Federal Bank introduces real time GST Payments facility

Categories: GST Recent News

The Bank’s customers can now make GST payments through different modes viz., E-payment (Net banking), Over the Counter (OTC) (Cash, Cheque and DD) and NEFT/RTGS (online/offline). The payments made through e-payments and OTC (Cash/ Federal Bank Cheque/DD) will be settled real time. The TAT for settlement for other Bank cheques would be as per clearing status and for NEFT/ RTGS would be as per RBI settlement cycle.

About the new payment facility, Mr. Harsh Dugar, Group President and Country Head –Wholesale Banking said, “Leveraging the technological capabilities of our Bank, we are now live on GST payments which enhances the tax payments scope for our entire customer base as well as to assist our yet to be on-boarded customers with over-the-counter payments at all our 1300+ branches spread across the country. This shall further widen our offering and provide more convenience to our customers.”

Non-Federal Bank customers too can process the payment via OTC mode (Cash, Cheque and DD) from any of the Federal Bank Branches. They are required to bring the challan generated from the GST portal, valid ID proof for payment and Cash, Cheque or DD for the required amount as the case may be.

Source from: https://www.apnnews.com/federal-bank-introduces-real-time-gst-payments-facility/

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