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Apart
from transferring money from
one place to another, Banks
are also in the business of
"collecting" your
money from other places. For
instance, if you have received
a payment by way of a cheque
or DD drawn or payable at any
station other than your own,
you can deposit it in your account
with your local banker and request
for collection of the amount.
The Bank will send the cheque
to its branch at that centre
and get the amount collected
for a small fee. The amount
of cheque/ draft will be deposited
in your account and the fee
deducted separately from your
account. Banks also undertake
collection of bills of exchange
- both usance and demand - for
their business clientele.
Tips
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There
are RBI norms for the
time expected to be taken
for collection business
and these norms are prominently
displayed in banking hall
of all banks. If your
collection is delayed
beyond this period, the
Bank is expected to pay
interest on the amount.
If it does not, demand
it.
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Retain
the counter foil of all
deposits made in the bank
as this is the only proof
of deposit made till your
account is credited
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If your
business involves a number
of such payments, it is
advisable to open an account
with a Bank which has
a large network of Branches.
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Charges
for each of these activities
differ from bank to bank.
While selecting a bank
for opening an account,
these charges are an improtant
parameter which one should
keep in mind.
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