ECS Full Form


ECS Full Form

29-06-2021


What is ECS, full name of ECS and what is the meaning in Hindi, you will get answers to all such questions in this post.

What is ECS?

The full form of ECS is Electronic Clearing Service. This is called electrical clearing service in Hindi language. ECS is a very good electronic method of money transfer from one bank account to another bank account. It also facilitates transactions with Electronics Credit and Debit Card linked to the customer's account.

It is generally used for transactions which are in repetition or periodic nature. Electronic Clearing Service was introduced by Reserve Bank of India to provide a quick method for making periodic and recurring payments.

Types of ECS

There are two types of ECS service such as -

 

  • ECS Credit - In ECS, an institution credits your bank account, for example - a single account is debited from time to time to credit your Dividends, Salary etc. to more than one account.
  • ECS Debit - In ECS, you pay for your loans, mutual funds, policy premiums etc. as EMI.

Advantages of ECS

  • There are many benefits of ECS such as
  • With this service, bills are paid on time
  • This service gives utmost importance to customer satisfaction
  • This service does not levy any late payment charges
  • With this service, the use of paper has been reduced to a very minimum.
  • The service also allows customers to pay mutual funds, insurance premiums, credit card payments, loan instalments, etc.
  • Let this service allow customers to pay their essential utility bills like electricity bill, mobile bill, telephone bill etc.
  • History of ECS

ECS was introduced by Reserve Bank of India to provide a faster way for recurring and repetitive payments.