features of the mobile banking app of IDFC FIRST Bank includes:

Accessibility from anywhere

Using the latest technology, IDFC FIRST Bank offers most of its banking services effectively online. Their customers can carry out financial transactions sitting in the living room. They save a lot of time using the IDFC FIRST Bank Mobile Banking app, which helps avoid visiting the bank. If you have a smartphone and the Internet connection, you can download the app from the Play Store or App Store and register on it.

Easy money transfers from one bank to another bank 

A customer can carry out banking tasks anytime like when traveling, at the office, or even at leisure time. They do not need to visit the bank’s branch to transfer money, or to pay bills. With this bank to bank money transfer app, you can transfer money, make payments through net banking or UPI, link bank accounts, and so on.

You can effortlessly switch between multiple accounts of different banks and conduct transactions easily. The app also helps you generate mini statements of all accounts linked with the app. It also facilitates instant funds transfer or payments through the UPI facility and pay for the utilities like water, LPG, electricity, DTH charges, etc.

Recharge FASTag online

With the IDFC FIRST Bank Mobile Banking app, you can pay tolls online easily by purchasing FASTag. You don’t have to wait in lines at toll plazas now. This simple and reloadable tag facilitates automatic payment of tolls ahead of your journey. Moreover, you can also pay for parking and fuel. The Radio-Frequency Identification, (RFID) helps you pay for the fuel, and saves time by not requiring to stop at any fuel station. All you need is to buy and register for FASTag online. Once you have bought it, you can do the FASTag recharge online easily. The app also helps you to perform the FASTag balance check online from your home or when traveling. 

The IDFC FIRST Bank Mobile banking app is also known for sending notification messages or alerts for every withdrawal, payment, or deposit effected. The customer’s mobile phone, which is connected with the app, will give real-time updates, messages, and alerts. This will help you take immediate actions if there is any unauthorized access to your bank account. 


Now you can realize your dream of earning more money online. Know how?

Almost 18 months since the pandemic, the workforce nationwide is still reeling from its effect. Other than the fear of becoming sick, people suffer from financial stress, which has grown to become a major problem. Studies show that money stress can have a bad impact on a person’s health. How can you eliminate your financial stress? You can do it possibly by earning extra money. How does earning more than Rs 50,000 every month sound?

It doesn’t matter if you have a full-time job, there is still a need for more money, which you can earn using a genuine refer and earn app by referring.

With referral programs offered by companies, including banks, you can have a second income online. Among financial products offered by banks or financial institutions, an online personal loan is the most sought-after product provided instantly to meet an emergency. The use of advanced technology has helped banks introduce a personal loan referral app to get potential personal loan offers from their loyal customers through quality referrals. The IDFC FIRST Bank’s MyFIRST Partner app extends an opportunity to earn money with zero investment.

Know more about IDFC FIRST Bank’s MyFIRST Partner app

IDFC FIRST Bank through its MyFIRST Partner app offers you an opportunity to join a personal loan referral program to earn some money. This refer and earn work app allows eligible people to become a connector of IDFC FIRST Bank and help their family members, friends, neighbours and colleagues to get its personal loan products at flexible tenures and low interest.

Personal loans are offered for purposes like education, marriage, home renovation, medical treatments and paying off debts. Eligible individuals can get instant loans by completing the formalities online. Once the loan is approved and disbursed, you are paid a certain amount on the loan amount as a compensation. The app can help you earn over 50k regularly.

How can MyFIRST partner personal loan program help you earn money?

By joining the MyFIRST Partner loan program you get to:

  • Represent a leading bank: IDFC is one among the leading banks in the country with branches across the country. By registering with the MyFIRST Partner app, you get a chance to represent the bank and act as its partner, and help your peer avail instant loans. The reputation of the bank helps you get quality referrals easily
  • Help people get a personal loan instantly: The referral partner program is all about assisting people in personal loan financing. You can help them get loans depending on their requirements. There are personal loans for students with no income, as well as medical loans, home renovation loans, etc. The documentation process is quite simple with no paperwork and instant loan approvals.
  • No investment required: Using the best android app for money earning, you can have an additional income without any investment, other than time. The requirements for this are very straight forward. You must be 18 years or above, you need to be a citizen of India and your residential area must be in a serviceable location.
  • Earn money on every loan disbursement: You can earn more if you refer more. The money is paid for every referral you provide, and it is added to your account as and when the loan amount has been credited to the applicant’s account.

