ECS Full Form

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.

 

History

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

 

Types

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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