ECS full form : Electronic Clearing Service
Electronic Clearing Service is an electronic method of assets move starting with one ledger then onto the next financial balance. Electronic Clearing Service encourages electronic acknowledge/charge exchange related with client’s record. The Electronic Clearing Service is typically utilized for exchanges that are dreary or occasional in nature.
The Electronic Clearing Service was first Introduced in India by the Reserve Bank of India in order to provide quick method for periodic and repetitive payment.
Types of ECS
1) ECS Credit : In this ECS, an organization makes an a sound representative for your financial balance, for example your profits, compensation and so forth. In this way, a solitary record is charged occasionally to credit numerous records.
2) ECS Debit : In this ECS, you make installments as EMI for your credits, shared assets, premium of strategies and so on.
How to get ESC Scheme?
You need to inform to your bank and give a command to the bank to authorize the organization, which would then be able to debit or credit the installments through the bank. The order incorporates the subtleties of your bank office and record data. Salaried people and workers of government or private firms, who have a compensation account, can contact bank specialists and sign for ECS.
Advantages of Electronic Clearing Service
- Boost consumer loyalty
- Limit paper use
- No late installment charges
- Convenient installment of bills
- Encourage clients to take care of their fundamental utility tabs like power charges, versatile bills, phone bills and so forth.
- It likewise encourages clients to pay for mutual funds, insurance premium, Credit Card installment, advance portion and so forth from this administration.
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