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.

Types

  • 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.


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