Asked in ComputersEnglish LanguageGeneticsDefinitions
Why is it called 'Standing Instruction'?
July 08, 2008 7:57AM
Standing instruction has element of permanance in it. It remains in force for all time to come till repealed. A Standing Instruction (SI) is a remittance service by which a customer can instruct a Bank to effect regular funds transfers at pre-set timings and amounts from the customer's deposit account to designated beneficiary account(s).
The S/I service can be used to effect :
- Repayment of loans / hire purchase instalments
- Payment of bills / school fees / insurance premiums, etc
- Salary payments
- Inter-account transfer of funds
- Payment of safe deposit box rental
- Inter-account transfer of F/D interest upon auto-renewal (to be manually processed)
- Purchase of cashier's orders (which will be mailed to applicant customer via registered post)