FAQs - Virtual Accounts
This section outlines some of the most important FAQs pertaining to the Virtual Accounts module. If you have any other queries, please reach out to us at [email protected].
1. What is a Virtual Account (VA)?
A virtual account is an account created and assigned to each of your paying or receiving customers, for example, the main distributor or buyer so that your company will be able to differentiate each payment from the payment source. A virtual account is mapped to a Bank account in the backend against which it is created. The payments made to different Virtual Accounts will be automatically directed into your master’s current/nodal account.
2. How can I create a VA?
You can use Decentro’s Create Virtual Account API to open a Virtual Account for an individual or organization.
3. Do I need to do KYC for opening a VA?
As per regulations, Complete KYC is not mandatory to open a Virtual Account. However, since the liability for the money passing through the virtual account lies with you, Decentro recommends a basic KYC be done. For example, collect the PAN/Aadhar card of the individual/organization.
4. Do I need a Nodal/Current/Escrow Account to open VAs?
Decentro, by default, provides its Nodal account to open/link virtual accounts. You can directly integrate Decentro’s APIs and start creating virtual accounts from the word go.
However, you’re welcome to share your Current / Nodal account details with Decentro and we will facilitate the opening/linking of Virtual accounts on top of your account.
5. How many VAs can I create?
You can create as many virtual accounts as is needed for your use case. Each VA number has 18 digits. All you have to do is to customize the last 12 digits of your VA number and assign that unique VA number to one of your customers. You can repeat the same process for other customers.
6. What are the payment modes supported by the VA for transferring funds?
You can transfer funds out of a VA using NEFT / IMPS / RTGS/ UPI to other Savings / Current / Business accounts.
Similarly, people can transfer funds into VA using NEFT / IMPS / RTGS / UPI from their Savings / Current / Business accounts.
7. Where does the money go when funds are transferred to VA?
The funds will go directly to the master account registered for the VA since the VA serves only as a mirror account for the actual master account. A VA aims to help your business accounting with a better process for consolidation and tracking of payments from the same payer.
8. Are there any charges to VAs?
Yes, please reach out to [email protected] for our pricing document.
9. What happens to the funds when a transaction "Fails" after the collect request was completed?
For all failed transactions, the amount is not settled with our Banking provider. In such cases, it is the responsibility of the Remitter bank to refund the amount to the customer.
10. Can I collect money using VA?
Yes, you can. Every VA behaves exactly like a regular bank account and the money can be sent using any method like IMPS, NEFT, RTGS, or even UPI.
Updated about 1 year ago