The Electronic Clearing Service (ECS) provides an alternative method of effecting bulk payment transactions like periodic (monthly/quarterly) payments of interest/salary/pension by Banks/Companies/Government Departments. The transactions under this scheme move from a single User source (i.e. Banks/Companies/Government Departments) to a large number of Destination Account Holders (Customers/Investors). This scheme obviates the need for issuing and handling paper instruments and thereby facilitates improved customer service by the Banks and Companies/Corporations/Government Departments effecting bulk payments. The Electronic Clearing Service is being offered in the Department of Posts in connection with payment of monthly interest under Monthly Income Scheme (MIS), which offers depositors the facility of getting MIS interest automatically transferred and credited into their SB account on due date at the designated Bank of their choice. It is a value addition to MIS interest payment, which provides more comfort level to MIS account holders, as it eliminates the requirement for issuing and handling paper instruments. Currently, the service is available in the Department of Posts at following 36 locations.