What is an onus account?

For customers, On-Us Items mean that their money is available for use more quickly. Deposits are credited to their accounts immediately, and payments are processed swiftly, allowing them to access their funds without delay.

Additionally, On-Us Items also contribute to the overall stability of the banking system. By reducing the reliance on interbank transactions, banks can maintain a stronger financial position and be better equipped to weather economic downturns or other unforeseen challenges.

The concept of 'On-Us Item' refers to financial transactions that involve both the payment and deposit occurring within the same banking institution. This process streamlines the handling of funds, eliminating the need for intermediaries or additional processing steps that are typically required when dealing with transactions across different banks.

When a customer initiates a payment or deposit within their own bank, the transaction is classified as an On-Us Item. This simplifies the process significantly, as the bank can immediately credit or debit the relevant accounts without having to go through the interbank settlement process.

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