With a simple registration process and no investment, you can now fulfil your dream of earning more money online with no investment.



Mutual funds are a great investment tool for retail investors, irrespective of the fact that they are new investors or experienced ones. When you begin your investment, there are several things that can go wrong. In this article, we will look at certain investment mistakes that can go wrong with your mutual funds investment plans.

Common mutual fund investment mistakes

Following are a few common mutual fund investment mistakes that you must try to avoid in your investment journey:

  1. Not taking your financial goals into consideration
    This is probably one of the biggest mistakes that you can commit while investing in mutual funds. An investor must always invest in mutual funds after careful consideration of their financial goals. Investing without any ulterior motive is just like sitting in a train with no destination to go. It’s pointless and time-consuming. This could be quite detrimental to your investment portfolio.
  2. Timing the market

Another common mutual fund investment mistake committed my most investors is attempting to time the markets. Investors wish to time the markets in a hope to maximise the returns on their mutual fund investments. However, one must realise that it is almost next to impossible to properly predict the markets. As a result, it is difficult to say at any point of time that the market has hits its lowest and cannot go further down. Rather than focusing on timing the markets to maximise the returns, you can instead consider time in the market. This means that you should try to stay invested for a longer duration to even out the volatilities of stock market.

  • Running after returns
    Do not make the mistake of running behind certain mutual fund investment plans solely on their past performance. While past performance of a mutual fund scheme is a good indicator of the future returns, it does not guarantee those returns. A mutual fund scheme which is performing well now might perform the same way in the next couple of years. Instead, you can compare mutual funds against their underlying benchmark and other peers in the same category to understand how your mutual fund scheme is performing against the markets. Also, look at the returns over different market cycles. This will give a better idea about the future returns on your mutual fund investments.
  • Ignoring your risk profile
    In an attempt to not miss the ‘right opportunity’ to enter the markets or invest in certain securities, several investors make the mistake of being carried away and end up investing in securities that aren’t right for their investment portfolio. Although, one must understand that however good that opportunity might seem currently, one should not ignore their risk profile. Rather than following the herd, you must stick to your asset allocation strategy.

These were just a few common mistakes committed by most mutual fund investors. Just remember to trust your research and invest in mutual funds only after careful analysis of your investment portfolio, risk profile, and financial goals. You can also use a mutual fund return calculator mutual fund returns or to evaluate the expected value of your investments in the future. Happy investing!


7 Reasons Why Getting a Guaranteed Income Plan Can Be Profitable for You

The best way to lead a peaceful retired life is to have sufficient income that allows you to live an adequate lifestyle and be able to meet any emergencies that might arise. The traditional approach to retirement planning has been to choose low-risk and low-return long-term investments. Some of the aforementioned investments have lock-in periods that make switching to more profitable avenues difficult.

Moreover, most investment avenues do not provide substantial relief in case of an unfortunate event like the death of the investor. In this context, a savings insurance plan is a cost-effective investment tool to ensure protection for your family and get a regular stream of income in your old age.

What is a guaranteed income plan?

As you move ahead in life, your needs change according to the change in your life stages. You create a savings plan and deposit funds according to your capacity, needs, budget, and savings horizon. The objectives of the plan may include housing for the family, the education of children and their marriage, career support, and your own retirement planning.

Besides planned expenditure, there could be unexpected emergencies that could put a dent in your savings. You should also remember that in addition to a savings plan, an adequate life cover is important to keep your family protected from financial distress when you are not around.

A guaranteed return investment plan combines life insurance with guaranteed returns; it offers the benefits of savings with a life insurance cover and is the most suitable option if you are planning for important life goals, including your retirement. You can also use the single premium feature available in most savings insurance plans to purchase a plan when you have surplus funds that you think can be allocated towards securing your post-retirement income.

How is a guaranteed return plan useful?

A guaranteed return plan provides you flexible options to create an endowment fund, regular income, or whole life income. The aforementioned plan allows you to properly plan for your future and lead a stress-free life.

