Instant Bank Settlement is a facility provided to the agent network which allows them to settle payments immediately or at a certain point in time. This solution will help merchants grow their business by improving their daily cash flows.
Features of Instant Bank Settlement
- The agent can transfer money instantly through IMPS/NEFT.
- Money kept in the wallet (against AEPS business) can be used for other products or can easily be transferred to the bank account.
- You can transfer money whenever you want (as per configured account).
- The transfer is real-time and instant.
- Available on both Spice Money Web and App.
Spice Money Instant Bank Settlement
- The Agent will send money in wallet through AEPS.
- You can instantly transfer the money in the bank which is linked with your Spice Money account. Bank linkage can be changed anytime.
Steps of Spice Money Instant Bank Settlement:
*amount – as per applicable business rules
1. What is the minimum and maximum amount of money that can be transferred to my bank account?
The minimum amount that can be transferred to the bank is Rs.100 and you should have a minimum of Rs 2000 left in your wallet post-transaction, whereas the maximum amount is Rs.50K per transaction
2. How many times in a day can I send money to my bank account?
You can send money to your bank as many times as you want during the day. The amount that you can transfer will be the amount you would have collected against AEPS since the last successful bank transfer and has not consumed leaving Rs 2,000 in your wallet.
3. Is there a way for me to automate instant Bank transfers?
No as of now, you can select ‘Move to Bank’ from Spice Money app or web and system will automatically pick up the bank that you have configured. If not already done, you can do it through settings.
4. What is the success rate for ‘Move to Bank’ or instant bank transfer?
Except for cases where issuer bank is down or bank has declined the transfer or there is an issue in a configured account, we have seen almost 100% success rate and it’s instant.
5. Is this feature available on both Spice Money web and app?
This feature is available in Spice Money Web and App. You can download the app from the Google Play Store for free.
6. Is transfer IMPS or NEFT?
Amount is transferred to your bank account depending upon your configured bank. IMPS is the preferred mode and all money is transferred through IMPS however if the bank chosen only supports NEFT, bank transfer will happen through NEFT.
7. I want my money to be transferred through IMPS not NEFT, what should I do?
All amount is transferred through IMPS unless and until you explicitly go and choose NEFT or your configured bank only supports NEFT. In case your configured bank doesn’t support IMPS, you might like to configure your other bank account which supports IMPS.
8. My ‘Move to Bank’ or bank transfer has failed, what will happen to my money?
Your money is safe with us. In case, your bank transfer has failed, the amount will be refunded back to your wallet. You can utilize this money on other services or can retry the bank transfer
9. Can I change my bank account configured for ‘Move to Bank’?
Yes, you can. Settings option allows you to do that on web and app
10. If I have more queries about this feature, where can I clarify those?
Though all details are available on Move to Bank page however in case of any further questions or queries, agents can write us to email@example.com or call us +91 120 3986786, +91 120 5077786.