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.