The Penny Drop API is used to verify bank account ownership by sending a minimal amount (usually ₹1) to the account and checking if the account holder’s name matches the expected beneficiary.
🔹 POST – Bank Account Verification (Penny Drop)
Q:- How does the Bank Account Verification (Penny Drop) API work?
A:- This API performs a micro-transaction (₹1) to the provided bank account. It then validates the account by returning the account holder's name and confirmation of a successful credit.
Key Uses:
- User onboarding and KYC verification
- Ensuring account validity before payouts
Reducing failed transactions