Seven reasons why guaranteed return plans are profitable

  1. The efficient management of financial goals

Guaranteed return plans help you plan out and manage your financial commitments in an efficient manner. The premium calculator that is available on most insurance companies’ websites can assist you in the determination of the cheapest premium for the optimum combination of savings and insurance.

  1. Life cover

The life coverage included in a guaranteed return plan acts as a safety net for your family and supports them in the pursuit of their goals even after your demise. You can also extend the life coverage to include your spouse.

  1. The flexibility of premium payment

Many insurance plans offer flexibility in the payment of premiums. For instance, Tata AIA, one of the country’s leading insurers, has a guaranteed return insurance plan which offers you the flexibility to pay a single premium or pay premium installations for a limited term.

  1. The choice of the frequency of premium payments

You can pay your premium monthly, semi-annually, or annually. You can check the status of your guaranteed return plan policy payment online.

  1. Add-on riders

You can include add-on riders to your savings insurance plan, including accidental death and dismemberment protection and waiver of premium. This is a handy way to get better coverage at a nominal additional cost.

  1. Loan facility

You can avail loan facility against your guaranteed return savings plan, thereby providing you additional flexibility to manage your finances.

  1. Tax benefits

You are eligible for tax benefits for the premium paid and on the sums received under the policy under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Therefore, a guaranteed return insurance plan provides you with the dual benefits of savings and a life cover.


All of us wish to spend our golden years without having any financial worries. To attain this goal, guaranteed return investments plans are suitable options since they are flexible and affordable and incorporate the dual features of savings and insurance. There is no such thing as the best guaranteed income plan since the plan you choose depends on your financial goals and financial capacity.


Is IFSC Code and Branch Code Same?


With a new generation of internet and online services, people are not very much aware of the bank and its system. Till they need to face the inevitable of visiting a bank, they are alien to its functions it. It has been experienced that people tend to confuse the IFSC Code with the branch code. But the fact of the matter is that they are not the same. They even have a different purpose and are given to the bank branch by different authorities.


IFSC code or Indian Financial System Codes are unique codes given by the Reserve Bank of India to all the bank branches. It can be used to identify a particular branch of the bank and is essential for many banking services. Though, every bank branch put up their IFSC for the people to note down, you can easily find it online or on a cheque leaf. The IFSC is specially designed for all the bank branches to avoid any misunderstandings and for ease of work. It is made by 11 characters that have their own significance and can be linked to the branch. These 11 characters have a dedicated purpose to provide proper information about the bank and its branch.

  • Bank name is represented by the first four characters of the IFSC.
  • The bank branch can be identified by the last six characters.
  • The fifth character is considered to be a reference character from a future perspective.

How is IFSC Code Different from Branch Code?

  • Significance:IFSC has a different purpose than the branch code and is more essential for getting to know the correct information of the bank branch. Hence, the significance of IFSC is more than the branch code.
  • Allotted by Different Authorities:IFSC code is provided by the RBI to the bank branch whereas the branch code is given to the branch by their bank.
  • Uses:IFSC is used by millions of people for online transactions and providing their branch details. In the case of using banking services such as RTGS, IMPS, and NEFT IFSC has to play an important role. The branch code is of no use in these services. It is only helpful in the internal functioning of the bank.

Advantages of IFSC Code

  • IFSC helps in identifying the correct information about the bank branch.
  • It is linked to the data of the branch and even to the account numbers generated by that branch.
  • In case of wrongly entered IFSC on any online platform, it will automatically show the error.
  • With help of this information, online transactions have become much easier and safer.
  • IFSC Code is an important set of information when you are using your account for any kind of transaction. It is even helpful in applying for any personal services such as a home loan or any other loan where you have to provide your account details.

The Bottom Line

IFSC Code and Branch code are not the same. Though, the same branch can have both of the codes for identification. IFSC is a universal code that can be used to identify the bank branch whereas the branch code is used by the banking system internally. The IFSC is specially designed by RBI for every bank branch and the branch code is provided to the bank.


How to boost small business productivity and profit

In a nutshell, an overdraft (OD) is a standby credit facility that allows people (businesses in particular) to withdraw cash from the current account up to a certain limit. It is usually up to 12 months and renewable annually, and repayable on demand thru the bank at any time. Any repayment into the od account can be withdrawn again so long as the total outstanding amount is within the OD limit. This is also why it’s called a “revolving credit facility.”

