A Reliance Capital Company

FAQs on Fund Transfer Options

New to Fund Transfer Options?
All your doubts and questions, answered here.

How can I add funds to my Trading Account?


1. Login to www.rsec.co.in
2: Click on Trade Now
3. Enter your User ID and password and Security question or Security Token
4. Go to ‘Fund transfer’ Click on Transfer
3. Select Payment Option as 'NetBanking'
4: Enter the required amount and click on submit.
5: A screen asking for bank account user Id and password will appear.
6: Enter your internet banking user Id and password for the account.
7: Fill in the ‘Remarks’ as required.
8: Click on ‘Ok’ to proceed with the transfer or ‘Cancel’ to cancel the transfer or change the amount.
9: On successful transfer of fund, a message will appear saying ‘Hot Payment Successful.
10: Your Payment Confirmation Number is XXXXXX’ will appear. On the same screen click on “OK” button
11: Last window will appear and will ask you to ‘click here to complete the transaction’. 

 

 For NEFT from the linked bank account number Please may note the below mentioned beneficiary details:

Beneficiary Name :  RELIANCE SECURITIES LTD
Credit Account No. :  9500
Centre (Location) :  MUMBAI
Bank : YES BANK
Branch : MUMBAI
Account Type :CURRENT
IFSC Code :YESB0000001

The credit account no is 9500 followed by the client code. Say if the client code is AXXXXX06 the credit account no. will be 9500AXXXXX06. Beneficiary bank would be Yes bank and IFSC Code would be YESB0000001.

For Payment through Cheque from the linked bank Account

You may submit / courier the cheque of linked bank account in favour of "Reliance Securities Ltd" at any nearest branch. You may check the branch details at http://www.rsec.co.in/customer-service/locate-us/

 

Note : Kindly write Client Name, Client code and contact number overleaf of the cheque.

 

 

What is ECS (Electronic Clearing System)?

ECS is an electronic mode of payment/receipt for transactions that are repetitive and periodic in nature. ECS is used by institutions for bulk collection of amounts towards  telephone/electricity/water dues, tax collections, loan instalment repayments, periodic investments in mutual funds, etc.                

What is Direct Debit Mandate?
Direct Debit is similar to the ECS facility however the transactions are not routed through the Reserve Bank of India. Hence this facility can be utilized for location wherein RBI does not have ECS facility.

What is the difference between ECS and Direct Debit?

Electronic Clearing Service(ECS) Direct Debit
In ECS the transactions are routed through RBI. In Direct Debit the transactions are processed directly by the Direct debit bank where we have a tie up and not through RBI.
ECS can be availed only at those locations where the ECS facility is available through RBI/ clearing house. For Direct Debit the transactions can be processed for bank across PAN India. There are no restrictions on the locations.
In ECS the mandates have to be submitted to the respective destination banks and the transactions are processed through the various locations. Direct Debit mandate submission and transaction processing is done centrally.
Once the mandate is submitted to the destination bank we can process the ECS transaction and do not have to wait for mandate updation confirmation from the bank. Only once we receive confirmation from the Direct Debit bank can be process the transactions through Direct Debit.

 

Are there any specific locations and banks who offer such ECS facility?
Yes, there are 87 locations and approx. 530 banks offering such ECS facility as per list attached below.

Are there any specific locations and banks who offer such Direct Debit facility?
Yes, as per RSL tie-up there are 8 banks who offer such Direct Debit facility as below in almost all locations, except few branches that are not equipped with such facility.

Sr. No. Bank Name
1. ICCI Bank
2. CITI Bank
3. Axis Bank
4. State Bank of India
5. Corporation Bank
6. Bank of Baroda
7. IDBI Bank
8. Union Bank of India

What is the benefit of signing the ECS/Direct Debit mandate?
If you sign up ECS mandate then you do NOT need to track the dates of your investment and accordingly transfer the fund to your trading account every time. Once you sign up ECS mandate then your account will be debited on the given dates for the amount defined by you. You do not need to track and transfer fund every month for your regular investment or write a cheque to fund your trading account. The defined amount will be debited from your account on the given date and you do not need to keep a lump sum amount in your trading account, hence you will keep earning interest on your saving account balance as the fund will remain in your bank account.

How does ECS/Direct Debit mandate function?
Once you sign up ECS/Direct Debit mandate, the valid and successful ECS/DD registration form will be sent to your bank for authorization by RSL thru our processing vendor. Your bank will authorize the ECS/Direct Debit form after verification of your signature and details with your bank. Thereafter, as per transaction dates mentioned on the form, RSL will send transaction file to processing vendor 10 days prior to your ECS date. On Transaction date, your bank account will be debited for the defined amount. Such debits will go on up the period of start date and end date mentioned in the form. If there are insufficient funds in your bank account on debit date then such ECS / DD will bounce and you will be levied with charges by Bank and RSL both as per the charges prevailing from time to time.

