How to Add a Current Account in UPI? A Complete Guide

What Is a UPI-linked current account?

A UPI-linked current account allows businesses and professionals to conduct digital transactions using the Unified Payments Interface (UPI). UPI is a real-time payment system that facilitates seamless transactions between banks. While it was initially designed for savings accounts, many banks now permit current accounts to be linked to UPI for business transactions.

Linking a current account to UPI offers the advantage of instant fund transfers, easy bill payments, and simplified vendor transactions. Business owners, freelancers, and merchants can manage their financial transactions efficiently without the need for cash handling. A UPI-enabled current account can be linked to any UPI-compatible mobile application, allowing users to send and receive payments through their mobile devices.

Eligibility for linking a current account to UPI

The eligibility criteria for linking a current account to UPI vary among banks and UPI service providers. However, some general requirements include:

• Business ownership: The account should be a registered business current account.
• Bank support: The bank must support UPI-based transactions for current accounts.
• Mobile number registration: The mobile number linked to the UPI app should be the same as registered with the bank.
• KYC compliance: The account holder must complete the Know Your Customer (KYC) process as per the bank's guidelines.
• UPI-enabled bank account: The current account should be enabled for UPI transactions by the bank.
• UPI app availability: The chosen UPI app should support current account linking.

Meeting these criteria ensures a smooth linking process and uninterrupted transactions via UPI.

Step-by-step guide to add a current account in UPI

Follow these steps to link a current account with UPI:

1. Download a UPI app: Install a UPI-enabled application like Bajaj Pay UPI

2. Register your mobile number: Ensure the registered mobile number with the bank is linked to your current account

3. Select 'ADD BANK ACCOUNT': Open the UPI app and choose the option to add a bank account

4. Choose your bank: Select the bank where the current account is held

5. Verify details: The app will fetch account details linked to your mobile number. Confirm the details

6. Set UPI PIN: Create or reset your UPI PIN using the debit card details associated with the account

7. Start transactions: Once linked, use UPI to make payments and receive funds directly to your current account

Benefits of using UPI for current accounts

The benefits of using UPI for current accounts are listed below.

Benefits	Description
Instant transactions	Funds are transferred instantly without processing delays.
Convenience	Payments can be made directly from a mobile device.
Secure payments	UPI uses encryption and multi-layer security.
Low transaction cost	Most UPI transactions incur minimal or no charges.
24/7 availability	Transactions can be conducted anytime, including weekends and holidays.
Seamless integration	Easily integrates with multiple UPI apps and banking services.

Bajaj Pay UPI that supports current accounts

Bajaj Pay UPI provides seamless transactions for current account holders. Some of the key features include:

Features	Description
Business transactions	Enables businesses to send and receive funds effortlessly.
Multi-bank support	Compatible with multiple banks offering UPI services.
Secure and reliable	Offers encrypted and secure payment processing.
Easy bill payments	Allows users to pay bills directly from the current account.
Seamless integration	Works with various UPI-enabled mobile applications.

Conclusion

Linking a current account to UPI simplifies financial transactions for businesses and professionals. It eliminates the need for cash handling and provides a fast, secure, and efficient way to manage business payments. Various UPI platforms, including Bajaj Pay UPI, allow current accounts to be integrated with their services, ensuring a seamless transaction experience.