This product offers fastest Cheque collection services Pan India at all our 4900+ branches through local clearing. Pooled credit is passed on to the client at the preferred location/s which is essential for efficient management of available resources. Assured Credit and Various Pooling options are available as under:
Vast Branch network supports Corporates at almost all their possible locations Supported by STRONG/Customized MIS.
Direct Debit Collections:
We provide centralized collections to the Corporates debiting accounts of Bank of India customers and crediting Corporate collection accounts on T+0 basis. This facility is provided for cheques as well as mandate based collections. It is a facility of choice to Corporates, NBFCs in particular wherein same day utilizable credit is available to them which is further supported by customized MIS.
Here Corporates/NBFCs receive direct debit mandates from Bank of India customers for various purposes such as repayment of EMIs of loans /periodical SIPs for investment etc. These mandates are registered centrally with Bank of India and on due dates, transaction file is centrally run and the collected fund is instantly credited to Corporate’s designated account with Bank of India alongwith desired MIS to the Corporate.
It is a hassle-free mode of collection where fund is available to Corporate immediately after collection with customized MIS.
We provide mandate based collections to the Corporates on centralized NACH (National Automated Clearing House) platform; which is hassle free. ACH Debit Mandates given by the customers of the corporates drawn on any bank are uploaded on NACH platform; these mandates travel electronically to the destination bank for approval and registration which is needed to be done within specific time frame. Thereafter the transactions files are uploaded at desired frequency electronically on NACH platform and funds are collected seamlessly on due date. It is supported by customized MIS.
It centrally handles collections from customers of any bank across any location with no issue of reconciliation as detailed MIS is provided.
Bank of India caters the Bulk payment needs of Individual as well as corporates through state of the art latest technology adopted by us through which customers can transfer funds to any Beneficiary/ group of beneficiaries maintaining an account /accounts in any Bank within the country using secured file upload / download facility.
Using the front end Internet portal; corporates can:
Used for affording credit to a large number of beneficiaries across any bank Pan India. Credit is given on the day of transaction itself, with MIS to the Corporate.
There is a Secured web access & secured transaction file upload / download facility.
Use of international formats & standards
Day T-1 (T minus 1 day) Uploading of data files.
Execution of the payments on due date is the essence of Dividend Payment.
We ensure this employing technology and using various modes of remittance as required by the Corporate/s such as RTGS/NEFT/NACH-Credit/Demand Drafts/Dividend Warrants.
Periodical reconciliation statement is ensured as per the need of the Corporate/s.
Present day scenario in Banking has undergone tremendous change and the stress is on availability of banking facilities at customer’s doorstep. With this in mind, Bank of India has started providing Door Step Banking facilities to its premium clients.
Corporates needing cash pick-up daily at various locations simultaneously would get customized MIS for reconciliation.
Bank of India is pleased to introduce the business of E-Stamping i.e. E-Vending of Stamps across our various branches PAN India, under tie-up with Stock Holding Corporation of India (SHCIL).
Bank of India is authorized for providing services of e-Stamping for collection and payment of stamp duty in the country.
Benefits to the Clients /Customers compared to existing traditional method of Stamp Duty payment: