Penny drop verification is a type of BAV used to verify the legitimacy of a beneficiary bank account can be achieved by making a nominal deposit of ₹1. This process confirms the bank details and beneficiary and effectively determines whether the associated account is active.

Penny less verification is a type of BAV used to verify the legitimacy of a beneficiary bank account that can be achieved “without” depositing ₹1. This process confirms the bank details and beneficiary and effectively determines if the associated account is active or not.

It simplifies and secures the bank account verification process by auto-routing or switching transactions between penny less and penny drop if penny less transaction doesn’t execute. This process confirms the bank details and beneficiary and effectively determines if the associated account is active or not.

Businesses must provide the beneficiary’s bank account number and IFSC code to verify the beneficiary’s account details name, status, audit trails, etc.

Penny drop verification API is faster and more convenient than other methods of bank account verification, providing an instant check for the beneficiary’s account details, and delivering a seamless customer experience.

Currently, Signzy supports 80+ banks for pennyless transactions. If the beneficiary bank account number and IFSC code don’t support penny less verification, our advanced system auto-route translation to penny drop, guaranteeing precision and reliability in every verification.

Yes, you can provide an Excel/CSV sheet for more than 10 lakh rows using batch/bulk upload and get bank account details and stature time.

With Signzy, it takes less than 3 seconds to verify bank accounts either single bulk-uploaded.

If your business requires online transactions, payment payouts, etc., penny drop using auto-routing is an effective method to enable bank account validation for your use case.