Please note that, “Dormant” is a status which is applied to the accounts that meet the relevant criteria of no financial/non-financial transactions and no contact with the bank as explained above. “Dormant” account status is applicable at individual account level.įor example: If you have a single or multiple account(s) and there has been no transactions/contact for a period of three years, then the Customer and respective account(s) will be considered "Dormant”.Įxamples on Non-financial transactions: Balance Inquiry via ATM, Successful login to Internet banking/Mobile banking, Authenticated calls to Contact Centre - PIN verified calls through Integrated Voice Recording (IVR). A customer’s account status is changed into “Dormant” and becomes inactive. RazorpayX itself is not a bank and doesn't hold or claim to hold a banking license."Dormant" is a status of the account which becomes effective when the account holder has had no financial or non-financial transactions and has had no contact with the bank for a period of three years. Your RazorpayX powered current account is provided by our partner banks i.e, ICICI & RBL bank, in accordance with RBI regulations. Fast forward your business with Razorpay.ĭisclaimer: The RazorpayX powered Current Account and VISA corporate credit card are provided by RBI licensed banks. Manage your marketplace, automate bank transfers, collect recurring payments, share invoices with customers and avail working capital loans - all from a single platform. With RazorpayX, businesses can get access to fully-functional current accounts, supercharge their payouts and automate payroll compliance. RazorpayX supercharges your business banking experience, bringing effectiveness, efficiency, and excellence to all financial processes. It gives you access to all payment modes including credit card, debit card, netbanking, UPI and popular wallets including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money and PayZapp. Razorpay is the only payments solution in India that allows businesses to accept, process and disburse payments with its product suite. Resolution authorizing the designated partner as a signatory.Ĭertificate of Commencement of Business for Public Limited Companies. List of designated partners with their Designated Partner ID (DPID) issued by the Ministry of Corporate Affairs. Title deeds to the property/rental registration documents.Īdditional documents for NRIs (Non-Resident Indians):Ĭustomer declaration specifying the source of funds from NRO/NRE/FCNR accounts and exclusion from agricultural activities, print media, or real estate business.Īdditional documents for Limited Liability Partnerships (LLPs): Import-export license issued by the Director General of Foreign Trade. Professional Tax authorities-issued registration certificate.īusiness registration certificate issued by the respective State Government. Municipal authorities-issued registration and licenses, required under the Bombay Shops & Establishment Act, 1948. Proof of address for individuals, such as telephone or electric bills. Individuals may also provide documents like voter ID, passport, or driving license. Proof of identity for proprietor/trader/professional/institution/association, such as PAN card. Here are the documents needed to open a Current Account: Comprehensive suite of financial solutions: Account holders have access to a range of services, including Debit Card Solutions, CMS Solutions, to meet their specific business needs.Flexible cash deposit limits: Our Current Account options offer various cash deposit limits to accommodate businesses of all sizes.Free cheque book and cash withdrawals: We provide complimentary cheque book issuance and no charges for cash withdrawals, regardless of the number of transactions made.This exclusive feature is only available for current accounts. Access to the Overdraft Facility: Current account holders have the opportunity to access funds beyond their account balance to address immediate business needs.Tailored Current Account options: We offer a wide range of Current Account variants designed for different types and sizes of businesses, small, medium, and large organizations, as well as individuals starting their business with a Digital Current Account. Smooth and organized business operations: Opening a Current Account helps you manage your business efficiently.
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