An ECS Mandate is an authorization given by a bank account holder that allows an organization to automatically debit or credit money from their bank account at regular intervals.
It’s commonly used for:
Loan EMIs
Insurance premiums
Insurance premiums
Utility bills
Salary payments (credit ECS)
How it works
You give consent (mandate) to a company or bank
Your bank verifies and approves it
Money is automatically debited/credited on scheduled dates
Types of ECS
ECS Debit – Money is deducted from your account (EMIs, bills)
ECS Credit – Money is credited to your account (salary, pension)
Modes of ECS Mandate
ECS Debit – Money is deducted from your account (EMIs, bills)
ECS Credit – Money is credited to your account (salary, pension)
