Payouts in SalaryBox

Payouts in SalaryBox

What is the Payouts Module in SalaryBox?

The Payouts feature allows businesses to disburse employee salaries seamlessly with just one click. It streamlines salary payments, ensuring efficiency and compliance with regulations.


Getting Started with Payouts

What are the charges for setting up Payouts?

A one-time setup fee of ₹2,360 (inclusive of GST) is required. This fee covers the creation of a virtual account for salary payouts.

What is the process for setting up Payouts?

  1. Pay the Setup Fee: Pay ₹2,360 (inclusive of GST) to create your virtual account in SalaryBox.

  2. Submit the Required Documents: Complete a form and upload necessary KYC documents such as:

    • Business Registration Certificate

    • GST Certificate or PAN

    • Bank account details

  3. KYC Verification: This process takes 15–20 business days to ensure compliance with RBI regulations.

  4. Receive Account Details: After approval:

    • Virtual account details will be sent via email.

    • Wallet PIN will be shared via SMS.

  5. Link Your Wallet to Your Bank Account: The virtual wallet is linked to your current account for fund transfers.

  6. Verify Staff Bank Account Details: To proceed with salary payments, verify each employee's bank account at ₹12 (inclusive of GST) per account.


Salary Disbursement

  1. Add Funds to Wallet: Transfer funds to your SalaryBox wallet.

  2. Enter Wallet PIN: Use the PIN to initiate payouts.

  3. Salary Transfer: Salaries are automatically credited to employees’ verified bank accounts.


Transaction Charges

  • ₹5 for salary transactions below ₹10,000

  • ₹10 for salary transactions of ₹10,000 or more


Eligibility Criteria for Using Payouts

  1. Current Account: The client must have an active current account.

  2. GST Registration: Valid GST registration is mandatory.

    • Exception: Businesses in the medical or education sectors with an annual turnover below ₹20 lakhs can use Payouts without GST registration.


Why Use the Payouts Module?

  • Efficiency: Quick, hassle-free salary disbursement.

  • Compliance: RBI-compliant processes ensure security and reliability.

Automation: Salaries are automatically transferred to employees’ bank accounts.

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