Cashless payments have become so firmly established in our life that neither organizations nor citizens today can do without them. The bulk of settlements between counterparties is carried out through special settlement documents - payment orders.
The Bank of Russia Regulation No. 383-P states that a payment order is an order of the account holder to the bank serving him to write off the amount of funds indicated in the document to the recipient's account, which can be opened both in the same bank and in another bank. Persons who do not have a current account with a bank can also make payments by means of payment orders or payments. In this case, the bank will draw up the payment order on behalf of the citizen, and the specialist will write off the money from a special consolidated account. Payments are provided to the credit institution on paper or in electronic form.
What can be paid by payment orders
By means of payment orders you can:
- pay for purchased goods and services received, as well as make prepayment or advance payments for them;
- pay taxes to the budgets of all levels;
- make insurance and other contributions for off-budget funds;
- extinguish all kinds of penalties and fines;
- pay interest for the use of loans, as well as repay the principal debt;
- make transfers in favor of individuals between accounts or without opening an account;
- make other payments permitted by law.
Peculiarities of settlements by payment orders
Payment orders are drawn up on the form 0401060, all mandatory fields must contain the requisites necessary for making the payment. If the payment order is filled out in violation of the requirements of banking regulations, the employee of the credit institution has the right not to accept it for execution.
Correctly executed payment orders from legal entities are accepted regardless of whether the organization's current account has the amount required to make a payment. Payments that the bank makes on behalf of individuals are accepted for execution only after the citizen pays to the bank's cash desk an amount sufficient to make a payment and charge a commission for the operation, or such an amount is already in his current account.
Payment orders are accepted for payment within a certain time, which is called a business day. The bank is obliged to pay for all orders received from the beginning of the business day to 13-00 on the current date, and accepted from 13-00 to the end of the operating time - no later than the next business day.
The general terms of non-cash payments should not exceed 2 business days within one constituent entity of the Russian Federation and 5 business days - within the Russian Federation. In practice, payment orders are settled even faster. For example, if the payer and the beneficiary have accounts with the same bank, the payment is processed in a few minutes. If the payer's and recipient's banks are in the same city, money is usually transferred in 2-3 hours.
