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:

Create Virtual Account
View Virtual Account
Edit Virtual Account
Delete Virtual Account

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:

In the Virtual Entity ID field select the appropriate virtual entity ID.
From the Branch Code list, select the branch where virtual account is to be opened
In the Virtual Account Name, field enter the virtual account name.
In the Purpose field, enter the purpose of account opening.
From the Product list, select the virtual account product.
Move the Real Account Linkage slider to link the virtual account to a real account.
If you select Real Account Linkage option, select the real account number, from the Real Account Number list.
Move the Interest Calculation Required slider to calculate the interest on the virtual account.
From the Currency, list select the virtual account currency.
To receive correspondence on the same as entity address, select the Same as Entity Address check box.
If the Correspondence Address is not same as entity address:
In the Address Line 1 field, enter the first line of the correspondence address.
In the Address Line 2 field, enter the second line of the correspondence address.
From the Country list, select the country.
In the Pin Code field, enter the postal code.
Move the IBAN Required slider to avail the IBAN.
Move the Balance Check for Debits slider to check the account balance while debiting the account.
Select the appropriate option from the Balance Availability Option list.
If you select Fixed Amount From Pool option from the Balance Availability Option list, enter the amount in the Fixed Amount From Pool field.
Move the Debit Transaction Allowed slider to debit the virtual account.
Move the Credit Transaction Allowed slider to credit the virtual account.
Move the Overdraft Allowed slider to avail the overdraft facility on the virtual account.
If you select Overdraft Allowed option, enter the fixed overdraft amount, in the Overdraft Amount field.

Field Description

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.
Virtual Entity Name	Name of the virtual entity corresponding to the virtual accounts.
Branch Code	Branch Code where Virtual account is to be created.
Account Details
Virtual Account Name	Name of the virtual account holder.
Purpose	Purpose of creating a virtual account.
Product	ProductA 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'. in which Virtual Account to be created.
Real Account Linkage	Move the slider to link the virtual account to the real account. Note: Accounts, which are not linked to any 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.
Currency	Name of the currency name under which the virtual account is to be opened.
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.
Country	Country name of the corporate virtual entity holder.
Pin Code	Pin code number of the virtual account holder.
Preferences
IBAN Required	Move the slider to avail IBANInternational 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.
Overdraft Amount	Fixed amount as overdraft on the virtual account. This field is displayed if you select Overdraft Allowed preference.

Click Submit.
OR
Click Cancel to cancel the transaction.

The Review screen appears. Verify the details and click Confirm.
OR
Click Cancel to cancel the transaction.
OR
Click Back to navigate to the previous screen.
The success message of Virtual Account creation appears along with the reference number.
Click Go to Dashboard to navigate to the dashboard screen.
OR
Click Go To Overview to navigate to the virtual account management dashboard.
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:

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.
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 Description

Field Name	Description
Virtual Account Number	Account number assigned to virtual entity.
Virtual Entity ID	Unique ID assigned to virtual accounts.
Show More Options More options to select search criteria. Below fields appear if you expand Show More Options.
Virtual Account Name	Option to Search by Virtual Account Name.
Virtual Entity Name	Option to Search by Virtual Entity Name.
Virtual Account Linkages	Option to Search by Virtual Account Linkages . user can select search parameter from the drop down - if linked to a Real Account, Linked to a Structure or unmapped virtual Accounts.
Status	Option to Search by Status if active or closed.
Virtual Account Name	Name of the virtual account corresponding to the entity.
Virtual Entity Name	Name of the virtual entity corresponding to the virtual accounts.
Virtual Account Linkages	Drop down to select Virtual account basis linkage with Real Account.
Status	Status of Virtual Account if active or closed.
Virtual Accounts List
Virtual Account Number & Name	Account number and name corresponding to the search criteria.
Virtual Entity ID and Name	Unique ID assigned to virtual accounts and name of the virtual entity corresponding to the virtual accounts.
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.
Real Account Number	Account number and name corresponding to the search criteria.

Click the Virtual Account Number & Name link to view the virtual account details. The Virtual Account - View screen appears.

Field Description

Field Name	Description
Account Details
Virtual Account Number	Displays the virtual account number.
Virtual Account Name	Name of the virtual account corresponding to the account number.
Status	Status of the virtual account. Whether the account is active or frozen.
Available Balance	Balance details of Virtual account and related child accounts.
Creation Date	Account creation date is displayed.
Product	Product name under which the virtual account is opened.
Currency	CurrencyA 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.
Branch Code	Branch code 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.
IBAN Number	IBAN number of the virtual account.
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.
Account Frozen	The accounts, which are being freezed by the bank.
Overdraft Option	Displays whether overdraft facility is available on the virtual account.
Overdraft Amount	Fixed amount as overdraft on the virtual account. This field is displayed if you select Overdraft Allowed preference.
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.

Click Edit to modify and update the virtual account.
OR
Click Delete to delete the virtual account.
OR
Click Cancel to cancel the transaction.
OR
Click Back to navigate back to previous screen.

Edit Virtual Account

To edit virtual account:

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 Virtual Account Number & Name column. The record details are displayed.
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
Click Edit. The Virtual Account - Edit screen is displayed.

Field Description

Field Name	Description
Account Details
Virtual Account Number	Account number assigned to virtual entity.
Status	Status of the virtual account, whether the virtual account is active or closed.
Creation Date	The virtual account creation date.
Product	Displays the product name under which the virtual account is opened.
Virtual Account Name	Name of the virtual account holder.
Purpose	Purpose of the virtual account.
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.
Currency	Name of the currency under which the virtual account is to be opened.
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.
Account Frozen	Move the slider to unfreeze the virtual account.
Overdraft Amount	Fixed amount as overdraft on the virtual account. This field is displayed if you select Overdraft Allowed preference.

Edit the fields, if required.
Click Save. The Review screen appears.
OR
Click Cancel to cancel the transaction.
OR
Click Back to navigate to the previous screen.
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.
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:

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.
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.
Click the Account Number & Name link to view the virtual account details. The Virtual Account - View screen appears.
Click Delete. The message is displayed prompting for record deletion.

Note: You can delete a virtual account, only if the balances of it is zero.

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.
Click Ok to navigate to the dashboard screen.
OR
Click Go to Dashboard to navigate to the dashboard screen.

FAQs

Can I create multiple Virtual Accounts in a single request?

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

Can I use Virtual Account Management application from mobile?

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