What is the process of ecs at indian post office saving schemes.

The Department of Posts has introduced Electronic Clearance Service (ECS), on a pilot basis, in Mumbai City from 9th August 2003 through 70 Post Offices. The Electronic Clearance Service is being offered in connection with payment of interest under the Monthly Income Scheme(MIS). The depositor can have the facility of automatically transferring interest from the MIS account and crediting it into the SB account at any designated bank electronically, by due date, through the RBI Clearing House. A nominal charge of Rs. 20/- per transaction is levied on the customers opting for this facility. As there is a growing demand from customers in different parts of the country, the Department proposes to extend the ECS scheme beyond Mumbai to 46 more cities where the RBI-EFT (Electronic Fund Transfer) facility is currently available.