Providing security has been always on priority in all areas of computing and communication, and for the systems that are low on computing power, implementing appropriate and efficient security mechanism has been a continuous challenge for the researchers. Radio Frequency Identification (RFID) system is such an environment, which requires the design and implementation of efficient security mechanism. Earlier, the security protocols for RFID based on hash functions and symmetric key cryptography have been proposed. But, due to high strength and requirement of less key size in elliptic curve cryptography, the focus of researchers has been on designing efficient security protocol for RFID based on elliptic curves. In this paper, an efficient elliptic curve signcryption based security protocol for RFID has been proposed, which provides mutual authentication, confidentiality, non-repudiation, integrity, availability, forward security, anonymity, and scalability. Moreover, the proposed protocol successfully provides resistance from replay attack, impersonation attack, location tracking attack, de-synchronization attack, denial of service attack, man-in-the-middle attack, cloning attack, and key-compromise attack. Results have revealed that the proposed protocol is efficient than the other related protocols as it takes less computational time and storage cost, especially for the tag, making it ideal to be used for RFID systems.