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Merchant Multiplier Account

Looking for an efficient online merchant multiplier account to manage your cash deposits? IDFC FIRST Bank offers a first-of-its-kind comprehensive range of merchant account services, with a capability to handle higher cash deposit requirements linked to POS and UPI QR cumulative throughput in a monthRead More

Go ahead and open a merchant multiplier account today!Read Less

Benefits & Features

WHY OPT FOR A MERCHANT MULTIPLIER ACCOUNT?

With IDFC FIRST Bank you can leverage these merchant services:

 

Here’s what you get:

  • 20X cash deposit limit of total POS + UPI QR throughput
  • No non-maintenance charges
  • Preferential pricing on POS
  • Free Platinum Debit Card
  • Free UPI QR and Virtual Account
  • No setup and annual maintenance on payment gateway
  • Free bulk payment through Netbanking
  • Complementary doorstep banking

ELIGIBILITY

Who can apply?

Apply for our merchant multiplier account if you fall into the below mentioned criteria

  • Resident individual
  • Hindu Undivided Family (H.U.F.)
  • Sole proprietorship
  • Partnership
  • Limited Company/Limited Liability Partnership
  • Trust/Association/Club/Society

Documentation

Open a merchant account with ease once you have the following documents in place:

Sole Proprietor

  • 2 documents in the name of Entity
  • Address proof in the name of entity
  • Proprietor Document – (Photo, PAN copy and 1 OVD document copy)
  • Nature of Industry proof (In case not indicative in Entity documents, please check for Invoice Copy, Bill of Entry, Freight Invoice, Agreement Copy)

Hindu Undivided Family

  • HUF PAN Card Copy
  • HUF Declaration
  • HUF Address Proof Karta’s Document – (Photo, PAN card copy and 1 OVD document copy)

Read More

Freedom current account eligibility

FEES & CHARGES

Take a look at our minimal and transparent merchant fees and charges required.

View Fees & Charges

fees and charges

FREQUENTLY ASKED QUESTIONS

What is the minimum monthly account balance required to be maintained in your Merchant Multiplier Account?

There is no monthly, minimum average balance that need to be maintained in your Merchant Multiplier Account.

Can Merchant Multiplier Account variant be offered to the customer who has not opted for POS or UPI QR?

No, Merchant Multiplier Account is exclusively for merchants opted for POS and UPI QR.

What is the free cash deposit limit in Merchant Multiplier Account?


Free cash deposit limit in Merchant Multiplier Account is 20 times of POS + UPI QR throughput for the month, up to 30 lacs. Beyond 30 lacs, charges will be applied as per SOC.

Which month’s throughput from POS + UPI QR will be considered for determining free cash deposit limit for Merchant Multiplier Account?

Current month’s throughput will be considered for determining free cash deposit limit for the month. For cash free limit calculation for the month of September will be based on total throughput from POS + UPI QR for the month of September.

What is the base cash deposit limit if POS or UPI QR throughput is zero for the month for Merchant Multiplier Account?

There is no base limit of cash deposit in Merchant Multiplier Account.The cash deposit limit is 20 times the POS + UPI throughput. If the monthly POS + UPI QR throughput is zero, then the customer will be charged on the entire cash deposit.

What if the POS or UPI QR is not installed or de-installed later for Merchant Multiplier Account Customer?

The Merchant Multiplier Account will be continued in the same product variant, we recommend customers to contact the Branch Manager or their Relationship Manager (RM) to switch to another suitable variant.

What is AMB and how is it calculated for IDFC FIRST Bank Merchant Multiplier Account?

Average Monthly Balance (AMB) of your Merchant Multiplier Account is the average of day-end balance in the account for all the days in a month

What are the modes through which one can track the IDFC FIRST Bank Merchant Multiplier Account?

You can track your IDFC FIRST Bank Merchant Multiplier Account through the following modes:

  • View and transact via the Netbanking portal and Mobile Banking App
  • 24 X 7 banker-on-call
  • Monthly email statements sent to registered email id
  • Alerts through email and SMS

What are the CMS solutions (Cash Management Solutions) available for the Merchant Multiplier Account?

  • Doorstep banking services with live tracking facilities
  • Bulk cheque printing services
  • Free bulk upload facility on net banking
  • Payment gateway
  • Virtual Accounts
  • UPI – QR

What are the digital payment and receivable solutions available for Merchant Multiplier Account?

Here are some of the digital payment and receivable solutions through which you can gain edge in the competitive market –

  • Free NEFT/RTGS/IMPS
  • Debit Cards
  • Net Banking & E-commerce Transactions
  • Free bulk upload facility on net banking
  • Payment gateway
  • Virtual Accounts
  • UPI – QR
  • Point of Sales
  • API integration
  • NACH/e-NACH

What are the best merchant services you can benefit from?

Here’s the list of merchant services that will help you facilitate your international business requirements -

  • Letter of Credit
  • Bank Guarantee
  • Import Finance
  • Inward Remittance
  • Outward Remittance
  • Hedging and Currency Protection
  • Foreign Currency Cash

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