ECS (Electronic Clearing System) is an electronic mode of funds transfer from one Bank account to another based on the ECS mandate. It can be used by institutions for making payments such as distribution of dividend interest, salary, and pension, among others. The National Payments Corporation of India (NPCI) offers to Banks, Financial institutions, Corporates and Government/s a service known as "National Automated Clearing House (NACH)" which includes both Debit and Credit. This service referred as NACH Debit/Credit. NACH aims at facilitating electronic Interbank High or Low Volume Debit/Credit transactions which are repetitive in nature
ECS (Electronic Clearing System) is an electronic mode of funds transfer from one Bank to other Bank account with in India based on ECS mandate.
There are Two Types: ECS (Credit) and ECS (Debit). ECS (Credit) is used for providing credit to many beneficiaries by raising a single debit to an account, such as dividend, interest or salary payment. ECS (Debit) is used for raising debits to a number of accounts of consumers/account holders for crediting a particular institution.
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Eliminates the need to go to the collection centers/ Banks and no need to stand in long queues for payment. Instructions will be initiated based on ECS Mandate.