Federal Bank introduced Real Time GST Payments Facility

Customers of the Bank are now able to pay GST using a variety of methods, including NEFT/RTGS (online/offline), Over the Counter (OTC) (cash, check, and DD), and E-payment (Net banking). Real-time settlement will apply to e-payments as well as OTC (cash, Federal Bank Cheque, or DD) payments. The time required for settlement of other bank checks will depend on their clearing status, and for NEFT and RTGS, it will depend on the RBI settlement cycle.

Harsh Dugar, Group President and Country Head for Wholesale Banking, commented on the new payment option, saying, “Leveraging the technological capabilities of our Bank, we are now live on GST payments, which enhances the tax payments scope for our entire customer base as well as to help our yet-to-be-on-boarded customers with over-the-counter payments at all our 1300+ branches spread across the country. This will increase the breadth of our services and make things easier for our customers.”

Customers of non-Federal Banks may also process payments using the OTC mode (Cash, Cheque, and DD) at any branch of the Federal Bank. They must present the challan produced by the GST portal, a legitimate ID evidence for payment, and cash, a check, or a demand deposit for the necessary sum, as applicable.