Value dating banking

Even the most familiar screens might have hidden functionalities which we tend to overlook. Thanks for sharing knowledge and such a good document. My requirement is to handle value date depending on payment currency of the invoice and not the bank account currency. What can I do for you? I think this doc completely deserves to increase your points in the forum.

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However, asking for points is against forum rules. Some experienced readers do add more information through comments.

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  • Terms & Condition - Savings Account - ICICI Bank.

I was looking exactly for these settings. I would like to add one information. I was thinking, this would be used only for grouping of items. But it really started to work for me only after I ticked the box. I did not test the grouping itself with this but I suppose that once you tick the box Single payment, there wont be any grouping.

One question that I want to ask here. Are both C1 and C2 creation and assignment mandatory for all payment methods? Beautiful document and very well explained in detail. We started using DME payment medium. We currently send current date as the Execution date in DME file. April 9, 5 minute read.

Value date calculation logic during automatic payment process APP. Without bank calendar With bank calendar Value date calculation without bank calendar: We can assign different number of days for different amount limit for the same account , currency and payment method E. Business will have enough time to analyze the funds situation at any point in time.

From above example, value date calculation happens as below If 1 st April is a holiday as per calendar EC, then value date base line would be Step by step process Thanks, V V. You must be Logged on to comment or reply to a post. April 9, at Hi Vinod, Very informative document…. Former Member Post author. April 10, at 4: Hi Vinod, Excellent document…Really Helpful.

Vinodji, Great Document, really very much helpful. Really, you are a true treasure hunter sir,. Thanks for sharing your valuable knowledge and experience which helps so many consultants. Hi Vinod, Great Document and nice explanation with business process.. April 10, at 7: Hi Vinod, Very informative document.

April 10, at 9: April 14, at 3: April 15, at 5: April 15, at 6: Very informative and helpful document. Thank you for the contribution. April 16, at 5: Hi Vinod, Very informative and nicely articulated one. Thanks for sharing such a good document. Expecing more contributions from your end.

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  • Terms and Conditions for Savings Account;

April 18, at 6: May 8, at May 12, at 6: June 4, at 1: Thanks vinod god bless!!! If the reimbursing bank were to back value date the debit and payment, for the the issuing bank there would be a negative interest impact and for the claiming bank there would be a positive interest impact. I think I hv got the point. Dear Abrar, Kindly elaborate the below quoted If the reimbursing bank were to back value date the debit and payment, for the the issuing bank there would be a negative interest impact and for the claiming bank there would be a positive interest impact.

The interest on the TDS amount from April 1st till maturity of the deposit is adjusted from the interest payable to the client. April 01, , valid PAN is required to be submitted by all customers whose tax needs to be deducted. Transfer of Deposit from one branch to another branch.

Value date

For the aforesaid purpose, the surviving nominee shall make an application to the branch manager of the Bank, supported by proof of death of the Deposit holder. Replacement of lost or destroyed term deposit receipts.

Provided that where the face value or the aggregate face value of the certificate or certificates lost, stolen, destroyed, mutilated or defaced is five hundred rupees or less, a duplicate receipt or receipts may be issued on the applicant furnishing an indemnity bond without any such surety or guarantee: Provided further that where such application is made with respect to a receipt mutilated or defaced, of whatever face value, a duplicate receipt may be issued without any such indemnity bond, surety or guarantee, if the receipt mutilated or defaced is surrendered and the receipt is capable of being identified as the one originally issued.

For such purposes, the Bank may at its sole discretion close the deposit s prematurely and apply a penal rate of interest in respect of the same. The lien shall be valid and binding on the deposit holder and operative until repayment in full of all moneys due to the ICICI Bank from the deposit holder.

Value date calculation logic during automatic payment process (APP) | SAP Blogs

In addition, the Bank may also publish notice of general nature, which are applicable to all deposit holders of similar nature on its website. Provided that in the case of joint holder type deposit, the deduction from income under Section 80C of the Income Tax Act, the "Act" shall be available only to the first holder of the deposit. There shall be no auto renewal facility for the Deposit. Wherever there is a conflict between these Terms and the Terms and Conditions, these Terms shall prevail. Click here for applicable Service charges and Fees.

