A standing instruction (SI) is a remittance facility by which Bank can set mandate to debit / effect fund transfer from yours' A/c to designated beneficiary A/c on real time basis.
Standing instructions can be used for:
- Repayment of loan by deduction EMI - Instalments at specific intervals.
- Payment of Utility Bills.
- Transfer to Recurring deposit accounts.
- Payment of Safe deposit rentals.
- Payment of Employee salaries.
- Payment of Dividends to shareholders.
- Inter account transfers of FD interest at stipulated intervals.