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How to Generate UPI ID for a Current Account?
Posted on Wednesday, October 16th, 2024 | By IndusInd Bank
Unified Payments Interface (UPI), since its launch in 2016, has revolutionised the way Indians conduct financial transactions. In FY’24 alone, India recorded about 131 billion UPI transactions, with a total value of ₹200 trillion. This impressive figure highlights the widespread adoption of UPI and the efficiency of this Indian payment system.
It is commonly known that savings accounts can be easily linked to UPI. However, there is often confusion over current account holders being able to generate UPI IDs to enjoy quick and secure transactions. Get all the details you need to know below:
Is it Possible for Current Account Holders to Use UPI?
If you hold a current account with IndusInd Bank, utilising UPI becomes very simple with the help of the Indus Merchant Solutions app. For example, let’s say you have an IndusInd Bank Indus Max Account and wish to use UPI. Start by installing the Indus Merchant Solutions app on your smartphone. Next, complete the registration within the app and set up your UPI PIN. Now, you are ready to pay bills, make merchant payments, or send money to others. Simply scan QR codes and experience fast and multiple payments in just a few seconds.
Besides safe UPI transactions, the Indus Max Current Account by IndusInd Bank offers additional benefits like:
- A 100% digital process to open a current account online from anywhere
- With an average monthly balance requirement of only ₹10,000, this digital current account is especially beneficial for small and medium-sized businesses with variable monthly revenues
- Enjoy free NEFT/RTGS/IMPS transactions for effortless money transfers
- Deposit up to ₹6 lakh for free across both home and non-home branches
- Opt for an auto-sweep facility to earn interest on your excess current account balance
- Doorstep banking services offer up to three free cheque pick-ups a month via an on-call facility
Open a current account today and get started with IndusInd Bank!
How to Set Up UPI ID for a Current Account? Detailed Steps
- Download and install the mobile banking app
- Start the registration process. Enter the mobile number linked to your current account. The app will send an OTP (One-Time Password) to verify your number. Enter the OTP to proceed
- Click on ‘Add a bank account’
- Choose IndusInd Bank from the list provided
- An automatic UPI ID will be suggested. You can keep this or customise if allowed by the app
- Set up a UPI PIN. This step might require you to provide the debit card details linked to your current account. Usually, this involves the last six digits of the card number and the card’s expiry date. You may receive another OTP to authenticate this process. Enter the OTP and create a strong UPI PIN
- Once done, your current account will be linked to UPI
Note: The format of a current account UPI ID could look like – abcd@bank. Here, ‘abcd’ could be either your first name or your mobile phone number, and ‘bank’ represents the name of your bank to which your current account is linked via UPI.
Also Read: Best Practices to Secure Your Current Account
Advantages of Using UPI with Current Accounts
Once you generate a UPI ID for your current account, you become eligible to enjoy countless benefits, like:
| Real-time processing | UPI facilitates real-time transactions. This offers dual advantages, i.e., 24/7 liquidity for timely payments and quicker responses to business opportunities. |
| Streamlined operations | The ability to conduct transactions directly from a mobile device with UPI simplifies financial operations for businesses and saves their valuable time. |
| Minimal transaction costs | With no fees or minimal charges, UPI transactions help businesses save more money over time. |
| High security | UPI uses two-factor authentication and state-of-the-art encryption protocols to protect customers’ account details and transaction records from unauthorised parties. |
| Multi-account management | A single UPI app allows you to link multiple bank accounts. This feature allows business owners to switch between accounts for different transactions based on their needs. |
| Detailed transaction logs | UPI apps offer transaction logs that allow businesses to monitor and analyse their financial transactions anytime, anywhere. This feature helps in better financial planning and provides precise record-keeping for auditing and tax purposes. |
Key Takeaways
Creating aUPI ID for current accounts is a simple process that can improve your business’ operational efficiency significantly. All you have to do is download your bank’s mobile app, register your account, link the current account, set a UPI PIN, and create your UPI ID.
Indus Max Current Account further simplifies this integration with its robust UPI support. Now, make or receive payments quickly and securely through QR codes and UPI IDs, and handle your business transactions more efficiently.
Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.
