a) Electronic Clearing System (ECS): It helps to credit the funds faster. Under this system, the account holder can make payment to other parties having their account in the same bank without issuing any proper instrument. This system is restricted or limited to the accounts maintained in one or different branches of the same bank within or outside the city. The computer system allows the transfer of funds to the other party after verifying the details from the account.
b) Automated Teller Machine (ATM): It is installed by almost all the banks to facilitate the customers to withdraw money at any time as per their convenience on all the days of the year. For this, an ATM card is issued which has a PIN number. When this card is used on the machine, a password is to be typed or set before the transaction is carried on. It gives the amount punched by the customer after taking into account the balance of the customers account and the money is released.
