26 February 2019, India:
Paytm Payments Bank Limited (PPBL) has launched zero-balance current accounts facility.
PPBL already offers savings account which comes with features like no minimum balance requirement, unlimited free digital transactions, free digital debit card and more.
The bank aims to target more than 40 million small and medium enterprises in India who do not have access to free current accounts.
The current account will be available to individuals, sole proprietors, SMEs, and large corporates. 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.
Customer’s balances above rupees one lakh at end of the day will be automatically sweeped out 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 sweeped out balances at any point of time, instantaneously on-demand.
“We are on a mission to bring under-banked Indians to the mainstream economy. 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,” said Satish Kumar Gupta, MD, and CEO, Paytm Payments Bank Limited.
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, the company said in a statement.
The bank aims to target more than 40 million small and medium enterprises in India who do not have access to free current accounts.
(Image – Paytm)