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Standing instruction has element of permanance in it. It remains in force for all time to come till repealed. A Standing Instruction (SI) is a remittance service by which a customer can instruct a Bank to effect regular funds transfers at pre-set timings and amounts from the customer's deposit account to designated beneficiary account(s).
The S/I service can be used to effect :
- Repayment of loans / hire purchase instalments
- 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)
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What is a standing instruction?
A standing instruction is an instruction that remains in effect for an indefinite time. That is, it remains in effect until the office or person who issued the instruction retracts or cancels it.
What is the difference between electronic clearing system and standing instruction?
Actually, ECS works upon standing instruction. So there is no difference between them , A standing instruction can be issued to the bank where a customer holds a account to debit/credit . In ECS you issue a mandate to the bank which debits your account periodically in case of ECS-Debit.
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Definition of standing instruction?
A standing instruction is an agreement between a customer and a financial institution that authorizes recurring payments or transactions to be processed automatically at set intervals without the need for manual initiation each time. This can include regular bill payments, fund transfers, or investment purchases as per the agreed terms.
What is a smaller part of standing committee called?
The smaller part of a standing committee is called a subcommittee.
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The smaller part of a standing committee is called a subcommittee.
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What are the head of commitees called
