NODAL Account

Flexible & Future-Ready

Manage collections and payments for your business seamlessly with Paytm Bank Nodal Accounts.

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Industry Leading Features

Complete APIs Suite

Entire Suite of Payout APIs such as Fund Transfers (along with customised approval flows)

  • Beneficiary Management
  • Transaction Status Check
  • Callback/Webhook
  • Balance Confirmation
  • Account Statement over APIs

In-house Technology & Expertise

Simplified onboarding, easy integration & revolutionary technology. Round the clock support & customised solutions.

Easy Reconciliation

Powerful dashboard to check transaction status in realtime. Create virtual account numbers for your customer & vendors and automate collections

Smart Transfers & Queuing

Highest Transaction success ratio with our advanced Smart Routing and Queuing technology. Automatic mode selection to ensure highest transaction success rate.

How the Industry uses Nodal Account

PaymentGateway

EcommerceWebsites

OnlineServices

AggregatorsSupport

Banking, Financial & Insurance

Powerful Dashboard

PPBL nodal account comes powered with net-banking facility

Approving Transactions
Initiating Single and Bulk transfers
Beneficiary Management
Management of Virtual Account Numbers
Download Account statements
Checking Status of Transactions
Checking Account Passbook
Customisable Notifications

Frequently Asked Questions

Who needs a nodal account?

Nodal Account is a type bank account that is opened by businesses (intermediaries) and is used to hold the funds on behalf of its customers & vendors. A nodal account ensures that the money does not legally belong to the intermediary at any point of time. Nodal Accounts were introduced by the RBI (Reserve Bank of India) as a mandate for intermediaries such as aggregators, e-commerce platforms & payment gateways to ensure that payments so collected from customers are released to vendors without any undue delays.

Your business would be an intermediary if you meet any one of the following
criteria:

  1. 1. You are collecting money on behalf of vendors from your customers
  2. 2. You are sourcing the products/services and are not the manufacturer or creator of the same
  3. 3. You do not fully pay for the products or services

What transactions are permitted?

Credits

  1. 1. Payments from various persons towards purchase of goods/services.
  2. 2. Transfers from other banks as per pre-determined agreement into the account, if this account is the nodal bank account for the intermediary.
  3. 3. Transfers representing refunds for failed/disputed transactions.

Debits

  1. 1. Payments to various merchants/service providers.
  2. 2. Transfers to other banks as per pre-determined agreement into the account,
    if that account is the nodal bank account for the intermediary.
  3. 3. Transfers representing refunds for failed/disputed transactions.
  4. 4. Commissions to the intermediaries. These amounts shall be at pre-
    determined rates/frequency.

Is there a need to open an additional account along with NODAL account?

Yes, a current account needs to be opened prior to opening a NODAL account. The current account shall be used for raising invoices and collection of fees from the client / partners. Other, day to day transactions of an intermediary such as salary payments, vendor payments, statutory payments, utility payments etc. will be made from a separate regular current account of the intermediary.