Discount, rediscount of cheques

Created on 15/3/2010
Updated at 7/9/2010

Agribank provides the service “discount, rediscount of cheques” for Vietnamese and foreign organizations.

Main features

 

-          Type of currency: VND, foreign currencies

-          Time to present the cheque: not exceeding 30 days from the date of issuance (excluding force majeure period, out-of-countrol objective reasons)

-          Place for cheque presentation: business location of the drawer of cheque, indicated clearing house or another location as noted on the cheque

 

Method

 

-          Full payment or multiple payments to the account of the beneficiary or payment in cash

-          After the time limit to present not exceeding 06 months after its issue, the cheque can still get paid if no notification of payment suspension and the solvency of the drawer is guaranteed.

 

Late payment penalty

 

-          Interest on late payment: from the date of cheque presentation declined to the date the drawer of the cheque settles the late payment amount for the beneficiary

-          Interest for late payment: 200% of rates as regulated by Agribank. Interest for late payment is paid to the beneficiary.

 

Delivery channels

 

-          Branches/transaction offices, ATM’s of Agribank nationwide or automated channels (E-banking)

 

Technology applied

 

-          Agribank uses automated system (IPCAS) to track customer information, accounts, amounts of interest payment, etc. with the highest security and accuracy.


Quang Hung
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Copyright. Vietnam Bank for Agriculture and Rural Development 2010. All rights reserved.