Import Bills Collection
Payment mode for international trade through financial / commercial documents
Import Bill Collection is a mode of payment for international trade where the seller forwards financial and/or commercial documents to the buyer, against which the payment is made.
1. Expedite and simplify processing of your import bill collections.
2. Wide network of branches to enable collection at Axis Bank branch nearest to your location.
3.Convenient online channel for Bill of entry regularization and MIS.
1. The seller and buyer agree to conduct business and agree that payment be made on the basis of a documentary collection.
2. The seller ships the goods and tenders the documents to his bank (Remitting bank) together with a corresponding collection order.
3. The seller's bank forwards the documents along with its collection instructions to Axis Bank, the buyer's bank (Collecting bank).
4. Buyer's bank notifies the buyer of arrival of documents, for his payment/acceptance.
5. In case of:– Documents against Payment (DP), the buyer pays the amount due– Documents against Acceptance (DA), the buyer accepts the draft and gives an undertaking to pay on a later date (maturity date)
6. After providing payment or acceptance of payment, the buyer receives the documents using which he takes possession of goods
7. Buyer's bank remits the amount to the seller's bank which further credits the amount to the seller’s account
Product offering is subject to certain eligibility criteria as per Bank's internal policy and is subject to Bank's discretion