25-03-2017, 11:22 AM
ECS is an electronic way of transferring funds from one bank account to another. It can be used by institutions to make payments such as the distribution of interest on dividends, salaries, pensions, among others. It can also be used to pay bills and other charges such as telephone, electricity, water or to make monthly installments equated loan payments as well as SIP investments. ECS can be used for credit and debit purposes.