Since overdraft borrowing limits are typically lower than with a loan, an overdraft is perfect for short-term borrowing. For instance, if you need to pay for emergency facility maintenance or pay your staff until profits came through.

When should a business consider overdraft?

Business overdrafts are good if a business is experiencing any of the following:

  • Businesses that have lumpy cashflows, for instance, contracting businesses where employees are being paid weekly, but customers usually pay after job completion or after certain dates
  • Funding general working capital. Includes meeting the timing gap between company expenses and customer payments
  • Situations where added cash is required quickly and for a short time frame. For example, when a business needs facility troubleshooting or has the opportunity to purchase discounted stock
  • Meeting occasional unexpected operating expenses, aiding with cash flow during periods when business is slow (for example, the existing COVID-19 pandemic or the Christmas/New Year holiday some businesses)

How to choose between secured and unsecured overdrafts

Business overdrafts can be availed both via secured and unsecured lending. What you choose will depend on your current circumstances, funds, and needs.

An unsecured overdraft means that pledging any assets (collateral) is unnecessary to finances to obtain the facility. On the other hand, a secured overdraft requires you to commit certain assets, including residential, commercial, and industrial property, to obtain a line of credit. Each of these offers advantages and disadvantages.

Unsecured overdrafts will expose you or your business to limited risk, but the line of credit will be smaller. Secured overdrafts let you access a much larger maximum loan amount. However, your bank requires you to commit assets, plus they’ll get rights to sell the assets you’ve put up as collateral if you can’t repay debts on your secured overdraft.

End Note

Finding the right overdraft facility that fits your business will depend on multiple factors, so you must assess your needs internally, do your research, or consult with a specialist adviser before making a decision. If you’d like to know more about overdraft requirements, overdraft interest, or process, simply go to a banking website like DBS, which offers a convenient online application.

Lastly, make sure to develop a repayment plan in place if you ever obtain this facility and that you’ll be able to afford monthly payments each month. Failure to keep up with your repayments will negatively affect your credit score, cost you your assets in the case of a secured overdraft, and even affect your ability to get approved for credit again in the future.


4 Key Factors That Every Small Business Owner Must Know About Accounting

Small business owners aren’t accountants by profession. More often than not, they are not even from finance backgrounds. However, whatever their area of expertise may be, they need to learn the ins and outs of accounting.

Manual accounting goes as far as you are a small business operating with limited capability. But as soon as you think of scaling up, accounting tasks will seem a lot more daunting if you are not prepared for them. In such scenarios, small business accounting software is helpful to manage all the accounting-related activities.

But beyond that, there are some habits you should inculcate in yourself to be able to make the most out of the small business accounting software. Let’s look at five such factors that you should keep in mind about accounting to develop healthy accounting habits!

Separating business and personal accounts.

Mixing up the business and personal accounts can lead to some of the nastiest messiest financial blunders. The best solution to go about this is to establish your company as a distinct legal entity and open a business account as your financial hub. Use the business account for all the company-related finances. Make sure to not use that account for any of your financial expenses. Track the usage of your account separately.

Regularly creating profit and loss statements.

Profit and loss statements are important accounting tools that provide you with a comprehensive summary of your company’s expenses and income over a particular period. Generally, all public companies are required to release their P&L statements once per quarter, but small businesses aren’t required to create them by law. Despite that, P&L statements are great for being on top of your financial goals and ensuring healthy finances. The important factor is not creating profit and loss statements but creating them regularly. Individual P&L statements are not very valuable. Only when you make a quarter-by-quarter comparison do you get a holistic insight into your company’s finances.

Documenting all the expenses.

This is an important factor to consider, especially in terms of tax deductions. You are eligible for claiming many of your company’s expenses in the form of tax deductions, but that will not happen if you don’t have all the expenses properly documented. These expenses should include every cost that your business has to incur – from dinner with clients, ad budgets, office electricity bills, office rent, and so on.

Invoicing timely and accurately.

Invoicing can feel cumbersome and time-consuming, despite how utterly important it is. Plus, if you make silly mistakes in your invoices, it can put you at a loss. As a result of that, invoicing timely and accurately is an important factor towards maintaining healthy accounts. The invoices should be detailed, so much so that six months down the line, just glancing over an invoice can give you all the details you need to know about it. Invoicing timely and accurately will also put you in a better position to follow up with clients in case of delayed invoices, leading to better cash flows.

