The Payouts feature enables businesses to disburse employee salaries seamlessly with just one click. This helps you keep clear records of payments made to employees each payroll cycle.

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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 processing salary payouts.

What is the process for setting up Payouts?

1. Pay the Setup Fee
   Pay ₹2,360 (inclusive of GST) to initiate the virtual account setup.

2. Submit the Required Documents
   Complete a setup form and upload essential KYC documents:

   • Business Registration Certificate

   • GST Certificate or PAN

   • Bank account details

3. KYC Verification
   The verification process takes approximately 15–20 business days to comply with RBI guidelines.

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 connected to your current account to enable fund transfers.

6. Verify Staff Bank Account Details
   Verify each employee’s bank account at a charge of ₹12 (inclusive of GST) per account.

Salary Disbursement

• Add Funds to Wallet: Transfer the required salary amount to your SalaryBox wallet.

• Enter Wallet PIN: Use your wallet PIN to authorize the transaction.

• Salary Transfer: Salaries are automatically credited to verified employee 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

• Current Account: The business must have an active current account.

• GST Registration: A valid GST registration is required.

• Exceptions: 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: Enables fast and hassle-free salary disbursement.

• Compliance: Follows RBI-compliant processes, ensuring secure and reliable transactions.

• Automation: Automates the salary transfer directly to employees’ bank accounts.