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Effective financial management
commences with the use of
Virtual Accounts

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Virtual Accounts

Virtual accounts allow businesses like yours to track payments with a higher level of granularity. Virtual Account number can be associated with specific invoices, orders, or parties, making it easier to reconcile payments.


Read more...
overview

Benefits of IDFC FIRST Bank Virtual Account Number

Zero setup & transaction cost
Ensures complete customer security
Different account number for different payers

Features

  • pointerPrivacy to your bank account number
  • pointerDaily detailed MIS for reconciliation
  • pointerSupports collection via NEFT/RTGS/IMPS
  • pointerReal-time alerts for incoming fund transfers and exceptions

FAQs

What is Virtual Account No (VAN)?

Virtual Account Number / VAN is just an identifier to help reconcile your inward transaction which gets credited to your underlying KYC compliant business account.

Which type of payments can be made to a Virtual Account Number?

Funds can be remitted to these Virtual Account numbers through NEFT, RTGS & IMPS modes.

What are the typical use case of Virtual accounts?

Virtual accounts can be used for EMI recovery/collection, Fee collections by school, Membership collections by clubs, Maintenance collection by residential units, etc. Business can also allocate VAN to your debtors to collect payment & ease identification / reconciliation of credit.

Can a Virtual Account number be alpha-numeric?

Yes, Virtual account can be created alpha numeric/alphabetical as per your requirement.

Do your customers / payers need to know your Virtual Account number to make payments?

You need to share the Virtual Account Number with designated IFSC. These details are the beneficiary account details for your payers to make payment to your account. 

How many Virtual Accounts can you create?

We can generate required no. of virtual accounts as per customer’s need. The required list of virtual accounts needs to be submitted to bank for maintenance in the system and validating transactions.

Do we get a Virtual account statement in lines with Bank Statement

Virtual Account is just an identifier of all credits to your Bank account. There is no separate Virtual Account Statement. A scheduled daily MIS / report helps you reconcile your VAN based collections.

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