VIRTUAL ACCOUNT

Virtual accounts are notional accounts, which represents real accounts, and they are linked either to a real account directly or linked via virtual account structure. These accounts are series of dummy accounts used to make and receive payments on behalf of one physical account. Virtual accounts also offer corporates the ability to reconcile payments in real time.

Using below options you can:

You are here How to reach here:

Toggle Menu > Virtual Account Management > Virtual Account > Create Account
OR
Toggle Menu > Virtual Account Management > Overview > Entity Summary > Create Accounts

Create Virtual Account

To create virtual account:

  1. In the Virtual Entity ID field select the appropriate virtual entity ID.
  2. From the Currency list select the virtual account currency.
  3. In the Account Name field enter the virtual account name.
  4. In the Purpose field enter the purpose of account opening.
  5. To receive correspondence on the same as entity address, select the Same as Entity Address check box.
  6. If the Correspondence Address is not same as entity address:
  7. In the Address Line 1 field, enter the first line of the correspondence address.
  8. In the Address Line 2 field, enter the second line of the correspondence address.
  9. In the Pin Code field, enter the postal code.
  10. Move the IBAN Required slider to avail the IBAN.
  11. Move the Balance Check for Debits slider to check the account balance while debiting the account.
  12. Select the appropriate option from the Balance Availability Option list.
  13. If you select Fixed Amount From Pool option from the Balance Availability Option list, enter the amount in the Fixed Amount From Pool field.
  14. Move the Debit Transaction Allowed slider to debit the virtual account.
  15. Move the Credit Transaction Allowed slider to credit the virtual account.
  16. Move the Overdraft Allowed slider to avail the overdraft facility on the virtual account.
  17. If you select Overdraft Allowed option, in the Fixed Amount field, enter the fixed overdraft amount.
  18. Move the Real Account Linkage slider to link the virtual account to a real account.
  19. From the Real Account Number list, select the real account number.
  20. Move the Interest Calculation Required slider to calculate the interest on the virtual account.

Field Name

Description

Virtual Entity ID

The virtual entity ID under which the virtual accounts are created.

Entity name will be displayed below on selection.

Account Details

Currency

Name of the currency name under which the virtual account is to be opened.

Account Name

Name of the virtual account holder.

Purpose

Purpose of creating a virtual account.

Correspondence Address

These fields are displayed if Same as Entity Address field is cleared.

Address Line 1

The correspondence address line 1 of the virtual account holder.

Address Line 2

The correspondence address line 2 of the virtual account holder.

Pin Code

Pin code number of the virtual account holder.

Preferences

IBAN Required

Move the slider to avail IBANClosedInternational Bank Account Number.

Balance Check For Debits

Move the slider to avail balance check while debiting the account.

Balance Availability Option

Indicates the balance availability preference in the virtual account.

The options are:

  • Own Balance
  • Pool Balance
  • Fixed Amount From Pool Balance

Fixed Amount From Pool

The fixed amount to be used from the pool.

This field is displayed if you select Fixed Amount From Pool Balance option from the Balance Availability Option list.

Debit Transaction Allowed

Move the slider to avail debit transaction preference on the virtual account.

Credit Transaction Allowed

Move the slider to avail credit transaction preference on the virtual account.

Overdraft Allowed

Move the slider to avail overdraft preference on the virtual account.

Fixed Amount

Fixed amount as overdraft on the virtual account.

This field is displayed if you select Overdraft Allowed preference.

Real Account Linkage

Move the slider to link the virtual account to the real account.

Note: Accounts which are linked to real account will only be displayed for structure creation.

Real Account Number

Real account number to be linked to the virtual account.

This field is displayed if you select Real Account Linkage preference

Interest Calculation Required

Move the slider to calculate virtual account interest.
  1. Click Submit.
    OR
    Click Cancel to cancel the transaction.
  1. The Review screen appears. Verify the details and click Confirm.
    The success message of Virtual Account creation appears along with the reference number.
    OR
    Click Cancel to cancel the transaction.
    OR
    Click Back to navigate to the previous screen.
  2. Click Ok.
    OR
    Click Go to Dashboard to navigate to the dashboard screen.
    OR
    Click Create More Accounts to create virtual accounts.
    OR
    Click Create Structure to create structure.

View Virtual Account

By default all the virtual accounts are displayed. In case if you wish to search a particular account, you can do so by entering the search criteria.

To view virtual account:

  1. In the Account Number field, enter the virtual account number.

    OR

    In the Account Name field, enter the virtual account name.

    OR

    In the Entity ID field, enter the virtual entity.

    OR

    In the Entity Name field, enter the virtual entity name.
  2. Click Search to view virtual account.

    The search result corresponding to the search criteria is displayed.

    OR

    Click Clear to clear the search criteria.

    OR

    Click Cancel to cancel the transaction.

Field Name

Description

Account Number

Account number assigned to virtual entity.

Account Name

Name of the virtual account corresponding to the entity.

Entity ID

Unique ID assigned to virtual accounts.

Entity Name

Name of the virtual entity corresponding to the virtual accounts.

Account List

Account Number & Name

Account number and name corresponding to the search criteria.

Available Balance

The available balance of the virtual account.

Creation Date

The virtual account creation date.

Structure Code

Structure code mapped to the virtual account.

Status

Status of the virtual account, whether the virtual account is active or closed.

Field Name

Description

Account Details

Virtual Account Number

Displays the virtual account number.

Name

Name of the virtual account corresponding to the account number.

Status

Status of the virtual account. Whether the account is active or frozen.

Creation Date

Account creation date is displayed.

Product

ProductClosedA product is created based on the bank's business requirements and has certain typical parameters that describe its attributes or characteristics. Every product is defined under Product Class and Product Group. For example, a product 'Fixed rate home loan' is defined under product group 'Home Loan' and product class 'Loans'. name under which the virtual account is opened.

