23 August 2008
Hello vishnuagarwal, ECS stands for Electronic Clearing Service.
What is that? If you are a salaried person and have a salary account in a bank. Then, you can contact bank authorities and sign for ECS for loans that is ...
previously, when we buy loans each month we will have to pay them back using cheque or cash. Isn't?
Now, if you sign for ECS and submit that copy to the bank from where you are getting loan, then they will automatically detect the loan EMI amount on a specified date of a month.
Eg: In my case, each month on 05'th, ICICI detects a specific amount as EMI from my account.
CAclubindia
