ECS :– Electronic Clearing Service
The full form of ECS is Electronic Clearing Service. It is an electronic mode of funds transfer from one bank account to another bank account.
Types of ECS
ECS Debit :- An individual makes an EMI payment for the loans, mutual funds, policy primes, etc.
ECS Credit :- An organization or institution makes credit to the bank account of a person. For example, Wage credit, dividends, pension, incentives etc.