NSD provides the Recurring Cash Transfer service for all bank accounts, other than nominee accounts and bondholder representative's accounts, on each NSD's business day, in accordance with the Terms and Conditions of Bank Account Services.
Cash transfers are made in the amount and using the bank account details specified in a Standing Instruction, using currencies listed in the Account Application Form.
For trading bank accounts, the service is available in RUB and USD only.
Recurring Cash Transfers
|From a trading bank account||From another account type|
|no specific time may be requested, cash transfers are only made upon completion of post-clearing settlements||time for cash transfers needs to be specified|
|any number of Standing Instructions may be given, with different times specified for cash transfers within an operational day|
|for a recurring cash transfer, either a specific amount needs to be indicated in the Standing Instruction, or the Standing Instruction needs to instruct to transfer the cash balance available in the account at the specific time|
|(the available balance is determined at the time of completion of post-clearing settlements)|
A cash transfer may be made to bank accounts held with NSD or another credit institution, or with a foreign bank.
Using the Service
- The service is provided by NSD starting from the date specified in the Standing Instruction, but no earlier than the then current operational day. If the date specified in the Standing Instruction is a non-business day, NSD will start providing the service on the first business day immediately next to the date so specified.
- The service is provided in accordance with the Regulations applicable to transactions in relevant currencies. In a Standing Instruction, it is not allowed to specify a time for cash transfers, which is beyond the timeframe provided for by the applicable Regulations.
- At client's option, recurring cash transfers may be made either within Bank of Russia's payment cycles, or through the Bank of Russia Real Time Gross Settlement System (BESP System).
- Information in an account statement issued upon completion of a recurring cash transfer is provided using the same format as for non-recurring cash transfers instructed by the client.
Discontinuance of Using the Service
- To discontinue using the recurring cash transfer service, the client needs to cancel his Standing Instruction by sending a request for cancellation to NSD either via NSD EDI channels or SWIFT (MT 292 message), in each case stating the number and date of the Standing Instruction to be cancelled, or in hard copy using the format required by NSD.
- NSD discontinues providing the service no later than the business day next to the date of receipt by NSD of the client's request for cancellation.