ECollection
Federal Bank's E-collection facility is an effective tool for dailies, Chit/Kuri companies, telecom companies, educational institutions, FMCG companies and other agencies for utility services.
Features & Benefits
Key Features
- Hassle free way of fee collection
- Penalties, Late payment fee etc can be accomodated
- Supports pre-loaded arrangements for fixed amount collection for pre identified agents / dealers
- Supports partially pre-loaded arrangements for variable amount collection for pre identified agents / dealers
- Supports open arrangements for fee collection via physical pay-in slips
- Receipt numbers are generated automatically
- Customized reports as per requirements
Suitable for
- Subscription collection (Dailies/Kuri/Chit companies/Clubs)
- Exam/Admission fee collection.
- Insurance Premium Collection
- Variable fund collection
- Utility Bill collection (Electricity/Mobile Phone bills etc.)
- Collection from Dealers of Cement Companies/ FMCG
How it Works ?
- ECollection facility is based on Virtual Account System
- The Institution shares the details of its members/students/beneficiaries
- Virtual account number (VAN) will be allotted to the members/students/beneficiaries.
- Customers will send RTGS/NEFT to his VAN through other banks; IFSC Code will be that of the Pooling Branch
- Transactions are permitted through all modes-Cash, Transfer and Clearing
- Amount can be remitted from any branch of Federal Bank
- System will identify the VAN and give credit to the appropriate pooling account
- MIS report will be generated after the customer identification and provided to the institution.
Requirements
- In order to start ECollection facility, a current account shall be opened with any convenient Federal Bank Branches.
- Required data shall be submitted well before the beginning of the facility.
- For more details, please get in touch with any of our branches.