Hdfc bank nostro account number
Selecting this box defaults the information in Field When you settle a contract, funds may have to pass through a series of banks before it actually reaches the Ultimate Beneficiary. In the Parties screen, you can capture details of all parties involved in a contract. The Ordering Institution is the financial Institution, which is acting on behalf of itself, or a customer, to initiate the transaction. The Ordering Customer refers to the customer ordering the transfer.
Here, you can enter the name and address or the account number of the Customer, ordering the transaction. You are allowed to enter details in this field only if you have initiated a customer transfer MT and MT Here, you can enter details of the institution in favor of which the payment is made. It is in reality the bank, which services the account of the Ultimate Beneficiary. You are allowed to make entries into this field only for Bank Transfers when the remitter and beneficiary of the transfer are financial institutions — MT or MT Here you can enter either of the following:.
The Ultimate Beneficiary refers to the Customer to whom the contract or deal amount is to be paid. You can make entries into this field only for a customer transfer MT and MT These screens contain fields that can capture details of all the possible parties through whom the funds involved in a contract can pass.
Depending on the type of contract you are processing, and the number of banks involved, you should enter details in these screens. The Intermediary in a contract refers to the financial institution, between the Receiver and the Account with Institution, through which the funds must pass. The Intermediary may be a branch or affiliate of the Receiver or the Account With Institution, or an entirely different financial institution. This field corresponds to field 56a of S.
An Account with Institution refers to the financial institution, at which the ordering party requests the Beneficiary to be paid. This field is used to populate Field 58a of a MT cover message. The Intermediary may be a branch or affiliate of the Receiver or the Account with Institution, or an entirely different financial institution. For the DD Party details, you can specify the details of the creditor and debtor, their bank details and the details on the receiver of the direct debit.
The system resolves the settlement parties to derive the BIC and address of the party in the following order:. The following are the fields from which the system resolves the settlement parties to derive the BIC:. During the enrichment of settlement parties in Oracle Lending, the system resolves the following conditions as described in the table given below:.
Value is valid account no and Primary BIC is available for the customer. Value is a valid customer no and Primary BIC for the customer is present. Value is valid customer no and Primary BIC for the customer is not present. The following table gives the SWIFT message types that are generated for the various transfers that can be initiated through Oracle Lending. In this case Citibank, Mumbai is Intermediary.
In the example for MT , if you involve an Intermediary field 56a of S. This chapter contains the following sections: This section contains the following topics: By default, the sequence number generated by the system is zero.
Note If you are defining settlement instructions for a customer related to the FT module you have to indicate the charge account, which is used as the default account for deducting all charges involved in processing the FT. Sender to Receiver Information The sender to receiver information maintained in the settlement instructions can be defaulted in the field 72 in the confirmation messages.
This screen contains fields that mark possible routes of a payment. You can enter one of the following: You can either enter any of the following: Receiver You can specify the final Receiver as apart from the Account with Institution if the Ultimate Beneficiary desires that the payment message should be sent there. Receiver of Cover You can specify the details of the Receiver of the cover message, which can be any one of the following: Settlement through an instrument or message When the actual settlement event for a contract involving the entity takes place, the payment and receive message details are updated in a message hand-off table.
For the DD Parties details, you can specify the following details. Creditor Bank Details You can specify the bank details of the creditor. Debtor Bank Details You can specify the bank details of the debtor. Creditor Account Details You can specify the account details of the creditor. Receiver of Direct Debit This field indicates the Recipient of the DD message and the system derives the type of the message to be generated based on this information.
The following scenarios are possible: In this screen, you can capture the following information: Account details details about the accounts involved in the contract or deal; that have to be either debited or credited in your branch Message details payment details -- whether settled by an instrument or a messaging service such as SWIFT Party details details about the various parties involved in the contract or deal Receive Notice details DD Parties This section contains the following topics: Note For the Loans module only, if a settlement account has been specified, in the settlement instructions for the customer, and a different account has been specified for the loan, the account specified for the loan takes precedence.
If you choose to furnish the ERI value of the amount, you have to enter the following in this screen: Example Assume you enter into the following foreign exchange deal. You specify the exchange rate: Note If a component is to be paid the credit account chosen becomes the pay account. Instruction Status — The system displays the status of the settlement instructions.
You cannot change this value. Status can be any one of the following: Complete Incomplete Inherited Instruction Type — In case the transaction type is Pay, the system displays the instruction type.
You can choose to change the instruction type. The options available are: Instrument details If you choose to settle a contract with an instrument, you should specify the type of instrument that you would use.
If the settlement is through an instrument, you cannot specify party details. The system validates this option against the following conditions: The Branch which is initiating the contract should be an RTGS member The contract should belong to an RTGS product The currency of the settlement account should be the local currency of the Branch If Cover is not required, then the receiver of the message should be the Central Institution. If there were an intermediary, then it would have to be an RTGS member.
