ECS FULL FORM
Full Form of ECS : Electronic Clearing Service
What is the full form of ECS?
No:1. The full form of ECS is Electronic Clearing Service.
No:2. ECS is an electronic mode scheme that transfers funds from one bank account to another, allowing for electronic credit or debit transactions linked to the account of the client.
No:3. It’s usually used for periodic or regular or transactions in nature.
Types of ECS
In India, ECS had been adopted by the RBI (Reserve Bank of India) to provide a fast method for both routine and periodic payments. ECS services come in two varieties :
No:1. ECS Debit – An individual makes an EMI payment for the loans, mutual funds, policy primes, etc.
No:2. ECS Credit – An organization or institution makes credit to the bank account of a person. For example, Wage credit, dividends, pension, incentives etc.
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Benefits of ECS
No:1. ECS increases customer relationships
No:2. ECS reduces paper use
No:3. It does not inflict delayed payments costs
No:4. It appears to help in the quick payment of bills
No:5. ECS enhances the payment of essential utility bills for customers, such as electric bills, phone bills, internet bills, etc.
No:6. It also enables the payment of insurance premiums, loan instalments, credit card payments, mutual funds etc.
How do you make use of an ECS scheme?
No:1. Individuals required to notify your bank and offer an approving mandate to the organization, which can then credit or debit the transactions via the bank.
No:2. The Mandate includes branch information and account details.
No:3. It is the institution ‘s responsibility to provide information about the amount to be debited or credited to this account, implying the credit date and other relative details of the transaction.
No:4. Individuals will be informed through mobile alerts or messages that the money has been deducted from their account.
No:5. The ECS consumer can set the maximum amount deductible from the bank, define the debit reason, and set a validity period for each provided mandate.
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