What is the full form of ECS?

ECS represents Electronic Clearing Service.

It is an electronic method of asset move starting with one financial balance then onto the next ledger. It additionally encourages electronic acknowledge/charge exchanges related to the client's record. It is generally utilized for exchanges that are monotonous or occasional in nature.
History

The Electronic Clearing Service was presented by the Reserve Bank of India to give a quicker strategy to Periodic and Repetitive installment.
Types

An ECS administration can be of two sorts as follows:

ECS credit: In this ECS, an organization makes credit to your ledger, for example, your profits, pay, and so forth In this way, a solitary record is charged intermittently to credit numerous records.

ECS charge: In this ECS, you make installments as EMI for your credits, common assets, a premium of arrangements, and so on

Preferences of ECS

• Boost consumer loyalty
• Limit paper use
• No late installment charges
• Convenient installment of bills
• Encourage clients to take care of their basic utility tabs like power charges, portable bills, phone bills, and so forth

It likewise encourages clients to pay for shared assets, protection expenses, Mastercard installments, credit portions, and so forth from this administration.

Step by step instructions to get the ECS Scheme

You need to illuminate your bank and give an order to the bank to approve the foundation, which would then be able to charge or credit the installments through the bank. The command incorporates the subtleties of your bank office and record data. Salaried people and representatives of the public authority or private firms, who have a compensation account, can contact bank specialists and sign for ECS.