A Guide to an Evolved Current Account
A Current Account (CA) is a deposit account for companies/partnership firms- both small and big to make limitless transactions in a day. A current account by Paytm Payments Bank is a zero-interest account and has an end of day limit of Rs. 1 lac (as per the “Guidelines for Licensing of Payments Banks” issued by RBI dated 27th November, 2014). The current account is offered to:
- Sole Proprietors
- Public/Private Companies
- Partnership Firms
- Limited Liability Partnership (LLP)
- Association of Persons (AOP)
- Hindu Undivided Family (HUF)
Current Account – Significant Features
No Minimum Balance and Transaction Charges: You get a zero- balance current account so that you don’t stress about maintaining minimum balance. Also, you can make unlimited transactions using Netbanking.
Pay as You Like: You can conveniently make single and bulk payments online from your current account through Intrabank, IMPS, NEFT, Paytm Wallet and UPI (coming soon).
Free Digital Netbanking Panel: You can initiate funds transfer, can easily check details, approve transactions, manage beneficiaries, check your passbook and do a lot more via free digital Netbanking panel.
A Swifter Payment Collection Account – Generate virtual accounts on demand and accept payments via NEFT, RTGS and IMPS. Get notified for each incoming payment and automate the tedious reconciliation process.
Free Virtual Debit Card: A free virtual debit card gets issued to the Current Account holder. The user can easily order a physical Debit Card by paying a nominal fee.
Enhanced Security every time: Create custom checker rules to ensure that transactions do not get approved without the required approval.
Instant Notifications: Whenever you make a transaction, you are instantly notified so that you can keep a track of the transactions you have made.
Money Transfer APIs: Use PPBL’s CA for money transfer suite to make your digital payment journey more seamless.
24 x 7 assistance: Our customer care executives offer 24 x 7 assistance if you have any queries related to the current account.
Managing Profile is hassle-free: You can manage the profile of your current account as per your convenience. The authorizers can set and reset PASSCODE by using 2 factor authentication. Thus, DIY steps ensure a smooth flow.
Current Account- For Sole Proprietors
In India, more than 50% of legal entities are Sole Proprietors as they fall in the category of those businesses that are not registered with the Central Government as an individual organization. However, to collect payment for a sole proprietorship entity, a current account is required as it has no limit on the number of transactions you make.
To open a current account, you can visit this and easily have one. The process is easy to understand and quick to complete. You can also contact the customer care team in case of any query.
Current Account- For Public/ Private Companies, Partnership Firms, LLP, AOP, Trust, Society & HUF
Paytm Payments Bank offers a no minimum balance requirement current account with new age DIY steps to all the businessmen, corporate bodies, partnership firms, AOP, Trust, LLP, Society and HUF, as they usually make frequent transactions.
The onboarding for the current account in companies is done by Bank Sales Executive to ensure a smooth and hassle-free process. The process is initiated on the app and requires minimal paperwork.
A Multifunctional Account For A Nicer Experience
Current account is beneficial for sole proprietors or any business because it helps to manage the finances with ease. You can not only withdraw or deposit money in current account by Paytm Payments Bank but can also avail other facilities like 24 x 7 Netbanking, customer care services, no minimum limit and no charges on transactions alongside various other benefits.
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**Manage Beneficiaries with Ease (coming soon)