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:
Payments Dashboard > Repeat Transfer card > Repeat Transfers
To view and to stop Repeat Transfers:
Using this option, you can view the existing 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. details as well as stop the Repeat Transfer instruction.
Field Name |
Description |
---|---|
Transfer To |
Displays the name, address and account number of the payee to whose account SI is set. |
Account Number |
Account Number of the payee in masked format. |
Amount |
Amount of the set Repeat Transfer. |
Transfer From |
Source account number on which repeat transfer is maintained. |
Repeat |
Repeat instruction set by the user for the payment. |
Next Payment |
Date on which next payment is scheduled. |
To setup Repeat Transfer:
Using this option, you can set the standing instructions (SI) for payee.
Field Name |
Description |
---|---|
Transfer To |
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 to field. |
|
Payee |
Destination account number along with destination bank /branch details. |
Amount |
Amount that needs to be transferred. |
View Limits |
Link to view the transaction limits for the user. |
Transfer From |
Account from which transfer needs to be done. |
Balance |
Net balance in the selected account. |
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. |
Below field appears if you select Bank Account option in the Transfer Via list. |
|
Bank Account |
Option to add new payee having bank account . For more information click here. |
Below fields appears if you select the My Account option is selected in Transfer to field. |
|
Payee |
Payee 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. |
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.
|
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