Electronic Clearing Service
- Electronic Clearing Service
Electronic Clearing Service [ [http://www.rbi.org.in/scripts/ECSUser.aspx Electronic Clearing Service] ] is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House set up by Reserve Bank of India. This is normally for bulk transfers from one account to many accounts or vice-versa. This can be used both for making payments like distribution of dividend, interest, salary, pension, etc. by institutions or for collection of amounts for purposes such as payments to utility companies like telephone, electricity, or charges such as house tax, water tax, etc or for loan installments of financial institutions/banks or regular investments of persons.
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