We are delighted to share the launch of zero-balance current accounts facility with the following major features.
- No minimum balance requirement & no charges on digital transactions
- Real-time passbook updates
- Integrated bill payment services
- Hassle-free management of all types of payments and money transfers from net banking panel
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. Though, we have designed current account offerings keeping in mind the usage and requirements of small business holders/merchants and even large enterprises.
Benefits for Small and Medium Enterprises
Small & medium enterprises will find features like no minimum balance very helpful, along with an easy to use interface to operate the 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.
Customers will also enjoy free banking services and a user-friendly interface to operate the account with very secure & robust technology infrastructure. They can deposit money, an unlimited number of times without incurring any charges on it. This feature is helpful to shop owners who receive a majority of payments in cash on a daily basis.
Customer’s balances above rupees one lakh at end of the day will be automatically moved to a current account with a partner bank. There is no restriction on depositing any amount and conducting transactions during the day. Customers can redeem the amount held at partner bank at any point of time, instantaneously on-demand.
Benefits for Corporates
Large corporates benefit from the current account through its interactive Net banking panel. The bulk payment mechanisms enable corporates to transfer funds to employees’ bank accounts for salary, reimbursements or any other payments. Enterprises using our current account can also process bulk bill payments. Corporates can customize the approval matrix as per the business needs.
A snapshot of the Net banking panel is shown below:
Process of opening Current Account
The onboarding process for customers is very simple and involves these following steps
- The applicant shares their mobile number with PPBL employee which is verified using OTP
- The Applicant shares their business details and supporting documents with PPBL employee basis the type of business (Sole proprietorship, Private limited, Public and Partnership )
- A full KYC is required for all authorized signatories and beneficial owners of the company
Accountis opened post verification of documents and details submitted to PPBL for Account opening.
How to open Current Account?
Interested customers can submit their request on – https://www.paytmbank.com/Forms/paytm-payments-bank-current-account-registration-form.