suppose I have an account in SBI Bank and I have given standing instruction 2 SBI Bank to pay the due amount of my electricity bill at a particular date.is it right to say about electricity bill payment that sbi Bank produced a service for me.plz give me answer in yes or no only. Related: Chapter Notes - Nature and Purpose of Business?

Question

suppose I have an account in SBI Bank and I have given standing  instruction 2 SBI Bank to pay the due amount of my electricity bill at a particular date.is  it  right to say about electricity bill payment that sbi  Bank  produced a service for me.plz give me answer in yes or no only. Related:  Chapter Notes - Nature and Purpose of Business?

Answer

Yes

Introduction:
In this scenario, you have a standing instruction with SBI Bank to pay your electricity bill on a particular date. The question is whether it is right to say that SBI Bank has provided a service to you by facilitating the payment of your electricity bill.

SBI Bank as a Service Provider:
- SBI Bank indeed provides a service to its customers by offering standing instruction facilities. Through this service, customers can automate the payment of recurring bills, such as electricity bills, without the need for manual intervention each time a bill is due.
- By setting up a standing instruction, you have authorized SBI Bank to transfer the due amount from your account to the electricity company on the specified date. This saves you the time and effort of manually initiating the payment each month.
- SBI Bank acts as an intermediary between you and the electricity company, ensuring the smooth processing of the payment and providing the convenience of automatic bill payment.

Key Points:
- SBI Bank offers standing instruction facilities to its customers.
- Standing instructions automate the recurring payment of bills.
- By setting up a standing instruction, you authorize SBI Bank to transfer the due amount from your account to the electricity company.
- SBI Bank acts as an intermediary, ensuring the smooth processing of the payment.
- SBI Bank's service saves you time and effort by automating the payment process.

Conclusion:
In conclusion, it is right to say that SBI Bank has provided a service to you by facilitating the payment of your electricity bill through their standing instruction facility. By automating the payment process, SBI Bank offers convenience and saves you time and effort.

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