Fast Collection Service (FCS) is the premier product of the Bank under CAPS. It eliminates one leg of movement of cheques from the place of drawer to the place of beneficiary and reduces the process time. The funds so collected shall be pooled within 24 to 48 hours. CAPS shall provide the MIS on daily basis containing the location-wise collections and returns either through e-mail or by hard copy or Internet Banking.
The Scheme is exclusively designed for Corporate clients, Organizations in Public, Private and Joint sectors. These institutions have their network at various centers for procurement/sale/distribution etc. and maintain accounts at different places for collection. Through FCS, a hook-up arrangement will be established with their various Controlling/regional offices for the purpose of collection and transfer of funds.
Operation of the Scheme
The Agent/branch office of Corporate shall deliver the local instruments to the FCS operating branch in that city along with a specially designed paying in form (PIF).
The FCS operating branch shall acknowledge the PIF with date and
present all cheques in the next available clearing. The date of Clearing is treated as Day - 1.
Funds so collected are made available to the clients with MIS which contains information on collections, returns etc. on Day - 1/ 2/ 3 as per the agreement. FCS is now offered at 600 locations which are inclusive of tie-up with other banks.
Now this facility is extended to RTGS/NEFT collections wherein dealers/offices of the company can credit to the company from Any Bank branch which is RTGS/NEFT enabled. Customised MIS will be given for the reconciliation. This facility is offered under RTGS Collect Scheme.
[FCS facility is now offered at free of cost, provided the client routes substantial volume through us.]