FULL FORM OF ECS

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WHAT IS ECS

       ECS stand for Electronic Clearing Service. It is an electronic mode of fund transfer from one banks account to another banks account. It also facilitates electronic credit/debit transaction linked with customers account. It is used in such a transactions which are repetitive or periodic in nature. This system was introduced by the Reserve Bank of India to provide a faster method for repetitive and periodic nature of payments.
       To get the ECS facility individual has to inform to his bank and provide a mandate for the banks to authorize the institution which can then debit or credit the payments through bank. The mandate includes the details of bank branch,account information IFSC Code etc.      

TYPES OF ECS

    An Electronic Clearing Service is of two types --

ECS CREDIT -

     In this ECS ,an institution makes a credit to bank account such as dividend received,salary etc.

ECS DEBIT -

    In this ECS  individual can make payments such as installment of loan,amount of SIP, premium of policy etc.


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