ECS(Electronic Clearance Service) is an electronic mode of funds transfer from one bank account to another. It can be used by institutions for making payments such as the distribution of dividend interest, salary, and pension, among others. It can also be used to pay bills and other charges such as telephone, electricity, and water or for making equated monthly instalments payments on loans as well as SIP investments. ECS can be used for both credit and debit purposes.
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