A standing instruction is a remittance service by which “you“ can instruct Bank to effect fund transfer at preset timings and amounts from your account to designated beneficiary account.
The standing instructions can used for:
1. Repayment of loan by deduction installment at specific interval.
2. Payment of bills.
3. Transfer to recurring deposit accounts.
4. Payment of safe deposit rentals
5. Payment of salary
6. Inter A/c transfer of FD interest at stipulated intervals.