Streamline your accounting processes with small business accounting software!

The four factors mentioned above are without a doubt essential for healthy accounting and bookkeeping. But doing all of that manually is next to impossible. Luckily, you don’t have to do it manually anymore. Small business accounting software takes care of all the factors and more to keep your accounts up-to-date and your finances healthy. Explore various small business accounting software available in the market, and pick the one that fits your business needs. Start streamlining your accounting tasks, and free yourself off of a lot of useful time!


Understanding Real-Time, Mid-Market Exchange Rates

The exchange of money from one currency to another occurs every minute of every day among banks, institutions and individuals. Therefore, making a wire transfer should be straightforward – you select the service provider, request the transfer, and provide the required information.

While wire transfers have become more efficient with the advancement of technology, they still have an unsettling element of hidden costs and surprises. The answer to this mystery cost lies in a concept few have heard of – middle-market rates, better known as mid-market rates.

The process of transferring money involves the sale of one currency to buy another at a defined exchange rate: the value of one currency against the other. Exchange rates fluctuate rapidly, and it’s important to understand this rate because it represents what you’re paying in hidden fees. Having efficient fx management solutions will help you tackle the complexities of your business.

What Is The Real-Time Exchange Rate?

The real-time rate (or live rate) is determined by real-time changes in the market between two currencies and is the latest available exchange rate. Due to their very nature, real-time exchange rates fluctuate all the time.

The easiest way to find out what they are at a given moment in time for a given currency pair is to track them online through public sources. Searching for exchange rates between two currencies on Google, Bloomberg, and Reuters gives you a real-time, mid-market rate, which is prone to delays.

What Is The Mid-Market Exchange Rate?

Also called the “spot rate”, “inter-bank rate”, and the “real exchange rate”, the mid-market price is essentially the middle rate between the buy and sell prices of two currencies when transferring money internationally.

Mid-market rates are primarily used by banks, building societies, FX traders, and financial institutions when they trade money between themselves. It is also regarded as the fairest, most transparent exchange rate and is used across the world.

Financial institutions take the mid-market rate and then apply a margin on top of that, passing the additional cost onto the customer. That is why it is crucial to check the exchange rate applied to your transaction, as well as whether it is in your best interest.

Why Is It Important?

For companies and individuals that deal with foreign currency exchange, this is an excellent way of learning where the value of any currency pair is trading. At the same time, it benefits both parties by not crossing the entire spread when executing their transaction. A mid-market exchange rate that is genuinely applied is generally seen as being transparent and accurate.

By understanding the mid-market exchange rate, you will get more value for your money when making an international money transfer, but you should not overlook other considerations as well.

Receiving fees: Some banks charge fees when they receive money from abroad, no matter what currency the money is sent in. It’s therefore important not only to consider the exchange rate and transfer fees but also any charges that may be applied on the other end.

Lock-in exchange rates: There are money transfer platforms that let you lock in a given exchange rate on a currency pair, so it’s important to think about how often you will be making international transfers.

In Conclusion

Ultimately, there is only one “real” exchange rate: the mid-market rate; all other exchange rates are subject to the specific bank’s internal policies.

In the past, customers generally paid whatever fees were charged for international wire transfers because they had very little power. Technology has empowered customers, and the paradigm has shifted. Using a few quick keystrokes, they can check mid-market rates, which gives them additional options and minimizes excessive fees.


5 Trends Shaping The Future of Payments

The Fintech sector is leading the way in focusing on a single sector of finance. The bank sector, however, is lagging as it focuses on numerous verticals such as insurance, payments, credit card issuing, and so on.

Following are popular themes for how payments may evolve in the future:

  1. Payment Value Chain Built On Data

With APIs in open banking, transactional data in payments provide considerable value. The data uncovered by this analysis reveals multiple opportunities to prevent fraud as well as streamline financial planning for both consumers and corporations.

Competitive players that can effectively use these data will have an advantage. Among the key technologies in payments, data analytics tools and artificial intelligence (AI) continue to be prominent.

This will change the entire value chain within the payments industry. Increasingly, businesses will realize the importance of payment data analysis. If they can pay less for goods and services, then consumers will agree to share more data.

