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Cash Management Product (CMP) - Dividend Warrants
 
Features Cash Management Product (CMP)
Eligibility All Companies who wish to pay Dividends to their investors
Scheme details
  1. The company enters into an MOU with the Bank, specifying details of terms and conditions
  2. It opens Current Account "Dividend Warrant A/c"
  3. Deposits total amount of dividend payable into this A/c
  4. Co. gives a list of DW containing all details like DW No., amount, beneficiary name and a/c no. , date of payment of Warrants etc
  5. The paying branches pay the DW on presentation through respective menu option
Benefits of the Scheme
  1. DW payable at par at all branches
  2. Built in security features, as the system validates DW No. & amount at the time of payment
  3. Manual intervention for reconciliation of account is not required
  4. Company can access details of paid Warrants through statement of account / Corporate Internet Banking facility

 

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