7.8.2 Bank Details Tab

This topic explains the bank details tab to specify the bank details for the payment group.

  1. On Payment Group Maintenance screen, click Bank Details tab to capture the bank details.
    The Bank Details are displayed.

    Figure 7-14 Payment Group Maintenance_Bank Details Tab


    Description of Figure 7-14 follows
    Description of "Figure 7-14 Payment Group Maintenance_Bank Details Tab"

  2. On Bank Details Tab, specify the fields.
    For more information on fields, refer to the field description table.

    Table 7-13 Bank Details - Field Description

    Field Description
    Bank Alphanumeric; 12 Characters; Mandatory

    Specify the name of the bank for receiving the payment. You can also select the bank from the option list provided. The list consists of all the valid bank names maintained in the system.
    Branch Alphanumeric; 12 Characters; Mandatory

    Specify the branch of the bank. You can also select the branch name from the option list provided. The list consists of all the valid bank branches maintained in the system.
    Account Type Alphanumeric; 1 Character; Mandatory

    Specify the type of account. You can also select the account type from the option list provided. The list consists of all the valid and authorized account types maintained in the system.
    Account Type Description Display

    Account description is displayed based on the account type selected.
    Account Number Alphanumeric; 34 Characters; Mandatory

    Specify the account for receiving the payment.
    IBAN Alphanumeric; 40 Characters; Optional

    Specify the IBAN of the account holder.
    Account Name Alphanumeric; 140 Characters; Mandatory

    Specify the name of the account holder.
    Account Currency Alphanumeric; 3 Characters; Mandatory

    Specify the account currency. You can also select the currency from the option list provided. The list consists of all the valid and authorized currencies maintained in the system.
    Default Mandatory

    Select Yes option to set this bank account as the default account to receive the payments. You shall set at least one account as default for each of the currency.

    Direct Debit Allowed Optional

    Select Yes option to debit the account directly.

  3. On Bank Details Tab, click Bank Details button in the Payment Group Maintenance screen to maintain the additional bank details.
    The Bank Details screen is displayed.

    Figure 7-15 Payment Group Maintenance_Bank Details Tab_Bank Details Button


    Description of Figure 7-15 follows
    Description of "Figure 7-15 Payment Group Maintenance_Bank Details Tab_Bank Details Button"

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

    Table 7-14 Bank Details Button - Field Description

    Field Description
    SWIFT Format Optional
    Select the SWIFT format from the drop-down list for receiving the payments. The drop-down list consists of the following SWIFT message formats:
    • MT103
    • MT102
    Bank Charged Optional
    Select the bank to be charged. Select any of the following options:
    • Beneficiary
    • Remitter
    • Share
    Beneficiary Alphanumeric; 35 Characters; Optional

    Specify the beneficiary of the payment group.
    Beneficiary Add1 - 3 Alphanumeric; 105 Characters; Optional

    Specify the beneficiary address.
    Beneficiary IBAN Alphanumeric; 35 Characters; Optional

    Specify the beneficiary IBAN.
    Beneficiary BIC Code Alphanumeric; 24 Characters; Optional

    Specify the BIC of the beneficiary.
    Beneficiary Acct No Alphanumeric; 34 Characters; Optional

    Specify the beneficiary account number.
    Beneficiary Code Alphanumeric; 24 Characters; Optional

    Specify the beneficiary code.
    Beneficiary Info Alphanumeric; 100 Characters; Optional

    Specify any other information of the beneficiary.
    Intermediary Alphanumeric; 35 Characters; Optional

    Specify the intermediary of the payment group.
    Intermediary Add1 - 3 Alphanumeric; 105 Characters; Optional

    Specify the intermediary address.
    Intermediary IBAN Alphanumeric; 40 Characters; Optional

    Specify the beneficiary IBAN.
    Intermediary BIC Code Alphanumeric; 24 Characters; Optional

    Specify the BIC of the intermediary.
    Intermediary Acct No Alphanumeric; 34 Characters; Optional

    Specify the intermediary account number.
    Intermediary Code Alphanumeric; 24 Characters; Optional

    Specify the intermediary code.
    Intermediary Info Alphanumeric; 100 Characters; Optional

    Specify any other information of the intermediary.
    Further Credit Name Alphanumeric; 35 Characters; Optional

    Enter further credit name.
    Further Credit Acct No Alphanumeric; 35 Characters; Optional

    Enter further credit account number.
    Reference1 and Reference2 Alphanumeric; 35 Characters; Optional

    Specify the reference for the account holder.

    Note:

    The detail maintained through Payment Group Maintenance screen does not have any processing impact on trailing commission and this is just an informative maintenance.

Ongoing Management Fees

Ongoing management fees are levied by an AMC as payment for maintenance services rendered to unit holders.

  1. In the Periodic Load Details screen, management fee loads are always set up at a fund group level, and are applied based on the Assets Under Management (AUM), in respect of all the funds in the fund group.
  2. Management fee loads can only be set in the Periodic Load Details screen if the trailer commission computation method is Average Daily Balance and daily accrual frequency.
    The load computation method (Nature of Load) for management fee loads can either be Simple Slab or Weighted Average.
  3. Distribution of commission below the level set in periodic load should be through entity commission sharing.
    For instance, if the periodic load setup is at Agency branch level, then for commission distribution to Account Officer and IFA, commission sharing should be setup.