ECS full form is Electronic Clearing Service. ECS is actually a digital way of sending money from one bank account to another bank account. If friends talk about the Credit Suis report, according to that report, by 2023 the digital payment figure in the country will cross one trillion dollars.
ECS is the electronic system of transferring money from one bank account to another bank, ECS provides electronics credit / debit card transact facility to the customer, which are associated with customer bank account.
ECS Start Up Process
- If you also want to take ECS payment facility from your bank account, then for this you must first inform your bank. And after that your bank will give you an ECS mandate form for this. Through this form, you will permission to activate this service.
- To set up ECS from your bank account, you have to provide your bank account branch and other important information related to the account. While filling the form, you can give instructions about the maximum amount of ECS.
- After the ECS service is started, whenever you do any transaction of debit and credit then you will get the information through SMS.
- ECS credit: In this ECS, an institution makes a credit to your bank account, e.g. your dividends, salary etc. So, a single account is debited periodically to credit multiple accounts.
- ECS debit: In this ECS, you make payments as EMI for your loans, mutual funds, premium of policies etc.