An Evolved Guide to Current Accounts - Paytm Payments Bank Blog:- www.deekpay.com

A Current Account (CA) is a deposit account designed for a company or partnership - large or small - to make unlimited transactions per day.The current account offered by Paytm Payments Bank is a Zero Interest Account with an end of day limit of Rs. 1 Lac (as per the "Guidelines for Licensing of Payment Banks" issued by the Reserve Bank of India on 27th November, 2014) The following applies to current accounts:

- sole proprietor

- Public/private companies

- partnership

- Limited Partnership (LLP)

- Individual consortia (AOP)

- fiduciary

- associations

- United Families of India (HUF)

Current accounts - important features

No Minimum Balance and Transaction Fees: You get a zero-balance current account and don't have to worry about maintaining a minimum balance. Also, you can make unlimited transactions through internet banking.

On-Demand Payments: You can conveniently make single and bulk online payments through intra-bank transfers, Instant Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Paytm Wallet and the soon to be launched Unified Payment Interface (UPI).

Free Digital Internet Banking Panel: You can initiate fund transfers, view details, approve transactions, manage beneficiaries, view account books and much more through the free Digital Internet Banking Panel.

Faster Receiving Accounts: Generate virtual accounts on demand and accept payments via NEFT, RTGS and IMPS. Receive notifications every time a payment is received, automating the cumbersome reconciliation process.

Free Virtual Debit Card: Current account holders will receive a free virtual debit card. Users can easily order a physical debit card by paying a small fee.

Enhance security one transaction at a time: create customised review rules to ensure that transactions are not approved until they receive the necessary approvals.

Instant Notifications: Each time you make a trade, you will receive instant notifications to keep track of the trades you have made.

Funds Transfer API: Make your digital payments journey seamless with PPBL's current account funds transfer suite.

24-hour service: Our customer service team is available 24 hours a day to answer any questions you may have about your current account.

Easy account management: you can manage the current account details as per your convenience. Authorised persons can set up and reset PASSCODE using two-factor authentication. hence, DIY steps ensure a smooth process.

Current accounts of sole proprietors

In India, more than 50% legal entities are Sole Proprietors as they fall under the category of business which is not registered with the Central Government as a separate organisation. However, in order to receive payments from a sole proprietor, a current account is required as it has no limit on the number of transactions.

To open a current account, you can easily do so by visiting the appropriate website. The process is easy to understand and quick to complete. You can also contact the customer service team if you have any questions.

Current accounts of public/private companies, partnerships, LLPs, AOPs, trusts, societies and HUFs

Paytm Payments Bank offers current accounts with no minimum balance for all traders, corporates, partnerships, AOPs, trusts, LLPs, societies and HUFs with a new generation of DIY steps as they usually transact frequently.

The process of opening a current account in a company is handled by the bank's sales representatives to ensure a smooth and fuss-free process. The process is initiated on the application and requires minimal documentation.

Multi-functional accounts for a better experience

A current account is beneficial for sole proprietors or any business as it makes it easy to manage finances. Not only can you access your money through a current account with Paytm Payments Bank, but you can also take advantage of other services such as 24-hour internet banking, customer service, no minimum balance limit and no transaction fees, among many other benefits.

Stay tuned for more updates. **Easy Beneficiary Management (coming soon)**