  1. Frictionless Payments

To stay competitive in the modern digital world, e-commerce and retail businesses need to eliminate customer friction.

Payments made with frictionless technology use data from websites, devices, and apps to enable customers to buy faster and the merchant to sell more easily. This helps merchants increase revenue, reduce cart abandonment, and improve customer experience.

To qualify as frictionless, the checkout process should fulfil some or all of the following requirements:

  • Faster checkout
  • Fewer steps to complete checkout
  • Feels like a natural part of the customer experience
  • Reduces the cardholder’s cognitive strain
  • Minimizes or eliminates waiting time

There are various frictionless payment options, including contactless card payments, mobile or e- wallets, and auto-renewing recurring payments or subscriptions, invisible payments, in-app payments, one-click payments, and device-initiated payments.

  1. Cashless Economy

The pandemic has had an impact on the way people pay for goods, even though cash will likely never completely replace cash. As a result, e-commerce has grown and card payments have increased. ⁠

The use of cash had already decreased before COVID-19, but it is predicted to continue once social distancing is no longer necessary. Consumers will likely opt for cashless payments in the future.

  1. Contactless Payments

In response to the pandemic, contactless payments grew. People are coming to realize the convenience of mobile payments, as consumer behaviour continues to change. The use of credit cards is expected to decrease and be replaced with digital wallets. The point of sale (POS) will transition from a permanent physical location to a mobile one.

In addition to large retailers, software-based POS systems are becoming increasingly popular. The new payment method is also available to customers of smaller businesses.

  1. Moving Forward with The Future of Payments

In the past three to five years, the Coronavirus has significantly accelerated the growth of e-commerce and digital payments. Behaviour is evolving, and self-service and contactless methods of payment are no longer viable. They are indispensable.

Developing seamless, efficient payment systems will enable you to connect with your customers and provide them with a better shopping experience in the future.


Everything you Need to Know About ECS Mandate

ECS or Electronic Clearing Service allows for funds to be transferred from one bank account to another. Institutions often take advantage of ECS as it allows for various payments to be made with ease. These payments range from the distribution of interest and the payment of salaries to the allocation of pension and more. You can also use ECS to pay a number of bills including those pertaining to but not limited to your –

  • telephone usage
  • water consumption
  • electricity
  • equated monthly installments (or EMIs)
  • SIP investments

ECS allows you to conduct credit and debit transactions with ease.

Understanding the ECS Mandate Form

Should you want to activate ECS transactions, you need to inform your bank of the same with the aid of an ECS mandate form that gives authorization to another institution that is then entitled to make credit or debit payments via your Bank. This mandate houses information pertaining to your bank account along with details relevant to your bank account.

The institution you give authorization to is then responsible for communicating information pertaining to the amount credited and debited to their account. They are also required to make clear the date of credit along with other pertinent details relevant to the payment in question.

You will be informed when your money has been debited from your account via communication from your bank which could be in the form of text messages or alerts which are sent to your registered mobile number.

An ECS user has the authority to specify the following.

  • The maximum amount that can be debited from an account.
  • The purpose of the debit
  • The time frame during which the mandate provided is valid

Examining the Difference Between ECS and NACH

Let’s take a look at the difference between ECS and NACH :

  1. Operational Centers– While ECS is presently operating in 89 centers spread across the country and is operated by the RBI in 15 centers, the NACH platform is set to have 82000 platforms in addition to bank branches across the country.
  2. Operating Model– The ECS platform makes use of a manual operating platform while NACH consolidates multiple ECS platforms and seeks to remove local barriers.
  3. Presentation and Settlement– For presentation and settlement, time taken by ECS is 3 to 4 days while NACH takes a single day for both.
  4. Disputes– In the case of ECS, disputes are resolved by the destination bank and sponsor bank in question while NACH has an electronic platform that allows for disputes to be raised and resolved.
  1. Mandate Management System – Under ECS, mandate management is reliant upon physicals which leads to time lags and verification issues. NACH in contrast has an advanced mandate management system in place which allows for the easy verification of mandates.


The NACH platform can be understood to be an improved version of the ECS platform as it is more uniform in its offerings and services. Visit Finserv MARKETS to understand more pertaining to the same.