Virtual Account - FAQ  

1. What is a Virtual Bank Account?

A virtual account number is a system generated unique account number which is based on logic and masks the original account number. This in turn eases the process of collecting information & MIS generation by tracking these virtual account numbers against the payer’s credentials as provided by the merchant....

2. What are the benefits of Virtual Bank Account Number?

  • Guaranteed availability of payer’s information.
  • Ease of reconciliation of Account Receivables.
  • Improved Fund Management....

3. How should payment be made to a Virtual Bank Account Number?

Funds can be remitted to these virtual account numbers through NEFT or RTGS modes only. The virtual account no. is combination of two parts – ‘A’ which is a 4 digit masked account (character) for example – NMDC for National Mineral Development Corporation & ‘B’ is provided by merchant which is unique and may be based on Consumer no./Dealer no./ Challan No. etc.)....

4. What is the relevance of special IFS code in a Virtual Account number?

The IFS code in the case of a virtual account number is not attached to any Branch Code. It is generally generated as initials of the Corporate/Merchant. This is done for the ease of locating the transactions initiated for that particular merchant among all other transactions. ...

5. Whether payment to the Corporate/Merchant having SBI Virtual Account number can be made by visiting SBI Branch or through SBI Internet Bank?

No. SBI doesn’t facilitate intra-bank NEFT/RTGS fund transfer facility. So SBI users are advised to exercise other options while making payments to Corporates/Merchants having SBI Account.