Evolution's Guide to Current Accounts - : How Three-Party Payments Work in India

A Current Account (CA) is a deposit account designed for a company or partnership to make unlimited transactions in a day, irrespective of its size.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 RBI's publication dated 27 November 2014 on "Payments Bank Licensing Guidelines").

Below is a detailed description of the current account:

** For whom the current account applies:**

- sole proprietor

- Public/private companies

- partnership

- Limited Partnership (LLP)

- Individual consortia (AOP)

- fiduciary

- associations

- United Families of India (HUF)

**Significant features of current accounts:**

- 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 Intrabank, IMPS, NEFT, Paytm Wallet and UPI, which is coming soon.

- 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.

- Quick Collect 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 be provided with 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 experience 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.

- Managing your account is easy and convenient: You can manage your current account details at your own convenience. Authorised persons can set up and reset PASSCODE using two-factor authentication.DIY steps ensure a smooth process.

** Current account of the sole proprietor:**

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 corporations, partnerships, LLPs, AOPs, trusts, societies and HUFs:**

Paytm Payments Bank offers current accounts without minimum balance requirement with new age DIY steps to all traders, corporate entities, partnerships, AOPs, trusts, LLPs, societies and HUFs who usually transact frequently.

The registration of the company's current account is handled by the bank's sales representative to ensure a smooth and seamless process. The process is initiated on the application with minimum documentation required.

**Multifunctional accounts for better experience:**

A current account is beneficial for sole proprietors or any business as it helps in managing finances with ease. Not only can you access your money through a current account with Paytm Payments Bank, but you can also enjoy 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)**