ECS Full Form is Electronic Clearing Service
What is the full form of ECS
ECS: Electronic Clearing Service
ECS stands for Electronic Clearing Service. It’s an electronic mode of finances transfer from one bank account to another bank account. It also facilitates electronic credit/ disbenefit sale associated with client’s account. It’s generally used for deals that are repetitious or periodic in nature.
The Electronic Clearing Service was introduced by the Reserve Bank of India to give a briskly system for Periodic and Repetitious payment.
ECS Full Form
An ECS service can be of two types as follows
ECS credit : In this ECS, an institution makes a credit to your bank account,e.g. your tips, payment etc. So, a single account is debited periodically to credit multiple accounts.
ECS disbenefit : In this ECS, you make payments as EMI for your loans, collective finances, decoration of programs etc.
Advantages of ECS
Maximize client satisfaction
Minimize paper operation
No late payment charges
Timely payment of bills
Grease guests to pay their essential mileage bills like electricity bills, mobile bills, telephone billsetc.
It also facilitates guests to pay for collective finances, insurance decoration, credit card payment, loan investitureetc. from this service.
How to get ECS Scheme
You have to inform your bank and give a accreditation for the bank to authorize the institution, which can also disbenefit or credit the payments through the bank. The accreditation includes the details of your bank branch and regard information. Salaried persons and workers of government or private enterprises, who have a payment account, can communicate bank authorities and subscribe for ECS.
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