relating to ECS

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Vishnu Agarwal

Vishnu Agarwal (Querist)
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23 August 2008

What is the full form of ECS ?

Vishnu Agarwal

Vishnu Agarwal (Querist)
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23 August 2008

also meaning of it.

Vishnu Agarwal

Vishnu Agarwal (Querist)
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23 August 2008

reply as early as possible

CHEZHIYAN

CHEZHIYAN (Expert)
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23 August 2008 Electronic Clearing Service

Vishnu Agarwal

Vishnu Agarwal (Querist)
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23 August 2008

I also wnat to know meaning of it with an example.

CA. Vineet Grover

CA. Vineet Grover (Expert)
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23 August 2008 Hi Vishnu,

ECS is a process wherein you may make payments by giving special instruction to bank.

You need not have to issue cheque.

For doing so, you need to know the MICR number and RTGF code of the vendor to whom you want to make payment through ECS.

ECS is benefitted wherein you need to make monthly payments. Eg. Home Loan EMI, electricity payment, telephone bill payment etc.

Please get in touch with your nearest bank for further clarity on the subject.

Rgds/
Vineet

CHEZHIYAN

CHEZHIYAN (Expert)
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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.

Vishnu Agarwal

Vishnu Agarwal (Querist)
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23 August 2008

thanx

Vishnu Agarwal

Vishnu Agarwal (Querist)
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23 August 2008

but what is the RTGF CODE?

Boopathy

Boopathy (Expert)
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23 August 2008 I don't think that is RTGF Code.

i.e RTGS Code- real time gross settlement code. This code is used for funds transfer.

Vishnu Agarwal

Vishnu Agarwal (Querist)
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25 August 2008

thanx