Definition / Full Form: ECS is an electronic way of transferring money from one bank account to another ( ECS is an electronic way of transferring funds from one Bank Account to another Bank Account )
In Hindi: Electrical Clearing Service
Category: Banking >> ECS
ECS: Full Form, Meaning & Other Details
ECS has a full-form Electronic Clearing Service , called the Legislative Inclusion Service in Hindi , ECS is an electronic medium to send money from one bank account to another bank account. Was
If you pay EMI, monthly salary, electricity bill, water bill, SIP of a loan, then you can apply for ECS (Electronic Clearing Service) service in the bank, by doing this you will get your payment in a stipulated time. In ECS, you do not need to deposit checks or remember payments.
Types of ECS
There are two types of ECS-
- ECS Debit – In this, all your monthly expenses are paid directly from your bank account, those expenses are paid automatically on time, you do not need to keep them.
- ECS Credit- In this, your salary, benefits or investment etc. are deposited in your bank account on time.
Note: If you want to stop ECS service then you will have to give an advance notice to the bank soon as this process takes time.