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Ecs

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27 March 2012 Plz let me know the meaning of ECS as soon as possible, its really very urgent
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CA. SHIVA SHANKARA R. SHETTY

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CA. SHIVA SHANKARA R. SHETTY (Expert)
29 March 2012 It is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House. This is normally for bulk transfers from one account to many accounts or vice-versa. This can be used both for making payments like distribution of dividend, interest, salary, pension, etc. by institutions or for collection of amounts for purposes such as payments to utility companies like telephone, electricity, or charges such as house tax, water tax, etc or for loan installments of financial institutions/banks or regular investments of persons
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