Nsuregrowth - Fund Transfer

a. Initiation

a. Whenever any surplus fund is found ,Anjana on noticing the same informs Mr. Vinod Agarwal (CFO) & Mr. Bikash Dokania (HOD Accounts) who then communicates with Partha ensuring if there is any drawdown amount towards any of the investment to be paid and they also checks whether any investment option at present are available to invest the fund. If the funds are found to be ideal then a FD Account is opened .

b. Receipt of Quotations

a. Upon deciding to open an FD account, Anjana contacts the respective banks either through email or phone call, requesting them to provide quotations outlining the terms of the fixed deposit, such as the duration options, interest rates, etc.

b. Occasionally, quotations for these FD accounts are readily available on the bank's website. In such cases, Anjana retrieves these quotations directly from the website.

c. Analysis

a. When Anjana receives the quotations, she discusses them with Mr. Bikash Dokania (HOD Accounts) and Mr. Vinod Agarwal (CFO). The bank offering the highest interest rate and convenient fund redemption options is chosen.

To check the rates bank are offering on their fixed deposits , Anjana logs onto the banks website and checks the same.

d. Filling the form

a. Once the selection is made, Anjana fills out the FD form, which is then approved by Mr. Bikash Dokania (HOD Accounts) and Mr. Vinod Agarwal (CFO). Subsequently, the hard copy of the approved form is sent to the bank.

e. Payment

As mostly the fixed deposits account are opened in the banks in which the company already has its bank account the funds are automatically transferred on the intimation received via the forms sent to the bank.

f. Confirmation

a. When the scanned & signed form is sent to bank , bank automatically creates a FD account & intimation of the same is received on the companies registered mobile no. , which is kept with Anjana. Subsequently, the bank sends a document detailing the terms of the newly created account to the company.