ICICI Bank shall however not be liable in any manner whatsoever for having acted upon the aforesaid instruction of the Employer. ICICI Bank also reserves the right to close the salary account and terminate the relationship; or to cease all operations in the account. ICICI Bank may treat the salary account as a normal account, if the customer deposits all such requisite documents as may be desired by ICICI Bank and under such circumstances, Regular Salary Account terms shall cease to apply to such account and it shall be governed by the extant terms and conditions. All capitalized terms used herein but not defined shall have the same meaning assigned to them under Savings Account Terms and Conditions.

On such successful registration the Customer shall be deemed to be a Freedom Account Holder. Pockets wallet Create your wallet instantly on Android and Apple phones. Gift Vouchers Amazon More Insta Banking Initiate transactions anytime, anywhere and get priority servicing at our branches. Form Center Find List of all sample forms and documents. Back to Main Menu. Gift Vouchers Amazon All Form Center Help All Definitions In these terms and conditions, the following words and phrases have the meaning stated hereunder unless indicated otherwise: All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".

Words importing any gender include the other gender. Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.

All headings, bold typing and italics if any have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms. Under no circumstances shall ICICI Bank be liable to the Customer for any indirect, incidental, consequential, special or exemplary damages in connection with the Account or the Services.

ICICI Bank shall not be liable for any failure to perform any obligation contained in these Terms or for any loss or damage whatsoever suffered or incurred by the Customer howsoever caused and whether such loss or damage is attributable directly or indirectly to any dispute or any other matter or circumstances whatsoever. The Customer shall indemnify ICICI Bank as collecting banker for any loss or damage which ICICI Bank may incur or suffer by guaranteeing any endorsement or discharge on a cheque, bill or other instrument presented for collection and such guarantee as given by ICICI Bank shall be deemed to have been given in every case at the Customer's express request.

The Customer shall keep ICICI Bank indemnified at all times against, and save ICICI Bank harmless from all actions, proceedings, claims, losses, damages, costs, interest both before and after judgement and expenses including legal costs on a solicitor and client basis which may be brought against or suffered or incurred by ICICI Bank in resolving any dispute relating to the Customer's Account with ICICI Bank or in enforcing ICICI Bank's rights under or in connection with these Terms and conditions contained herein, or which may have arisen either directly or indirectly out of or in connection with ICICI Bank performing its obligations hereunder or accepting instructions, including but not limited to, fax and other telecommunications or electronic instructions, and acting or failing to act thereon.

If any sum due and payable by the Customer is not paid on the due date, including without limitation any moneys claimed under this Paragraph, the Customer shall be liable to pay interest both after as well as before any judgement on such unpaid sum at such rate or rates as ICICI Bank may from time to time stipulate from the date payment is due up to the date of payment. The indemnities as aforesaid shall continue notwithstanding the termination of the Account. Banker's Lien and Set-Off: In respect of a joint Account, ICICI Bank shall be entitled to set-off any sums standing to the credit of such joint account against the debit balance in other accounts which may be held by one or more holders of such joint Account.

Closure of the Account: As per RBI circular - The Depositor Education and Awareness Fund Scheme, - Section 26A of Banking Regulation Act, , the amount to the credit of any account in India with any bank which has not been operated upon for a period of ten years or any deposit or any amount remaining unclaimed for more than ten years shall be credited to The Depositor Education and Awareness Fund, within a period of three months from the expiry of the said period of ten years. Aadhaar Number Updation in Account: Aadhaar number provided by customer during new account opening, for KYC or for seeding will be updated in the account.

Also, the customer declares that all the information voluntarily furnished by them to the Bank are true, correct and complete. This request will not be processed, if: Date of Fixed Deposit 1. Payment of Interest on Fixed Deposit 4. Methodology of interest calculation 5. For Traditional fixed deposits with quarterly pay-outs interest is calculated based on annual rates Simple Interest.

However, in case of monthly pay-outs, interest is paid at a discounted value.

127 128. Value date and FCRA