Paytm Payments Bank Limited announced the launch of its zero-balance current account facility. This move is aimed at small and medium enterprises (SMEs) who do not have access to free current accounts.
With this move, PBBL becomes the first payments bank to offer current account facility to businesses.
These current accounts will be available to individuals, sole proprietors, SMEs, and large corporates, who can also deposit money an unlimited number of times without incurring any charges. This feature is helpful to shop owners who receive a majority of payments in cash on a daily basis.
However, there is no restriction on depositing any amount and conducting transactions during the day. Customers can redeem these swept-out balances on demand at any time.
Large corporates also benefit from the current account facility 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 customise the approval matrix for the same based on their requirements. PPBL has designed these offerings keeping in mind the usage and requirements of small business owners and large enterprises.