What Is The Full Form Of ECS?

By | June 30, 2020

Full Form Of  ECS Or ECS Full Form

Full-Form Of ECS Is an Electronic Clearing Service

ecs full form
Full Form ECS

Some Details About ECS

Electronic Clearing Service is called ECS. An electronic mode of funds transfer from one bank account to another bank account is ECS. Electronic credit/debit transactions associated with the customer’s accounts are also facilitated by ECS. It is usually used for transactions that are repetitive or periodic in nature.

The Reserve Bank of India was introduced Electronic Clearing Service to provide a faster method for Periodic and Repetitive payment.

Types
There are two types of ECS service given below:

ECS credit: In this ECS, an institution makes credit to your bank account, e.g. your dividends, salary, etc. So, multiple accounts are credit periodically to debited a single account.

ECS debit: In this ECS, you make payments as EMI for your loans, mutual funds, a premium of policies, etc.

You have to inform your bank and provide a mandate for the bank to authorize the institution, which can then debit or credit the payments through the bank. The mandate includes the details of your bank branch and account information. Salaried persons and employees of the government or private firms, who have a salary account, can contact bank authorities and sign for ECS.

Dear Visitor, I hope liked the details on What Is The Full Form Of ECS? & Full Form Of ECS.

You can also get full forms of other Banking and it’s related terms along with complete description List Of All Full Forms

Source:

Google
https://m.rbi.org.in/Scripts/FAQView.aspx?Id=55

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