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» Transaction Type : Customer Induced / Bank Induced
Transaction Type : Customer Induced / Bank Induced
Customer Induced
- Fund can be transferred from one account to another as per the instructions of the customer.
- There is a concept of Maker / Checker in these transaction.
- In Transfer transactions, the customer account gets debited or credited and balance is affected only after the posting is done.
Bank (Post Office) Induced
- In transfer transactions (Post Office induced) the office account is debited or credited.
- There is a maker / checker concept in the transactions.
- In Post Office Induced transactions, office account gets debited/credited only after the transaction is posted.
- Transactions can also be a system generated.
Thanks for reading Transaction Type : Customer Induced / Bank Induced
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