Standing Instruction. What is Standing instruction or Standing Order?
A standing instruction or standing order is an instruction a bank account holder (“the payer”) gives to his or her bank to pay a set amount at regular intervals to another’s (“the payee’s”) account. The instruction is sometimes known as a banker’s order.
The Standing Instructions feature facilitates periodic scheduled payments for funds transfer, third party payment, and RTGS/NEFT or any other medium. Standing Instruction (SI) is a remittance service.
The Standing Instruction service can be used to effect :
- Repayment of loans / hire purchase installments
- Payment of bills / school fees / insurance premiums, etc
- Salary payments
- Inter-account transfer of funds
- Payment of safe deposit box rental
- Inter-account transfer of F/D interest upon auto-renewal (to be manually processed)
- Purchase of cashier’s orders (which will be mailed to applicant customer via registered post)