Payments

Electronic Payment

Process payments online securely and efficiently

Easily conduct payments and facilitate trade with DBS Electronic Payment services. Through this facility, we help you to transfer your domestic payment funds securely and efficiently to your beneficiaries account in any bank in India. We have also extended our cut-off times, so you can have added convenience and more time for your business operations without having to delay payments. We offer payments via Account Transfer, National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS), and Statutory/Tax Payments.

 

Why choose DBS Electronic Payment?

  • Expect fast and efficient payments made to any DBS India beneficiary/payee accounts via our online banking platform, IDEAL™ or through one of our Branches
  • Save money with our competitive transaction fees and make payments promptly with our extended cut-off times, available when using IDEAL™, to help facilitate urgent payments
  • Simplify your accounts reconciliation process by integrating electronic payments with your ERP (Enterprise Resource Planning) system and streamlining your accounting process
  • Lower administrative costs and save time with less paper work associated with physical clearing and dispatching of cheques
  • Reduce chances of fraud as payments are transferred directly into bank accounts, unlike paper-based payments like cash or cheques which may be mishandled by internal or external factors
  • Stay informed with IDEAL™ eReports. Our automated email confirmations will be sent to you and your payees at transaction level and near real-time at intervals of every two hours. You will also receive end-of-day updates through MT 940 and/or account statements

Product Features

 

Account Transfer is a secure and cost-effective way to make payments electronically between DBS accounts in any currency via IDEAL™, our online banking platform. Funds transferred are available immediately in the payee's account. This is suitable for intra-company and third party transfers within DBS accounts and helps to avoid delay in payment transactions.

 

NEFT is an inter-bank payment and settlement system suitable for low value payments below INR 200,000 per transaction. You may transfer funds to over 90,000 bank branches across India through IDEAL™ or IDEAL™Connect.

 

Other benefits include:

  • You can upload bulk payment files created in your ERP (Enterprise Resource Planning) system or accounting packages
  • Same day transfer of funds without delay
  • Enhance your working capital by negotiating better terms with your business partners with your prompt online payment transactions

 

Please click here for the list of banks in India using NEFT.

 

RTGS is the fastest way to transfer funds for high value payments of over INR 200,000 per transaction. It is a convenient and secure payment system, approved by the Reserve Bank of India (RBI)*. You may transfer funds to any local bank account across India, with over 90,000 branches, through DBS IDEAL™ 3.0 or IDEAL™ Connect.

Other benefits include:

  • You can upload bulk payment files, up to 5,000 transactions in one file, created in your ERP (Enterprise Resource Planning) system or accounting packages
  • Same day transfer of funds without delay
  • Enhance your working capital by negotiating better terms with your business partners with your prompt online payment transactions

Please click here for the list of banks in India using RTGS. 

* RTGS guidelines by RBI require the beneficiary/payee bank to credit the transferred amount into the beneficiary's/payee’s account within two hours when the funds are available from your (payer's) account, or the funds will be automatically returned back into your (payer's) account.

 

File and pay your statutory/tax returns with ease. You can be assured of timely same day submission which saves you time and administrative costs. Just enter your tax data via an easy-to-use online template that is encrypted for added security measures. You can upload multiple tax payment instructions including direct, indirect, custom duty and states taxes simultaneously through IDEAL™.

Other benefits include:

  • You can upload multiple tax payment instructions onto one simple bulk payment file via IDEAL™
  • Subject to the availability of funds in your account, tax payment instructions submitted before the cut-off time will be acknowledged with a payment receipt

FAQs

Do I need a DBS Business Account to make electronic payments?

Yes, you will need to have a business account with us in order to use these services. If you do not have a business account with us, please visit our bank Branch and we’ll arrange for a Relationship Manager to assist you. You may also visit our Business Account page for more information.

How do I know if the NEFT and RTGS systems are available at my bank Branch?

Currently more than 90,000 bank Branches in India have been enabled to accept electronic payment transactions through NEFT and RTGS.

  • For bank Branches using NEFT, please click here
  • For bank Branches using RTGS, please click here
What are the cut-off times for Electronic Payment services?

The cut-off times are as follows and effective on a working day, except on Public Holidays.

  • For Account Transfer: 6.30pm
  • For NEFT: 4.30pm
  • For RTGS: 3.30pm
  • For Tax Payment / Outward Remittances / Cheque Express: 2pm
  • Payments and applications made after the cut-off times will be processed on the next working day.

For more information on Outward Remittances, please click here

For more information on Cheque Express, please click here

What are your transaction fees for Electronic Payment services?

We offer competitive pricing for transaction fees. You can enjoy preferential pricing if you are an IDEAL™ user.

Awards

Awards we have won recently
Best Asian International Transaction Bank

Best Asian International Transaction Bank

2013
Best Global Cash Management Bank in Asia Pacific

Best Global Cash Management Bank in Asia Pacific

2012
Best Global Cash Management Services in Asia Pacific

Best Global Cash Management Services in Asia Pacific

2012
Rising Star Transaction Bank 2013

Rising Star Transaction Bank 2013

2013
View All

 

How do I apply?

Please call any of our Branches and our Relationship Manager will be glad to assist you.

Get In Touch

DBS BusinessCare: 1800 419 9500

Get In Touch

DBS BusinessCare: 1800 419 9500