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Thread: What is ECS (Electronic Clearing Facility) and how to get it

  1. #1
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    What is ECS (Electronic Clearing Facility) and how to get it

    What are the key aspects of the Electronic Clearing Facility (ECS) launched by the Reserve Bank of India (RBI)? How one can avail the ECS Scheme?

  2. #2
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    RBI has introduced the Electronic Clearing Service which allows electronic credit of the dividend amount to your bank account for the amount due to you.

    The salient features are:

    Instant credit - This Facility provides instant credit of dividend amount to your bank account electronically at no extra cost. ECS also eliminates the delay in postal transit and fraudulent encashment of warrants.
    Optional Scheme - This scheme is optional Coverage - ECS is presently available in major cities/centres like Ahmedabad, Bangalore, Calcutta, Chennai, Delhi, Hyderabad, Mumbai, Pune. RBI has been extending this facility to various centres from time to time. The scheme is at present available only for payments upto a maximum amount of Rs 500,000.
    Procedure for credit - Under this facility the amount of dividend payable to you would be directly credited to your bank account. Your bank branch will credit your account and indicate the credit entry as 'ECS' transaction in your passbook/statement of account.

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