Repeat Transfers

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.

• All the standing instruction maintained appears as a card on Repeat Transfers screen.

• Click the relevant card to view details or stop the Repeat Transfer. The Repeat Transfer - Details screen appears.

Repeat Transfers - Details

Field Description

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.

• Click Done to complete the transaction.
  OR
  To cancel the standing instruction maintained for the account, click Stop Repeat Transfer.
• Confirmation for canceling the Repeat Transfer appears. Click Stop Transfer to confirm.
  OR
  Click Cancel to cancel the transaction.
  
• The success message appears. Click Done to complete the transaction.

To setup Repeat Transfer:

Using this option, you can set the standing instructions (SI) for payee.

1. All the Standing instruction maintained appears as a card on Repeat Transfers screen.
2. Click Setup Repeat Transfer to setup a new SI for the account. The Setup Repeat Transfer screen appears.

Field Description

 

Field Name	Description
Transfer Type	Payee for a SI set up. The options are: Existing Payee My Account (User's own account)
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.
Account Type	Account type of the payee.
Account Number	Account number of the payee.
Account Name	Name of the payee in the bank account.
Bank Details	Bank details or BIC code of the payee bank.
Transfer From	Account from which transfer needs to be done.
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: Weekly Fortnightly Bi-monthly Monthly Quarterly Semi-Annually Annually
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. It has two options: On: Either select a date on which the repeat transfer will end. After ‘n’ instances: Provide a number. Repeat transfer will stop after executing for ‘n’ number of times.
Instances	Number of instances.
Below fields appears if you select the My Account option is selected in Transfer Type field.
Transfer To	Account to which fund transfer needs to be done. Note: Lists only own accounts of the user.
Balance	Net balance in the selected account.
Transfer From	Account from which transfer needs to be done.
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: Weekly Fortnightly Bi-monthly Monthly Quarterly Semi-annually Annually
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. It has two options: On: Either select a date on which the repeat transfer will end. After ‘n’ instances: Provide a number. Repeat transfer will stop after executing for ‘n’ number of times.
Instances	Number of instances.
Purpose	Purpose of transfer. This field appears if you select the Existing Payee option is selected in Transfer Type field.
Note	Narrative for the transaction.

3. In the Transfer Type field, select the appropriate payee for a SI set up.
1. If you select Existing Payee option:
1. From the Payee list, select the payee to whom fund needs to be transfer, and then select internal / domestic accounts maintained for the selected payee.
2. In the Amount field, enter the amount that needs to be transferred.
   OR
   Click the View Limits link to view the limit of transfer.
3. From the Transfer From list, select the account from which transfer needs to be done.
4. From the Transfer Frequency list, select the frequency for the repeat transfer to be executed.
5. From the Start Transferring list, select date for the Repeat transfer to start executing.
6. In the Stop Transferring field, select either a date or enter the number of instances.
7. From the Purpose list, select the appropriate purpose of transfer.

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.

2. If you select My Account option:
1. From the Transfer To list, select the account to which the fund transfer needs to be done.
2. From the Transfer From list, select the account from which transfer needs to be done.
3. In the Amount field, enter the amount that needs to be transferred.
4. From the Transfer Frequency list, select the frequency for the repeat transfer to be executed.
5. From the Start Transferring list, select date for the Repeat transfer to start executing.
6. In the Stop Transferring field, select either a date or enter the number of instances.
4. Click Transfer.
   OR
   Click Cancel to cancel the transaction.
5. The Review screen appears. Verify the details, and click Confirm .
   OR
   Click Cancel to cancel the transaction.
6. The success message appears.
   Click Done to complete the transaction.

FAQs

Can I make any changes to the post-dated instructions?

Yes, you can cancel the post-dated instructions.

What happens if I have set up a transfer for a future date, but on that date I don't have enough funds in my account to cover the transfer?

In this case, the transfer will not be made. This transfer is done only on availability of funds in your account.

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