3.4 Internal Transfer

This topic explains the process to transfer funds between two accounts under the same IRA plan for a customer using the Internal Transfer screen.

To manage internal transfer:

Note:

The fields marked as Required are Mandatory.
  1. On the Home screen, from the ESA Services menu, under Transaction, click Internal Transfer, or specify Internal Transfer in the search icon bar and select the screen.
    The Internal Transfer screen is displayed.

    Figure 3-25 Internal Transfer


    Description of Figure 3-25 follows
    Description of "Figure 3-25 Internal Transfer"

  2. Select the appropriate option from the Search by field.
  3. Perform the required action, based on the option selected from the Search by field.
    The transaction and account details are displayed.

    Figure 3-26 Transaction and Account Details


    Description of Figure 3-26 follows
    Description of "Figure 3-26 Transaction and Account Details"

  4. On the Internal Transfer screen, specify the fields.
    For more information on fields, refer to the field description table.

    Table 3-18 Internal Transfer - Field Description

    Field Description
    Search By Users can search for an account number by using any of the available search criteria. The account number is set as the default search option.

    Other search options available in the Search by field are Customer ID, Tax Identification Number, Mobile Number, and Email.

    A specific customer ID can be searched by providing the customer name or customer ID. If Tax Identification Number, mobile, or email IDs are chosen to find an account number, the respective IDs have to be input entirely in the adjacent field for the system to display the account number. For a given search criteria, multiple account numbers may be linked.

    For example, two or more account numbers can be linked to a single mobile number. In such cases, the system displays all the account number matches and the user can select the relevant account number on which to perform a servicing operation.

    Note: The label of the field adjacent to the Search by field changes dynamically. For example, if the Account number is chosen as the search criteria, the label of the adjacent field is displayed as the Account Number. If Tax Identification Number is chosen as the search criteria, then the adjacent field would display the label as Tax Identification Number.

    Transaction Details This section displays the fields to be maintained for transaction.
    Plan Type Select the plan type for the transaction. The option is:
    • ESA
    Amount Specify the transaction amount.
    Value Date Select or specify the transaction value date.
    Debit Account Details/Credit Account Details This section displays the debit or credit account details.
    Account Number/CD Number Displays the debit or credit account number.
    Account Name Displays the account name associated with the account number.
    Type Displays the account type.
    Action Displays the following actions:
    • Edit: Click to edit the debit or credit account details.
    • Delete: Click to delete the debit or credit account details.
    Penalty This section displays the penalty details on internal transfer.

    Note:

    This section is displayed if debit account is added in the Debit Account Details section.
    Waive Penalty Switch the toggle ON to waive the penalty applied on the internal transfer.
    Penalty Waiver Reason Select the appropriate reason for waiving the penalty.
    To add a debit or credit account:
    1. In the Debit Account Details or Credit Account Details section, click Add Number.

      Note:

      The Add Number button is enabled, if an option is selected from the Plan Type field.

      If you add number from Debit Account Details section, then the following Debit Account Details section is displayed:

      Figure 3-27 Debit Account Details


      Description of Figure 3-27 follows
      Description of "Figure 3-27 Debit Account Details"

      If you add number from Credit Account Details section, then the following Credit Account Details section is displayed:

      Figure 3-28 Credit Account Details


      Description of Figure 3-28 follows
      Description of "Figure 3-28 Credit Account Details"

    2. In the Debit Account Details or Credit Account Details section, select the account. For more information on fields, refer to field description table below:

      Table 3-19 Debit or Credit Account Details – Field Description

      Field Description
      Select Account Number This section displays the account number details in each widget, that can be added for transfer.
      <Account Number> Displays the debit or credit account number.
      Account Name Displays the account name associated with the account.
      Type Displays the account type.
    3. Click Save.

      The account details are displayed in the Debit Account Details and Credit Account Details section in the Internal Transfer screen.

  5. Click Submit.
    The screen is successfully submitted for authorization.

Parent topic: Transaction