Paytm Payments bank launches zero balance current accounts
Paytm Payments Bank has launched a zero balance current account facility for small and medium enterprises which comes with features like unlimited free digital transactions, free debit card and more.
In a statement released to the press, the payment bank said that it is targeting more than 40 million SMEs in India with this savings account feature.Read more ↓
While being available to individuals, sole proprietors and other small businesses who are unable to meet the minimum balance requirements of current accounts offered by traditional banks.
Further, the feature of unlimited cash deposits will also help small merchants who receive most of their payments in cash.
Customer’s balances above Rs 1 lakh at the end of the day will be automatically swept out to a current account with a partner bank. However, there is no restriction on depositing any amount and conducting transactions during the day.
“There are 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,” said Satish Kumar Gupta, chief executive officer, Paytm Payments Bank.