Currency

CurrencyClosedA generally accepted form of money, including coins and paper notes, which is issued by a government and circulated with in an economy. associated with the virtual account.

Purpose

Purpose of the virtual account.

Correspondence Address

Address Line 1

The correspondence address line 1 of the virtual account holder.

Address Line 2

The correspondence address line 2 of the virtual account holder.

Country

Country name of the virtual account holder.

Pin Code

Pin code number of the virtual account holder.

Preferences

IBAN Required

Displays whether the IBAN is required.

Balance Check for Debits

Indicates whether minimum balance is to be checked for account debit.

Balance Availability Options

Indicates whether balance available is in own account.

Debit Transaction Allowed

Displays whether debit transactions are allowed in the account.

Credit Transaction Allowed

Displays whether credit transactions are allowed in the account.

Overdraft Option

Displays whether overdraft facility is available on the virtual account.

Real Account Linkage

Displays whether virtual account is linked to actual account.

Real Account Number

Displays the actual account number.

Interest Calculation Required

Indicates whether interest calculation is required at the account level.

Edit Virtual Account

To edit virtual account:

  1. Navigate to the View Virtual Account and in the Account Number field, enter the virtual account whose details you want to edit.
    OR
    In the Account Name field, enter the name of the virtual account whose details you want to edit.
    OR
    In the Entity ID field, enter the virtual entity ID whose details you want to edit.
    OR
    In the Entity Name field, enter the name of the virtual entity whose details you want to edit
    OR
    Click the desired record under the Account Number & Name column. The record details are displayed.
  2. Click Search. The search results appear based on the search parameters defined.
    OR
    Click Clear if you want to reset the search parameters.
    OR
    Click Cancel if you want to cancel the transaction
  3. Click Edit. The Virtual Account - Edit screen is displayed.

Field Name

Description

Account Details

Product

Displays the product name under which the virtual account is opened.

Currency

Name of the currency under which the virtual account is to be opened.

Account Name

Name of the virtual account holder.

Purpose

Purpose of the virtual account.

Correspondence Address

Address Line 1

The correspondence address line 1 of the virtual account holder.

Address Line 2

The correspondence address line 2 of the virtual account holder.

Country

Country name of the virtual account holder.

Pin Code

Pin code number of the virtual account holder.

Preferences

IBAN Required

Move the slider to avail IBAN.

Balance Check For Debits

Move the slider to check the balance while debiting the account.

Balance Availability Option

Move the slider to avail balance availability preference in the account.

The options are:

  • Own Balance
  • Pool Balance
  • Fixed Amount From Pool Balance

Fixed Amount From Pool

The fixed amount to be used from the pool.

This field is displayed if you select Fixed Amount From Pool Balance option from the Balance Availability Option list.

Debit Transaction Allowed

Move the slider to avail debit transaction preference on the virtual account.

Credit Transaction Allowed

Move the slider to avail credit transaction preference on the virtual account.

Overdraft Allowed

Move the slider to avail overdraft preference on the virtual account.

Fixed Amount

Fixed amount as overdraft on the virtual account.

This field is displayed if you select Overdraft Allowed preference.

Real Account Linkage

Move the slider to link the virtual account to the real account.

Real Account Number

Real account number to be linked to the virtual account.

This field is displayed if you select Real Account Linkage preference

Interest Calculation Required

Move the slider to calculate virtual account interest.
  1. Click Save. The Review screen appears.
    OR
    Click Cancel to cancel the transaction.
    OR
    Click Back to navigate to the previous screen.
  1. Verify the details and click Confirm.
    The success message of Virtual Account updation appears along with the reference number.
    OR
    Click Cancel to cancel the transaction.
    OR
    Click Back to navigate to the previous screen.
    User is directed to Statement Request screen with values in editable form.
  2. Click Ok.
    OR
    Click Go to Dashboard to navigate to the dashboard screen.
    OR
    Click Create More Account to create virtual account.
    OR
    Click Create Structure to create virtual structure.

Delete Virtual Account

To delete virtual account:

  1. In the Account Number field, enter the virtual account number.
    OR
    In the Account Name field, enter the virtual account name.
    OR
    In the Entity ID field, enter the virtual entity.
    OR
    In the Entity Name field, enter the virtual entity name.
  2. Click Search to view virtual account.
    The search result corresponding to the search criteria is displayed.
    OR
    Click Clear to clear the search criteria.
    OR
    Click Cancel to cancel the transaction.
  3. Click the Account Number & Name link to view the virtual account details. The Virtual Account - View screen appears.
  4. Click Delete. The message is displayed prompting for record deletion.

Note: You can delete a virtual account only if its balance is zero.

  1. Click Yes to delete the virtual account. The success message of Virtual Account deletion is displayed along with the reference number.
    OR
    Click No if you do not wish to delete the Virtual Account.
  2. Click Ok to navigate to the dashboard screen.
    OR
    Click Go to Dashboard to navigate to the dashboard screen.

FAQs

Closed Can I create multiple Virtual Accounts?

Yes, you can create numerous Virtual accounts one at a time from self service channel. There is no upper limit to it.

Closed Can I get an updated overview of my Top Virtual Account Balances & cash positions any time?

Yes, you can get the complete information & overall Virtual Accounts performances real time on VAM Dashboard.

Closed Can I close a Virtual Entity or a Virtual Account even if there is any balance in it?

No, you cannot close a virtual Account if there is any balance in it. Similarly, you cannot close a Virtual Entity until all the linked Virtual accounts under it are zeroised and closed.

Closed Can I use Virtual Account Management application from mobile?

No, currently it is supported only on Desktop & tablet.

 

Home