Repeat Transfers

Repeat Transfers, also referred to as Standing Instructions or Standing Orders, are instructions given by a payer (bank account holder) to the bank to transfer a specific amount to another account at regular intervals.

Once initiated, these transfers are executed repeatedly till the end date.

The application has simplified the user’s task of initiating repetitive payments by introducing the Repeat Transfers feature. Through this feature, users can set instructions for funds to be transferred at regular intervals towards registered payees or to the user’s own accounts. Once initiated, the details of these transfers can be viewed in the View Repeat Transfers screen. The user can also cancel a repeat transfer instruction, if so desired, from the View Repeat Transfers screen.

Pre-Requisites

Features supported in application

Workflow

workflow

You are here How to reach here:

Dashboard > Payments Widget > View Repeat Transfers > Repeat Transfer
OR

Dashboard > Upcoming Payments Widget > Setup Repeat Transfer > Repeat Transfer
OR

Dashboard > Toggle Menu > Payments > Repeat Transfer
OR
Dashboard > Payments Menu > Upcoming Payments > Set Repeat Transfer

View Repeat Transfers

The View Repeat Transfers feature enables users to view all the repeat transfers that have been previously initiated. The user can select any repeat transfer transaction in order to view extensive details of that particular transaction. The details include basic transfer details such as source account, beneficiary account, amount of transfer, etc.; execution details encompassing the frequency of transfers and the start and end dates as well as the payment history which lists down the status of each executed transfer instruction. The reason of failure is also defined against instructions that have failed execution.

 

Field Name

Description

Transfer To

Displays the name, address and account number along with the account nickname of the payee.

Transfer From

The source account number in masked format from which funds are transferred towards the payee account.

Transfer Type

Type of transfer e.g. Domestic, Own, Internal.

Next Payment

The date on which the next payment is scheduled.

Amount

Amount of the set Repeat Transfer.

To view Repeat Transfers:

Repeat Transfers - View Repeat Transfer

Field Name

Description

Transfer Type and Transaction Reference Number

The transfer type involved i.e. internal, domestic, etc. as well as the transaction reference number are displayed.

Transfer To

Displays the name and account number along with the account nickname of the payee.

Transfer From

The source account number along with the account nickname, if maintained, is displayed.

For more information on Account Nickname, click here.

Next Payment

The date on which the next payment is scheduled.

Amount

Amount of the set Repeat Transfer.

Purpose

Purpose of transfer.

Note

A note, if added, by the user at the time of transfer initiation is displayed.

Execution Details

Start Date

The start date of the repeat transfer execution i.e. the date on which the repeat transfer first starts being executed.

End Date

The last date on which repeat transfer instructions are executed.

Frequency

The frequency in which the repeat transfer is executed.

Payments History

Execution Date

The date on which the repeat transfer was executed.

Status

The status of the repeat transfer.

The status can be:

  • Active
  • Failed

Reason for Failure

The reason why the specific transfer instruction failed is displayed against those transfer records that have failed to be executed.

Stop Repeat Transfers

The option to stop a repeat transfer instruction is provided on the View Repeat Transfers summary screen as well as View Repeat Transfer details page only against those transactions that have instructions pending to be executed.

Repeat Transfers - Stop Repeat Transfer

Field Name

Description

Transfer To

Displays the name and account number along with the account nickname of the payee.

Transfer From

The account from which the amounts are transferred towards the beneficiary or destination account.

Amount

Amount of the set Repeat Transfer.

Frequency

The frequency in which the amounts are transferred from the source account to the destination account.

Next Payment

The date on which the next payment is scheduled.

To stop a Repeat Transfer:

Set Repeat Transfers

Through the Set Repeat Transfers feature, a user can initiate an instruction for repeat transfers to be executed towards a payee or account for a specific amount at a certain frequency.

Set Repeat Transfer – Existing Payee

The following screen displays the fields that are populated when the Existing Payee option is selected in the Transfer Type field

 

 

Field Name

Description

Transfer Type

This option enables the user to identify whether the transfers are to be made towards registered payees or towards the user’s own accounts.

The options are:

  • Existing Payee
  • My Accounts (User's own account)

Payee

Select the payee towards whom the transfers are to be made.

Account Number

On selecting the payee, the account number associated with the payee appears.

Account Type

Type of account or transfer type associated with the payee appears, once a payee is selected.

Account Name

The name of the payee in the bank account appears.

Bank Details

The details of the bank i.e. the name and address of the bank’s branch in which the payee’s account is held appears.

Transfer From

Select the source account from which the funds are to be transferred.

Balance

On selecting a source account, the net balance of the account appears below the Transfer From field.

Currency

Select the currency in which the transfer is to take place.

CurrencyClosedA generally accepted form of money, including coins and paper notes, which is issued by a government and circulated with in an economy. is defaulted to destination account currency for Internal Transfers and local currency for Domestic Transfers.

Amount

Specify the amount to be transferred per frequency.

View Limits

Link to view the transaction limits applicable to the user.

Transfer Frequency

The frequency in which the repeat transfers are be executed.

The options are:

  • Daily
  • Weekly
  • Fortnightly
  • Bi-monthly
  • Monthly
  • Quarterly
  • Semi-Annually
  • Annually

Start Transferring

The date on which the first repeat transfer is to be executed.

Stop Transferring

Select the option by which to specify when the repeat transfers are to stop being executed.

The following two options are available:

  • On: Select this option if you wish to specify a date on which the last transfer is to be executed.
  • After: Select this option if you wish to specify the number of repeat transfers that are to be executed as part of the instruction.

