ECS Full Form, What is the Full form of ECS?

The full form of ECS is Electronics Clearing Services. It is the process of transferring funds from one bank account to another bank account via electronic mode. The customers can also facilitate debit or credit transactions which are associated with the account of a customer. It is widely preferred to make transactions that are periodic or repetitive in nature. In India, the Reserve Bank of India had introduced ECS to provide a fast method for repetitive as well as periodic payments. There are two types of ECS services: ECS Debit and ECS Credit. In ECS Debit, a person makes a payment in the form of EMI for the mutual funds, loans, policy premiums, etc. In ECS Credit, the institution makes a credit to a person’s bank account. For example, salary credit.