ECS is an electronic clearing system that facilitates paperless credit / debit transaction directly linked to your account and also provides for a faster method of effecting periodic and repetitive payments.
IT Services
ECS (Electronic Clearing Service)
Variants of ECS
- ECS Credit is used for affording credit to a large number of beneficiaries having accounts with bank branches at various locations within the jurisdiction of an ECS Centre by raising a single debit to an account of a bank (that maintains the account of the user institution). ECS Credit enables payment of amounts towards distribution of dividend, interest, salary, pension, etc., of the user institution.
- ECS Debit is used for raising debits to a large number of accounts maintained with bank branches at various locations within the jurisdiction of an ECS Centre for single credit to an account of a bank (that maintains the account of the user institution). ECS Debit is useful for payment of telephone / electricity / water bills, cess / tax collections, loan instalment repayments, periodic investments in mutual funds, etc., that are periodic or repetitive in nature and payable to the user institution.
How to make payments via ECS ?
- Contact the branch where the SB account is maintained and submit an ECS Mandate for permitting bank to deduct the loan amount.
- Submit the copy of mandate at AGVB branch where your loan account is located.
- Through Electronic Clearing Services, AGVB will receive the amount as loan instalments to your loan account with us.
