We are delighted to share the launch of zero-balance current accounts facility with the following major features.
- Earn interest on FD Balance on Individual Current Account
- No minimum balance requirement
- No hidden charges on transactions (NEFT/IMPS/RTGS)
- Real-time passbook updates
- Integrated bill payment services
- Hassle-free management of payments and money transfers from net banking panel
- Bulk Payment mechanism for salary or reimbursement disbursals and more
With this, we aim to target more than 40 million small and medium enterprises in India who do not have access to free current accounts. But, our current account offerings have been designed, keeping in mind the usage and requirements of small business holders/merchants as well as even large enterprises and corporates.
Benefits for Small and Medium Enterprises
It is a zero balance account, businesses who are unable to meet the minimum balance requirement in their current accounts and incur charges associated with it, will benefit from this current account.
Account holders will also have access to free banking services and a user-friendly Net Banking Panel which is highly secure, to perform and track transactions.
They can deposit money, unlimited number of times without incurring any charges. This feature is helpful to shop owners who receive a huge chunk of payments in cash on a daily basis. Also there is no restriction on number of transactions on a day.
Account holder’s balances above Rs. 1 lakh, at end of the day will be automatically moved to their current account with a partner bank, they can redeem the amount held at partner bank at any point of time, instantaneously on-demand.
Benefits for Corporates
Through the Net Banking Panel, corporates can perform various transactions with ease and without having to worry about tracking details and security. Corporates can customize the approval matrix as per the business needs. They can initiate bulk payments to transfer funds to employee’s bank accounts for salary, reimbursements or any other payments.
A snapshot of the Net banking panel is shown below:
Process of opening Current Account
The process to open a Current Account with us is very easy, here are the steps involved:
- The applicant shares their mobile number with us, which is verified using OTP along with business details by filling a form
- Full KYC is required for all authorized signatories and beneficial owners of the company
- Account is opened post verification of documents
Watch this video to find out more:
So, now that you know about the advantages of Paytm Payments Bank’s Current Account, make sure you open your account today.
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