Whether a Cover has to be sent to the Reimbursement Bank, along with the payment message to the receiver Bank to bank payment details, these can be in the form of instructions or additional information to any of the parties involved in the contract Any Sender to Receiver information Transfer Type You can specify the Transfer Type as any of the following: Details of Charges In this section you can maintain details of the party who bears the charges incurred in processing the transaction.
It could be either: Ordering Institution 52a The Ordering Institution is the financial Institution, which is acting on behalf of itself, or a customer, to initiate the transaction. In this field, you can enter one of the following: Beneficiary Institution 58a Here, you can enter details of the institution in favor of which the payment is made.
Here you can enter either of the following: Ultimate Beneficiary 59a The Ultimate Beneficiary refers to the Customer to whom the contract or deal amount is to be paid. The number of banks involved in the transfer would, therefore, depend on the: Intermediary 56a The Intermediary in a contract refers to the financial institution, between the Receiver and the Account with Institution, through which the funds must pass.
Intermediary The Intermediary in a contract refers to the financial institution, between the Receiver and the Account with Institution, through which the funds must pass. The CB offering the service guarantees confirmed credit against the instrument. Under this arrangement banks receive final credit in their Nostro accounts without any recourse. This service normally does not have any cooling period as the cooling period is factored by the CBs before releasing the clear funds.
The System has been facilitated under Check Legislation. It works more or less like CTS. When using check 21 facility, dealings are cleared utilizing the exchange of check images from bank to bank.
It saves time in transit. A Nostro account is a bank account established in a foreign country usually in the currency of that country for the purpose of carrying out transactions there. For example most commercial banks maintain US dollar accounts with their correspondent banks in USA in order to facilitate settlement of interbank and customer transactions in US dollar. What are the charges levied for the collection of these USD denominated cheques?
The charges levied by banks for collection of such USD denominated cheques are dependent on the type of collection arrangement chosen by customers and the number of intermediaries correspondent banks involved in the collection process.
Each of the CBs will levy their own charges for facilitating the process of collection. All these charges will be in turn levied by the collecting banks in India from the customers. The basic legal framework for determining rights, responsibilities and liabilities of the parties in connection with collection of USD denominated cheques drawn on US banks are governed by the legal framework as laid down under the US federal and state laws like Uniform Commercial Code UCC etc.
However, in the event of return of a counterfeit cheque handled through this process, the drawee bank in the US has the right to recover the proceeds from presenting banks within the period stipulated under US Clearing House guidelines. Various modes of collection along with the timeframe and charges for collection shall be covered therein.
Customers could request for any of the collection modes specified in the USD Cheque Collection Policy based on need, convenience and cost involved. Timeframe for collection of USD cheques will vary depending on the collection mode. The date of credit to the account of the customer will be reckoned based on the date of credit value date to the Nostro Account of collecting banks and the cooling period. The time taken by banks for collection of USD cheques normally ranges from 15 to 30 days and may go up to 45 days depending upon the collection arrangement and place at which the instrument is payable.
The diversity in the banking and payment systems in USA and laws governing cheque transactions have a significant bearing on the collection time. The transit time may be reduced by 2 to 3 days by sending the cheques the same day from branches to centralised pooling branch and centralised pooling branch to Correspondent Banks.
However, banks have also been advised to explore using faster methods of realisation such as leveraging on Check facility in the US for saving in transit time. Cooling period is the time up to which banks wait after receiving provisional credit for the amount of cheque in their Nostro account for possible return of the cheque by the drawee bank under the provisions of the US laws, before giving credit to the customers.
Cooling period is dependent on the mode and area of collection and varies from days for cheques in New York area and days for other cities collected under CLA mode. However, under the FCS mode, banks receive final credit in their Nostro account without any recourse to recall. It does not involve cooling period as this is already factored into by the CBs before releasing the final credit.
Are customers given credit and allowed to use the funds after sight of credit in the Nostro accounts of banks? It is a commercial decision of the bank. Banks have been advised to formulate their policy on instant credit for small value cheques as part of the USD Cheque Collection Policy. Is there any compensation for customers? Will the customer be compensated for delay in collection beyond the collection period indicated in the Cheque Collection Policy of the bank?
The compensation shall be paid automatically without the customer requesting for the same. What are the instructions for facilitating customer awareness and redressing customer complaints?
Banks are required to make their USD Cheque Collection Policy transparent covering all the relevant aspects detailed above. Banks are also required to widely disseminate the policy by displaying at their branches, on their website, etc. A copy of the policy will be available with the Branch for the customers to go through.
Customers may resort to the redressal mechanism put in place by RBI under the Banking Ombudsman Scheme, for any complaints. RBI has recommended the following steps to banks for reducing the timeframe for collection of USD cheques -. Review the collection policy on an on-going basis so as to explore faster methods of realisation. Reduce the transit period for movement of cheques from the collecting branches to the centralised pooling branch and from the centralised pooling branch to CBs.
Do I have recourse to any other arrangement for collection realisation of USD cheques if I am in urgent need of proceeds?