Explain Concept of ECS Credit with example
Answers
Answered by
0
Explanation:
what is ecs?
It is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House. ... ECS (Credit) is used for affording credit to a large number of beneficiaries by raising a single debit to an account, such as dividend, interest or salary payment.
example of ecs?
Examples for bulk collection of amounts includes telephone / electricity / water bills, cess / tax collections, loan installment repayments, periodic investments in mutual funds, insurance premium, etc.
Similar questions