Virtual Accounts Solutions

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.

Benefits of IDFC FIRST Bank Virtual Account Number

Zero setup & transaction cost

Ensures complete customer security

Different account number for different payers

Features

Privacy to your bank account number

Daily detailed MIS for reconciliation

Supports collection via NEFT/RTGS/IMPS

Real-time alerts for incoming fund transfers and exceptions

Contact Us

Apply now for the current account to avail this service or kindly visit the nearest branch.

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.

More FAQs

Effective financial management
commences with the use of
Virtual Accounts

Overview

Benefits & Features

FAQs