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- Advance Import Payment
Advance Import Payment - Corporate
Advance import remittance is one of the methods of settlement in international trade where the buyer is required to send payment to the seller before the goods are shipped, and the seller receives the payment in advance. This type of payment typically occurs when the buyer is unknown to the seller and the seller enjoys a monopoly/commanding position in the market.
Features & Benefits
Quick transactions
Faster processing of transactions and quick turnaround time.
Wide remittance
Wide network of correspondent banks for efficient remittance.
FEMA advisory
Advisory on FEMA regulations.
Bill entry
Convenient online channel for bill of entry regularisation.
This account comes with a host of unique features:
- Zero Monthly Average balance Requirement
- Extended benefits in cash deposits, withdrawal, chequebook, NEFT and RTGS
- Nil Monthly Service charge
- Classic , Supreme and Platinum options available for debit card. Click here
How it works?
The following steps explain how advanced import remittance works:
- 01
Buyer and seller agree to conduct business on advance payment terms.
- 02
Buyer applies to their bank to make an advance payment against impending imports.
- 03
The buyer makes an advance payment to the seller through the bank.
- 04
After receipt of payment, the seller ships the goods and forwards the documents directly to the buyer.
- 05
The buyer submits the bill of entry details to the bank upon receipt of the goods.
Disclaimer
Product offering is subject to certain eligibility criteria as per Bank's internal policy and is subject to Bank's discretion
