Common use of Funds Transfer Requests Clause in Contracts

Funds Transfer Requests. The Customer may submit requests for funds transfer or payment orders (“Requests”) to India in accordance with the terms and conditions of this Agreement, and SBIC will execute Requests received by SBIC in the Customer’s name. The Customer must first register the beneficiary to whom the Customer wish to make a Request via the Services by providing correct and complete information about the beneficiary; it is also important that the Customer ensure the accuracy of the beneficiary’s account number and that the correct account number inputted by the Customer. Once the Customer’s registration of the beneficiary is received by SBIC, the approval of beneficiary may take two business days at this end. Once the beneficiary is approved by SBIC, the Services will allow the Customer to transfer funds to India. If for any reason including compliance to Regulatory instructions, SBIC are unable to approve any beneficiary, the same shall be rejected and the Customer may peruse the status on the Services. In case of further clarification, the Customer agrees to contact the Customer’s branch of account. Unless otherwise specifically agreed in writing, the Customer must use the Services to deliver Requests to SBIC; SBIC are not obligated to execute Requests received otherwise from the Customer (whether by written, oral, telephonic, telegraphic or other communication of the payment order). Funds must be available in accordance with the funds availability policy in the account specified in the Request at the time the Request is received. SBIC may choose the funds transfer mechanism (for example correspondent bank transfer, swift, State Bank of India’s payment system, internal transfer, letter) to be used when acting upon the Customer’s Request. A Request is deemed received by SBIC only when actually received by SBIC, in the form and content specified by SBIC.

Funds Transfer Requests. The Customer may submit requests for funds transfer or payment orders (“Requests”) to India in accordance with the terms and conditions of this Agreement, and SBIC will execute Requests received by SBIC in the Customer’s name. The Customer must first first register the beneficiary beneficiary to whom the Customer wish to make a Request via the Services by providing correct and complete information about the beneficiarybeneficiary; it is also important that the Customer ensure the accuracy of the beneficiarybeneficiary’s account number and that the correct account number inputted by the Customer. Once the Customer’s registration of the beneficiary beneficiary is received by SBIC, the approval of beneficiary beneficiary may take two business days at this end. Once the beneficiary beneficiary is approved by SBIC, the Services will allow the Customer to transfer funds to India. If for any reason including compliance to Regulatory instructions, SBIC are unable to approve any beneficiarybeneficiary, the same shall be rejected and the Customer may peruse the status on the Services. In case of further clarificationclarification, the Customer agrees to contact the Customer’s branch of account. Unless otherwise specifically specifically agreed in writing, the Customer must use the Services to deliver Requests to SBIC; SBIC are not obligated to execute Requests received otherwise from the Customer (whether by written, oral, telephonic, telegraphic or other communication of the payment order). Funds must be available in accordance with the funds availability policy in the account specified specified in the Request at the time the Request is received. SBIC may choose the funds transfer mechanism (for example correspondent bank transfer, swiftswiG, State Bank of India’s payment system, internal transfer, letter) to be used when acting upon the th e Customer’s Request. A Request is deemed received by SBIC only when actually received by SBIC, in the form and content specified specified by SBIC.