Free banking services, 0 minimum balance, offered by Paytm Payments Bank
Paytm Payments Bank current account will be available to individuals, sole proprietors, SMEs, and large corporates.
Paytm Payments Bank: A current account is the need of every business. It gives one freedom to have an unlimited number of transaction to run their businesses. Banking institutions have been trying to make their current account offering more attractive. Now, the Paytm Payments Bank has also forayed in the segment with zero-balance current accounts facility. The bank aims to target more than 40 million small and medium enterprises in India who do not have access to free current accounts.
"Small & medium enterprises will find these features very helpful, along with an easy to use interface to operate the account. PPBL current account customers will also enjoy free banking services and a user-friendly interface to operate the account with very secure & robust technology infrastructure," it said in a statement.
The current account will be available to individuals, sole proprietors, SMEs, and large corporates.
"Small businesses who are unable to meet the minimum balance requirement in their current accounts and incur charges associated with it, will benefit from PPBL current accounts offering. Customers can also 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," it added.
Paytm said if a customer's balance goes over rupees one lakh at end of the day, the amount will be automatically swept to a current account with a partner bank. "However, there is no restriction on depositing any amount and conducting transactions during the day. Customers can redeem these swept out balances at any point of time, instantaneously on-demand," said the PPBL.
It said that large corporates also 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 PPBL’s current account can also process bulk bill payments and can customize the approval matrix for the same as per requirement. PPBL has designed these offerings keeping in mind the usage and requirements of small business holders/merchants and even large enterprises," claimed the Paytm Payments Bank.
Satish Kumar Gupta, MD, and CEO, Paytm Payments Bank Limited, said that the offering aims to boost use of current accounts by small businesses.
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"There are a large number of small businesses who do not have a current account or do not actively use their current account for everyday payments. With our current bank account offering aims to provide the best in class banking facilities to businesses, especially small and micro enterprises. The addition of current accounts to our product portfolio is in sync with our vision of driving real financial inclusion," he said.
PPBL also offers savings account which comes with features like no minimum balance requirement, unlimited free digital transactions, free digital debit card and more.