What is the full form of ECS

ECS: Electronic Clearing Service

ECS stands for Electronic Clearing Service. ECS is electronic mode of funds transfer service offered by many banks, that facilitates paperless credit / debit transaction directly linked to your account and also provides a faster method of periodic and repetitive payments.

It can also be used to pay bills and other charges such as telephone, electricity, water or for making equated monthly installments payments on loans as well as SIP investments.

Benefits of ECS

Increases customer relationships
Reduces paper use
No late payment charges
To help in the quick payment of bills
Enhances the payment of essential utility bills for customers, such as electric bills, phone bills, internet bills, etc.
Enables the payment of insurance premiums, loan instalments, credit card payments, mutual funds etc.

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