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4th January 2017, 04:05 PM
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Join Date: Aug 2012
Re: Bank of India ECS Code

ECS is an electronic method of installment/receipt for exchanges that are redundant and occasional in nature. ECS is utilized by organizations for making mass installment of sums towards appropriation of profit, premium, compensation, benefits, and so on., or for mass accumulation of sums towards phone/power/water levy, cess/impose accumulations, credit portion reimbursements, occasional interests in common finances, protection premium and so forth.

Essentially, there are two variations of ECS - ECS Credit and ECS Debit.

ECS Credit is utilized by an establishment for managing credit to an extensive number of recipients (for example, representatives, speculators and so forth.) having accounts with bank offices at different areas inside the locale of an ECS Center by raising a solitary charge to the financial balance of the client foundation.

ECS Debit is utilized by an organization for raising charges to countless (for example, shoppers of utility administrations, borrowers, financial specialists in common supports and so on.) kept up with bank offices at different areas inside the locale of an ECS Center for single credit to the ledger of the client establishment.

The User expecting to impact installments through ECS Credit needs to submit points of interest of the recipients (like name, bank/branch/account number of the recipient, MICR code of the goal bank office, and so forth.), date on which credit is to be stood to the recipients, and so on., in a predetermined arrangement (called the information record) through its support bank to one of the ECS Centers where it is enrolled as a User.

The bank dealing with the ECS Center then charges the record of the support rely upon the planned settlement day and credits the records of the goal banks, for forward credit to the records of a definitive recipients with the destination bank offices.

MICR is an acronym for Magnetic Ink Character Recognition. The MICR Code is a numeric code that interestingly recognizes a bank-office partaking in the ECS Credit conspire. This is a 9 digit code to recognize the area of the bank office; the initial 3 characters speak to the city, the following 3 the bank and the last 3 the branch. The MICR Code assigned to a bank office is imprinted on the MICR band of checks issued by bank offices.


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