Remittances
Demand Drafts / Banker's Cheque:
Application for purchase of Demand Draft may be made by a duly filled in form signed by
the applicant (with address) giving full particular of the Draft intended to be purchased.
Exchange shall be charged as per Bank's schedule of charges.
No bearer Draft will be issued.
Purchase / Payment of Drafts for Rs.50,000/- and above are made through Banking channels
and not in cash. (Exceptions: Govt. accounts)
For details nearest branch manager may be contacted.
Mail Transfer:
A Mail Transfer is a form of remittance in which the amount remitted by a customer or a
non-customer is directly credited to the account of the beneficiary with another branch.
Exchange shall be charged as per Bank's schedule of charges.
Drawee Branches afford credit of Mail Transfer to customers account within a maximum
period of 7 days from the date of receipt of funds.
Telegraphic Transfer:
A Telegraphic Transfer is a form of remittance, which is advised by telegram, telex or
fax machines.
The fundamental principles of such transfer are otherwise identical with the Mail
Transfer.
Exchange shall be charged as per Bank's schedule of charges.
Drawee Branches afford credit of Telegraphic Transfer to customers account within a
maximum period of 2 days from the date of deposit of funds for TT.
National Electronic Fund Transfer:
NEFT is an application developed to facilitate customers to transfer funds from one
Bank A/c to another Bank a/c in India. The objective of the NEFT system is to establish an
Electronic Fund Transfer System to facilitate an efficient, secure, economical, reliable
and expeditious system of fund transfer between Banks in the Banking Sector using
Structured Financial Messaging Solution (SFMS) backbone.
The advantage of NEFT over electronic clearing systems is that its coverage will not be
restricted to those places where RBI has an office.
For availing the facility the intending customers are to pay prescribed charges as per
Bank's Rule.
Real Time Gross Settlement: (RTGS)
Real Time Gross Settlement (RTGS) is a new generation, comprehensive settlement
solution to enable funds settlement across banks in the country on real time basis.
The main benefit of the RTGS is that the banks and their customers can avail of this
facility and make instantaneous transfer of funds to beneficiary's account at other bank
at a nominal cost. Similarly, the customers of the bank can also get instant transfer of
funds to their accounts with certainty.
For availing the facility the intending customers are to pay prescribed charges as per
Bank's Rule.
Structured Financial Messaging System (SFMS):
Structured Financial Messaging System (SFMS). SFMS is a SWIFT like Messaging System
which would serve as a safe, secure communication carrier of intra and inter bank messages
in fixed message format, to improve efficiency and speed in fund transfer.
All the Branches selected for implementation of SFMS will be provided with Corporate Mail.
SFMS will be operational on all days except Sundays and on common holidays across all
States of India. SFMS transaction can be sent anytime throughout the SFMS business day,
i.e. till 1530 hrs on weekdays and till 1230 hrs on Saturdays.
For availing the facility the intending customers are to pay prescribed charges as per
Bank's Rule.
United Insta Remit:
In order to exploit the opportune benefits out of RTGS, Bank has launched a new product
UNITED INSTA REMIT. It encompasses different types of inter bank and intra bank remittance
facilities. The facility can be utilized for fund transfer as required by the customer
like TT/MT and for Bank's own use like payment of collected proceeds of Bills &
Cheques (OBC/IBC/OCC/ICC) etc.
Target Group: - All corporate customers, corporate having offices at
different locations desire to remit fund for settling business transactions or for any
other purpose and individuals approaching SFMS enabled branches for purchase of DD/PO.
Purpose:- To facilitate instant transfer of fund between all SFMS enabled
branches of our Bank/ RTGS enabled Branches of other banks.
Eligibility:- All the customers maintaining SB/CD/CC/OD account with the
bank are eligible for remittance of fund through this facility.
Coverage:- The service will be available through all SFMS enabled branches of the
bank.
Quantum:- There shall be no restriction in lower or upper quantum of fund
to be remitted. However, all credit push exceeding Rs. 5 crore in RTGS must be intimated
to the Investment & Fund Management Department, Head Office immediately.
Benefits to the customers:
- Transfer of funds on the same day
- No courier/postal charges
- No physical loss or material changes while in transit
- Fully secured
- Savings on interest cost
- Better cash management
Service Charges:
As applicable for RTGS & SFMS
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