In addition to the account-level schedule explained above, you can also define the settlement of the individual transfer using the following options:
By default, all payment transfers are settled according to the settlement schedule defined for the Linked Account. You can choose to defer settlements for a transfer indefinitely. In this case, the settlement for the transfer happens once you allow it.
You can set a time until which the settlement for the transfer should defer. Once this time has elapsed, Razorpay settles the funds to the Linked Account on the next business day.
For example, if you have set an on_hold_until.
timestamp corresponding to 7:00 PM on 23/03/2021, we will settle the amount to the Linked Account on 24/03/2021.
You can modify the above mentioned transfer settlement options via the API or Dashboard. On enabling the settlement, the initially defined settlement schedule will apply.
A Linked Account follows a T+2 cycle settlement schedule.
- If a transfer is created with
settle = false
and is set totrue
after 10 days, the settlement for that transfer happens immediately (during bank business hours). - If the transfer settlement is allowed on T+1, the settlement happens only on T+2.
The following table lists settlement statuses and their description:
Status | Description |
---|---|
pending | This status indicates that the transfer is processed and the settlement is pending. You can create the reversal if required. |
on_hold | If you have used the on_hold parameter to hold settlements for the transfer and don’t pass the on_hold_until parameter to define till when it should be on_hold , the transfer will be on hold indefinitely. We will mark such transfers as on_hold. |
settled | When the transfer is settled to the Linked Account. |