Repeat Transfers as the name defines, is a type of transfer, which is regular and periodic in nature. All the customer payments which need to be repeatedly done by the customer at a periodic interval can be initiated only once through Repeat Transfers. Once initiated, these will execute repeatedly till the end date.
Application has simplified the customer task of initiating repetitive payments by introducing Repeat Transfers. A repeat transfer can be initiated for the payee for whom maintenance is already done by the customer.
How to reach here:
Dashboard > Payments > Setups > Repeat Transfer
To view Repeat Transfers instructions:
Using this option, you can view the existing Repeat Transfer instruction maintained.
Field Name |
Description |
---|---|
Payee Name |
Displays the name, address and account number of the payee to whose account SIStanding Instructions: It is an instruction a bank account holder (Payee) gives to his or her bank to pay set of amount at regular intervals to another's (Payees's) account. is set. |
Account Type |
Account type of the payee. |
Account Number |
Account Number of the payee in masked format. |
Frequency |
Frequency of the repeat instruction set by the user for the payment. |
Start Date |
Date for the Repeat transfer to start executing. |
Stop Date |
Date when the repeat transfer should stop executing. |
To setup Repeat Transfer:
Using this option, you can set the standing instructions (SI) for payee.
Field Name |
Description |
---|---|
Transfer Type |
Payee for a SI set up. The options are:
|
Existing Payee Below fields appears if you select the Existing Payee option is selected in Transfer Type field. |
|
Payee |
Destination account number along with destination bank /branch details. |
Transfer From |
Source account from which the funds is to be transferred. |
Balance |
Net balance in the selected account. |
Amount |
Amount that needs to be transferred. |
View Limits |
Link to view the transaction limits for the user. |
Transfer Frequency |
Frequency for the repeat transfer to be executed. The options are:
|
Start Transferring |
Date for the Repeat transfer to start executing. |
Stop Transferring |
Date when the repeat transfer should stop executing or the instances after which the SI should stop executing. |
Instances |
Number of instances. The options are:
|
Below fields appears if you select the My Account option is selected in Transfer Type field. |
|
Transfer To |
Payee account to whom fund transfer needs to be done. Note: Lists only own accounts of the user. |
Balance |
Net balance in the selected account. |
Amount |
Amount that needs to be transferred. |
View Limits |
Link to view the transaction limits for the user. |
Transfer From |
Source account from which the funds is to be transferred. |
Transfer Frequency |
Transfer frequency for the repeat transfer to be executed. The options are:
|
Start Transferring |
Date for the Repeat transfer to start executing. |
Stop Transferring |
Date when the repeat transfer should stop executing or the instances after which the SI should stop executing. |
Instances |
Number of instances.
|
Purpose |
Purpose of transfer. |
Note |
Narrative for the transaction. |
Note:
1) Add the bank account details of the payee and then continue to set up the Repeat Transfer.
2) Repeat Steps i to vii of Existing Payee option.
FAQs