Date

Specify the date on which the last transfer is to be executed.

This fields appears if the option On is selected in the Stop Transferring field.

Instances

Number of instances.

This field appears if the option After is selected in the Stop Transferring field.

Purpose

Select the purpose for which the repeat transfer instruction is being initiated.

Note

Narrative for the transaction.

To setup Repeat Transfer instructions towards an Existing Payee:

  1. In the Transfer Type field, select the Existing Payee option.
  2. From the Payee list, select the payee to whom fund needs to be transferred, and subsequently then select the specific account of the payee towards which the transfers are to be made.
  3. From the Transfer From list, select the account from which the transfers are to be made.
  4. From the currency list, select the preferred currency.
  5. In the Amount field, enter the amount to be transferred at regular intervals.
  6. From the Transfer Frequency list, select the frequency in which the repeat transfers are to be executed.
  7. From the Start Transferringfield, select the date on which the Repeat transfers are to start being executed.
  8. In the Stop Transferring field, select the option by which to specify when the repeat transfers are to stop being executed.
  9. If you have selected the option On, specify the date on which the repeat transfers are to stop being executed.
  10. If you have selected the option After, specify the number of instances after which the repeat transfers are to stop i.e. if you specify the number 10, only 10 transfers will be initiated at the specified frequency.
  11. From the Purpose list, select the appropriate purpose for which the repeat transfer instruction is being initiated.
  12. In the Note field, specify a narrative for the transaction .
  13. Click Setup.
    OR
    Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
    OR
    Click Back to Dashboard link, to navigate to the dashboard.
  14. The Review screen appears. Verify the details, and click Confirm.
    OR
    Click Back to navigate to the previous screen.
    OR
    Click Cancel to cancel the transaction.
  15. A message confirming that the transaction has been initiated appears along with the host reference number and payment details.
    Click Go to Dashboard link, to navigate to the dashboard.
    OR
    Click More Payment Options to access other payment options.

Set Repeat Transfer – My Accounts

The following screen displays the fields that are populated when the My Accounts option is selected in the Transfer Type field.

 

 

Field Name

Description

Transfer Type

This option enables the user to identify whether the transfers are to be made towards registered payees or towards the user’s own accounts.

The options are:

  • Existing Payee
  • My Accounts (User's own account)

Account Number

Select the account towards which repeat transfers are to be made. All the accounts of the user are displayed.

Balance

On selecting an account number, the net balance of the account appears below the Account Number field.

Transfer From

Select the source account from which the funds are to be transferred.

Balance

On selecting a source account, the net balance of the account appears below the Transfer From field.

Currency

The currency in which the transfer is to take place. The currency is defaulted as the beneficiary account currency.

Amount

Specify the amount to be transferred.

View Limits

Link to view the transaction limits applicable to the user.

Transfer Frequency

The frequency in which the repeat transfers are to be executed

The options are:

  • Daily
  • Weekly
  • Fortnightly
  • Bi-monthly
  • Monthly
  • Quarterly
  • Semi-annually
  • Annually

Start Transferring

The date on which the first repeat transfer is to be executed.

Stop Transferring

Select the option by which to specify when the repeat transfers are to stop being executed.

The following two options are available:

  • On: Select this option if you wish to specify a date on which the last transfer is to be executed
  • After: Select this option if you wish to specify the number of repeat transfers that are to be executed as part of the instruction

Date

Specify the date on which the last transfer is to be executed.

This fields appears if the option On is selected against the Stop Transferring field.

Instances

Number of instances.

This field appears if the option After is selected against the Stop Transferring field.

Note

Narrative for the transaction.

To setup Repeat Transfer instructions towards My Accounts (Own Account):

  1. In the Transfer Type field, select the My Accounts option.
  1. From the Account Number list, select the account to which the fund transfers need to be made.
  2. From the Transfer From list, select the account from which the transfers are to be made.
  3. In the Amount field, enter the amount to be transferred at regular intervals.

  4. From the Transfer Frequency list, select the frequency in which the repeat transfers are to be executed.
  5. From the Start Transferringfield, select the date on which the Repeat transfers are to start being executed.
  6. In the Stop Transferring field, select the option by which to specify when the repeat transfers are to stop being executed.
  7. If you have selected the option On, specify the date on which the repeat transfers are to stop being executed.
  8. If you have selected the option After, specify the number of instances after which the repeat transfers are to stop i.e. if you specify the number 10, only 10 transfers will be initiated at the specified frequency.
  9. Specify a narrative for the transaction in the Note field.
  10. Click Setup.

    OR

    Click Cancel to cancel the operation and navigate back to ‘Dashboard’.

    OR

    Click Back to Dashboard link, to navigate to the dashboard.
  11. The Review screen appears. Verify the details, and click Confirm.
    OR
    Click Back to navigate to the previous screen.
    OR
    Click Cancel to cancel the transaction.
  12. A message confirming that the transaction has been initiated appears along with the host reference number and payment details.
    Click Go to Dashboard link, to navigate to the dashboard.
    OR
    Click More Payment Options to access other payment options.

FAQs

ClosedCan I cancel a Repeat Transfer instruction?

Yes, you can cancel Repeat Transfer transactions provided that the instruction has some instructions that have not yet been executed. You cannot reverse transfers that have already been initiated.
Once an instruction has been cancelled, it will no longer be visible on the View Repeat Transfer screen.

ClosedWhat 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. Transfers are executed only if there are funds available in your account.

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