Is there any document required to avail ECS/Direct Debit facility?
Yes there is a “RSL ECS debit mandate form” to be filled you just need to attach a cancel cheque of the bank account on which you want to avail the ECS/ Direct Debit facility. Download Form Note: If your name is not printed on the cheque, then you need to write your name on the reverse of the cheque and have to sign on the reverse of the cheque.

Is there any limit on the value of ECS/Direct Debit amount?
No. There is a maximum ECS value limit defined city wise however it is not more than Rs.1,00,000. You can specify the upper amount in ECS/Direct Debit instruction and accordingly your account will be debited upto that amount only.

How long the ECS/Direct Debit will remain valid?
You need to specify the ECS/Direct Debit start and end date at the time of filling up the form. The instruction will remain valid only till the end date specified by you. E.g. From 1st April 2009 to 31st March 2012.

Is there any charge to avail ECS/Direct Debit mandate?
Yes, following are the chares for availing the ECS/ Direct Debit facility and the same will be debited to your trading ledger account at the end of every month.

Charges Approximate Total Charges (inclusive of ST)
ECS mandate Registration Fee Rs.11.30
ECS transaction fee (per successful transaction) Rs.3.05
ECS Failure charge (per transaction failure) Rs.3.35
Direct Debit mandate Registration Fee (charges vary from bank to bank. Refer FAQs for details) Rs.20.00 to 33.50
Direct Debit transaction fee (per successful or failed transaction) Rs.4.50 to 11.50
Direct Debit Mandate Cancellation charge (as applicable from bank to bank, if any) Rs.22.60

Are there any charges if my ECS/Direct Debit fails due to insufficient funds in my bank account?
Yes, there will be charges for ECS/Direct debit failure. Please refer above charges details.

How Can I withdraw my existing ECS/Direct Debit mandate with RSL?
Yes, you can withdraw the ECS mandate whenever you desire. If you want to stop ECS then you need to intimate RSL before 30 working days of your ECS debit date by filling in the attached cancellation request form and submit it to RSL branch. You can withdraw the ECS/DD by writing it to your bank in their format to stop such ECS/DD mandates.

Debit Card Fund Transfer

What is Debit card based Funds Transfer?
Debit card based Funds transfer is a facility where you can transfer funds using any VISA debit card irrespective of the issuing bank.

How is VISA funds transfer different from normal internet/net banking funds transfers?
The VISA debit card transfer is independent of the issuing bank. Once a debit card is registered, irrespective of the issuing bank the client will be able to transfer funds, i.e. all VISA debit cards are allowed. From a regulatory perspective we are also registering the bank account to which the card is linked. The transfer is through secure VISA network.

With how many banks is this facility activated by Reliance Securities?
ALL VISA debit card holders can avail this facility.

What are the registration criteria for Debit card based Funds transfer facility to be successfully processed?
VISA debit card details and the bank account to which the same is linked is to be registered as a onetime activity. The client also gives details of the bank account to which the card is linked and also registers same with RSL in case it is not registered earlier. Details of the front of the card only is captured viz. card number, card holder name as it appears on the card.

How can I avail this facility?
The 1st step would be to register the VISA debit card number with RSL by filling the form available in download section Fill in the form and submit it to RSL branch for registration with RSL along with the requisite supporting.

How will I know once my account is registered for VISA funds transfer?
If you have filled the VISA debit card form after account opening with RSL, then you will get an email from RSL on registration of such account of VISA debit card. On the next day of Registration, you will get the dropdown enabled in your login for trading. If you have filled the form during account opening with RSL then such bank account details will be mapped with RSL trading account and you will get the dropdown enabled in your login for trading.

What is the turnaround time for such registration processing?
It will take 3 working days’ time to process the request after the receipt of the form at HO/central processing unit.

How does it function, once I have registered the same active VISA debit card number with RSL?
Once the bank account is registered with RSL, then customer can do the funds transfer online by selecting the “debit card” option in the Paying menu. On selecting the menu, you will see be able to see the debit card number in the dropdown.

Can I register multiple VISA debit cards?
Yes, you can register multiple debit cards, maximum up to 3 debit cards.

What are the details required to be ready with me for doing such VISA DEBIT CARD transfer transactions?
It’s similar to an online transfer. Validate the transaction as per the issuing bank process which is normally PIN based some banks may ask further details as provided by banks.

How would I know that the transfer is successfully done or not?
Your limits in trading account will immediately get updated.

When will my trading account be credited with the fund transferred?
Your limits in trading account will immediately get updated.

Is there any charge for availing this facility?
As an introductory offer the funds transfer charge is waived off. Later there will be charge of Rs.30 plus service tax, which is levied by banks/ VISA.

Is there any minimum and maximum limit on amount to be transferred through VISA DEBIT CARD?
Depends on the bank and individual limits within the bank.

 

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