NEFT/RTGS

NEFT/RTGS

WHAT IS RTGS:

The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time. ‘Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

WHAT IS NEFT:

National Electronic Fund Transfer - This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS.

INWARD RTGS / NEFT:

For inward RTGS / NEFT please use IFSC code as "IBKL0478KCB". Bank Name will be "Kamala Co-Op Bank Ltd Solapur". Beneficiary Name will be "Account Holder Name" and Beneficiary Account no is "your 16 digit account number."

1) Benefits

• Faster because no demand drafts, cheques or letters.
• Avoid long waiting period.
• Credits the Beneficiary's A/c on Same Day Through RTGS.
• Reduces time/cost/effort.
• Reduces Paper work and improves efficiency.

2) Important things required

• Mention transaction type weather it's RTGS or NEFT
• Mention amount to be transferred
• Mention Name of the Beneficiary Bank
• Mention Name of the Beneficiary Customer
• Mention complete account number of the Beneficiary
• Mention IFSC code of receiving branch

E Payment

E Payment

Kamala Co-Operative Bank Ltd Provides facility to our customers / taxpayers to make E-payments of all Direct / Indirect Taxes. Customers can avail this facility from any of our branch. E-Payment facility is available for following type of tax payments:

• GST Challan Payment
• Income-tax
• TDS-TCS
• Security Transaction Tax
• Other State Tax
• Estate Duty
• EPF Challans
• Other Direct Tax
• Central Sales Tax
• VAT (MVAT)
• Excise and Service Tax
• Custom Duty

QR Code Facility

E-Statement

E-Statement

Kamala Co-Op Bank Ltd Solapur's now provides E-statement Facility for all its customer. Now you can receive your account statement on your registered mail ID with us. Email Statement gives you the convenience of having your account information at your fingertips. Email Statement is secure and electronic way to receive statement of accounts on your specified email id from the Bank.

Procedure

• Saving account holders will receive the statement on monthly basis only.
• Current / Cash credit account holders can get the same daily, weekly, monthly or on quarterly basis.
• This facility is totally free of cost.
• You can access your account anywhere as you will receive the statement on your mail ID & no need to visit the branch or request for the same as you have registered yourself for the E statement facility.
• If you activate this facility, physical/hard copy of statement from bank will be discontinued & in case you require both then you will have to pay duplicate statement charges.

Process for registration

• For Registration please fill up the form available at bank.
• For any query please contact manager.

Benefits

• Prompt & person specific delivery.
• No hassle of physical record maintenance.
• Statements on email id within predefined frequency
• Password protected for security.
• Free of cost.

DD & Pay order

DD & Pay order

Demand Draft Service

• Demand Draft is way for remitters to transfer money.
• A Demand Draft is more secure than a normal cheque as it can only be credited to a specific payee's account, and a customer can only be reimbursed under indemnity if the draft is lost or stolen.
• Kamala Co-Operative Bank Ltd draft is a low-cost, convenient method of payments.
• Demand Draft is a pre-paid Negotiable Instrument, wherein the drawee bank acts as guarantor to make payment in full when the instrument is presented. DD cannot be dishonored as the amount is paid beforehand.
• Demand draft is usually used to make payment outside a city. Demand Draft can be cleared at any branch of the same bank.

Pay Order Service

• Pay order is secure way to make payment. Pay order can be made of your party's name and it is best proof of payment of this amount and on date. So, instead of giving cheque you can make pay order from bank and bank will make a payment from your account.
• The payment order is a financial instrument issued by the bank on behalf of customer stating an order to pay a specified amount to a specified person within the same city.

Charges

• For pay order Rs. 25.00 + 18% GST per instruments irrespective of amount.
• For Demand Draft Rs. 1.00 per thousand +18% GST.

SMS Alert

SMS Alert

SMS Alert Service

Now stay connected with your Kamala Bank Account through our SMS Alert Facility. With this service, you will receive an SMS on your registered mobile number informing you about your latest banking transactions like credit or debit, cheque return etc in your account. You will receive this alert for following type of transactions:

• Debit / Credit transaction.
• Inward Cheque Clearing.
• Outward cheque realization.
• Loan installment due.
• New account opening.
• UTR numbers for NEFT / RTGS.

For registration please visit your nearest branch.

ECS / NACH / ACH

ECS / NACH / ACH

ECS / NACH / ACH Service

ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature. ECS is used by institutions for making bulk payment of amounts towards distribution of dividend, interest, salary, pension, etc., or for bulk collection of amounts towards telephone / electricity / water dues, cess / tax collections, loan instalment repayments, periodic investments in mutual funds, insurance premium etc. Essentially, ECS facilitates bulk transfer of monies from one bank account to many bank accounts or vice versa.

Locker Facility

Locker Facility

Locker Facilities

Kamala Co-Op Bank Ltd Solapur offers Locker facility to our customers at bank. Lockers are available in Extra Large, Large, Medium and small size.

Features and benefits Safe Deposit Lockers:

• Enjoy locker facility.
• Choose from small, medium, large, extra large locker sizes.
• Enjoy competitive rentals charged on the basis of locker location and size
• Make hassle-free, direct debits from your account, to pay your locker rent charged annually and payable in advance.
• Add a nominee to your safe deposit locker to facilitate the release of contents to the nominee(s) of the hirer(s) as and when required.
• Locker can be operated by Individual / jointly.
• Minimum period is of one year. Andcan be extended by renewal.

Rent Details:

• For rent details kindly contact to our bank.
• For Registration please fill up the form available at bank.
• For any query please contact manager.

Customer related

DEAF/unclaimed Deposits

Unclaimed deposits / DEAF (Deposit Education Awareness Fund) accounts

As per the Reserve Bank Of India Guidelines Kamala Co-operative Bank Ltd, Solapur Transferring the credit Balance in any deposit account maintained with bank which have not been operated/claimed upon for ten years or more any amount remaining unclaimed for ten years or more on monthly basis.

All the customers those names in the below mentioned list are advised to approach the nearest branch for payment of unclaimed deposits and submit the following for making the account operative.

• Application for claiming amount under unclaimed deposit
• KYC documents (ID proof, Address Proof, PAN Card)

Downloads

• Unclaimed Deposits as on 31/03/2024
• Inoperative Dormant Accounts Register as on 31/03/2024
• Notice dated 08/08/23 regarding payment of Dividend
• DEAF Unclaimed as on 31 March 2022