Nodal Account - Apply Online - AU Small Finance Bank
AU Bank

Nodal Account For online marketplaces and aggregators

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About Nodal Account

    RBI has made it compulsory for online marketplaces and aggregators to open Nodal Accounts with banks to protect the interests of merchants and buyers. This account collects the funds of sales that are done online through marketplaces or intermediaries. Funds are collected in this account for payments to sellers.



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Features

  • Collection: Nodal Account is used to collect funds from online sales of products
  • Monitoring: This account helps in keeping the flow of proceeds to merchants in check


Benefits

  • Service: Dedicated team to facilitate smooth operations
  • Transparency: With Nodal Account, the customers, as well as the merchants, have more transparency of all the transactions
  • Security: Both the vendors and the customers are completely secured as intermediaries cannot control the flow of funds unless complying with all the legal regulations
  • Regulatory Control: Accounts are subject to regular auditing and RBI reporting
  • Payments: Quick TAT for payments to registered beneficiaries


List of Documents

  • Know Your Customer (KYC) documents


Empowering Customers