ECS Full Form in Banking | Full Form of ECS in Banking - wikitechy

ECS Full Form in Banking | Full Form of ECS in Banking

ECS Full Form - Electronic Clearing Service ( full form of ecs )

  • ECS stands for Electronic Clearing Service. It's an electronic mode of funds transfer from one checking account to a different checking account.
  • It also facilitates electronic credit/debit transaction related to customer's account. It's usually used for transactions that are repetitive or periodic in nature.
 Electronic Clearing Services

Electronic Clearing Services

History of ECS ( full form of ecs )

  • The Electronic Clearing Service was introduced by the Federal Reserve Bank of India to supply a faster method for Periodic and Repetitive payment.


  • An ECS service are often of two types as follows:
    • ECS credit : During this ECS, an establishment makes a credit to your checking account, e.g. your dividends, salary etc. So, one account is debited periodically to credit multiple accounts.
    • ECS debit : During this ECS, you create payments as EMI for your loans, mutual funds, premium of policies etc.
 Types of ECS

Types of ECS

Advantages of ECS ( full form of ecs )

  • Maximize customer satisfaction
  • Minimize paper usage
  • No late payment charges
  • Timely payment of bills
  • Facilitate customers to pay their essential utility bills like electricity bills, mobile bills, telephone bills etc.
  • It also facilitates customers to buy mutual funds, premium , mastercard payment, loan installment etc. from this service.

How to get ECS Scheme

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

Related Searches to ECS Full Form in Banking | Full Form of ECS in Banking


Adblocker detected! Please consider reading this notice.

We've detected that you are using AdBlock Plus or some other adblocking software which is preventing the page from fully loading.

We don't have any banner, Flash, animation, obnoxious sound, or popup ad. We do not implement these annoying types of ads!

We need money to operate the site, and almost all of it comes from our online advertising.

Please add to your ad blocking whitelist or disable your adblocking software.