Cash Management Services

Cheque Collections PAN India

This product offers fastest Cheque collection services Pan India at all our 4900+ branches through local clearing. Pooled credit is passed on to the client at the preferred location/s which is essential for efficient management of available resources. Assured Credit and Various Pooling options are available as under:

• Instant Credit –Day ‘0’( Date of Deposit of instruments)
• Credit at-Day-‘1’(date of RBI/SBI clearing)
• Credit at Day-‘2’ ( on realization)

Vast Branch network supports Corporates at almost all their possible locations Supported by STRONG/Customized MIS.

Customer Benefits:

• Lower Borrowing Costs: Our collection services enable the customer to receive funds in the customer concentration account with the bank with the minimum transit time thereby reducing interest cost and hence the cost of borrowing.
• Improved liquidity Position: Quick realization results in improve liquidity position thereby improving bottom line and financial ratios.
• Better Accounting and reconciliations: Detailed information on cheques deposited is made available on daily/weekly basis/periodically thus simplifying accounting, reconciliation and query resolution. BOISTARCMS can also provide customized MIS as per the customer requirement.
• A centralized operation provides a dedicated service to ensure that the customer queries are resolved quickly and efficiently.
• The Customer Portal provided to the corporate enables them to view online, real-time movement of cheques/data; download data/reports centrally.

Direct Debit Collections:

• We provide centralized collections to the Corporates debiting accounts of Bank of India customers and crediting Corporate collection accounts on T+0 basis. This facility is provided for cheques as well as mandate based collections. It is a facility of choice to Corporates, NBFCs in particular wherein same day utilizable credit is available to them which is further supported by customized MIS.
• Here Corporates/NBFCs receive direct debit mandates from Bank of India customers for various purposes such as repayment of EMIs of loans /periodical SIPs for investment etc. These mandates are registered centrally with Bank of India and on due dates, transaction file is centrally run and the collected fund is instantly credited to Corporate’s designated account with Bank of India alongwith desired MIS to the Corporate.
• It is a hassle-free mode of collection where fund is available to Corporate immediately after collection with customized MIS.

NACH Collections:

• We provide mandate based collections to the Corporates on centralized NACH (National Automated Clearing House) platform; which is hassle free. ACH Debit Mandates given by the customers of the corporates drawn on any bank are uploaded on NACH platform; these mandates travel electronically to the destination bank for approval and registration which is needed to be done within specific time frame. Thereafter the transactions files are uploaded at desired frequency electronically on NACH platform and funds are collected seamlessly on due date. It is supported by customized MIS.
• It centrally handles collections from customers of any bank across any location with no issue of reconciliation as detailed MIS is provided.