New Funds Transfer

Introduction

Use this option to make the repayment for the selected loan account.  Both one time and recurring transactions can be initiated using this option. The user needs to provide the date of transaction, currency, origination details and destination details to initiate funds transfer transaction.

The user can initiate single or batch of funds transfer transactions. The funds transfer transactions can be either saved or added to cart and later initiated from incomplete transactions list or from the cart respectively.

Navigation

• Click Select in the Loan Accounts to Repay screen.

• The New Funds Transfer screen is displayed.

What you can do

The table below provides a brief description of the data that should be entered on the screen and the functions you can perform:

Field

Description

COMMON DETAILS

Frequency Type

The drop-down list contains the options:

• One time

• RecurringIf Frequency Type is selected as ‘Recurring’, then the following additional fields are to be provided in addition to the transaction date and transaction currency:
  Frequency - This can be ‘Daily’ or ‘Weekly’ or ‘Monthly’ or ‘Yearly’ or ‘Quarterly’. Based on the requirement, the frequency can be chosen.
  Number of installments - Provide the number of times the funds transfer has to be recurring
  Validity Indicator - This decides when the transfer needs to be initiated in case the date of recurring falls on a holiday. The possible options are:
  - Next Valid Date
  - Previous Date
  - Skip

Based on the requirement the user can prefer to do one time or recurring transfer.

Transaction Date

The date of transaction can be selected form the calendar widget. If current date is provided then it is considered as an instantaneous transfer else scheduled. Back dated transactions are not possible.

Transaction Currency

The currency in which the transaction is to be done can be selected from the drop-down. This is a mandatory field.

Manual Release Required

The corporate user can select this check box in case, the user wants to hold the transaction for some reason and later release the transactions for posting.

ADD ENTRY DETAILS

INITIATOR DETAILS

Account

The corporate user can select the origination account (Dr Account) from the drop-down.

If the values in the account drop-down increase beyond a pre-configured value, then the drop-down will be changed to lookup.

Click View Account Details to view the details of the account selected. This is a mandatory field.

Remark

Provide remarks about the origination entry

COUNTER PARTY DETAILS

Counter Party Type & Nickname

A Look Up button is provided to fetch the list of accounts based on the destination type. This is a mandatory field.

Valid Values:

My Accounts in Home Bank

Third Party Accounts

My Accounts in Other Bank

Amount

Provide the transaction amount. In case the transaction is a multi currency transaction, then click Check Counter Rate to view the exchange rate.

Remark

Provide remarks about the destination entry.

Network

The corporate user can select the network from the drop down menu provided. On clicking the View Applicable Networks link, the networks along with the tentative credit dates for each network and the charges applicable for each network is displayed.

Commission/Charge Indicator

Select the charge indicator from the drop-down.

Valid Values:

Shared

Their

Our

Transaction Purpose

From the drop-down list, select the appropriate purpose for the funds transfer transaction.