Standing Instruction: What is Standing instruction?

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)

One thought on “Standing Instruction: What is Standing instruction?

  1. jasmin fernandes says:

    Precise information

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