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Current Account - GeM Pool Account
Government e-Marketplace is a one-stop solution for procurement of goods and services required by various co-operative societies/banks, government departments/organisations, PSUs and States/UT’s with the aim to enhance transparency, efficiency and speed in public procurement.
GeM Pool Account (GPA) is a special purpose account opened, operated and controlled by each government agency/department for the purpose of crediting the projected value of the contract/supply order into the account and subsequently making timely payments to suppliers on successful supply of goods and services
Features & Benefits
- Axis Bank has partnered with Government e-Marketplace (GeM) for providing banking solutions to all the entities for e-Procurements. These banking solutions includes Specialised Current Account/Savings Account with API integrated payment solutions through GeM portal.
- Complete automated process for disbursement of funds to vendors on timely basis post request from GeM.
- Amount refunded to the source account in case of any order cancellation.
How it works?
The process of setting up a GeM Current Account is very easy if you follow the below process.
- 01
Account Validation
This service would be used to validate the Account details registered by the Buyer on GeM portal
- 02
DDO Mapping
This service would be used to map the DDO code with the GPA account and to generate the virtual account for each DDO
- 03
Challan Generation
This service would be used to generate the challan by the Buyer to fund the GPA account.
- 04
Challan Model
This service would be used to enquire on the successful credit of funds in GeM Pool account as per the challan generated by Buyer
- 05
Non-Challan Model
This service would be used to enquire on the available funds in GeM Pool account.
- 06
Fund Blocking/Unblocking
This service would be used to block or unblock the funds in the GeM Pool account of the Buyer.
- 07
Payment Instructions
This service would be used to initiate the payment to the supplier from the blocked funds in the GeM Pool account
- 08
Payment Status
This service would be used to enquire on the status of the payment initiated by the Buyer.
Fees & Charges
- No on-boarding fees
- No transaction based charges
Eligibility & Documentation
Eligibility for GeM Pool Current Account
Documentation for GeM Pool Current Account
- Account opening form
- Deal detail for Corp code creation
- On-boarding Form for customer
Value Added Service
- Customised MIS
- Dedicated customer care helpdesk.
Important Links
Access essential information to guide you with ease.
Terms & Conditions:
- All the terms are subject to change without any prior notice
- All the service charges will attract GST as applicable
- For BNA convenience charges post office hours on working days to be considered as 5.00 PM to 9.30 AM and holidays to include all 2nd & 4th Saturdays, Sundays and National Holidays
- Monthly charges applicable in a current account will be based on the scheme code of that account in the current month
- Monthly Average Balance (MAB) or Average Quarterly Balance (AQB) is the average of day end balance maintained by the customer for the duration
Note:
- Please mention your Customer ID number in all the correspondence with the Bank
- We would like to mention that, as a policy, Axis Bank will never ask you to disclose your Internet Banking password, login id and debit card number through emails or phone calls. Any such suspicious / spam mails, if received by you, should be forwarded to customer.service@axisbank.com
- You can get in touch with us on our phone banking numbers - 1860 419 5555 and 1860 500 5555
- The ATM/Debit card can be used at ATMs and retail outlets within India only.
- To activate your ATM/Debit Card, swipe it once at your nearest ATM or shop with it. To enable online transactions, international usage, and contactless feature (for Business Supreme only), customize card limits, block and replace card, use Mobile or Internet banking whichever applicable to you or visit your nearest branch.
- Ensure your card is used at least once in 3 months for Accident Insurance to remain active.
- ATM transactions are chargeable on Business Classic Debit Card and first 5 ATM transactions after the first POS transaction are free on Business Platinum and Business Supreme Debit Card (for further details on transaction charges, please visit your nearest branch or refer to our website)
- You can use your customer ID and Debit card pin to generate your online password for internet banking on www.axisbank.com (applicable to retail internet banking users only)
- For further queries, visit our support section and Select Current Account from the drop-down menu to find answers related to your queries (Bank Account >> Current Account). Click here to visit the support section.
Frequently Asked Questions
Yes, as per Office Memorandum shared my Ministry of Finance dated 14-Aug-2018, GPA can be either Savings/Current.
GPA enabled banks means that banks that have signed MOU with GeM for account opening.
In Challan mode, funding in Virtual Account Number (Beneficiary Account) needs to be done for each procurement whereas in Non-Challan mode lump sum funding can be done in Virtual Account Number (Beneficiary Account).
In Challan mode the Virtual Account Number (Beneficiary Account) is created for each procurement (i.e. each order) whereas in Non Challan business model Virtual Account Number (Beneficiary Account) is static. .
Client needs to follow the standard process for account opening.
Once the account gets opened, client needs to send the Deal details to BBCMS Implementation team for corp code creation. Once the corp code gets generated, client needs to share the client on-boarding template with CRS team. Once confirmed by CRS team, account is on-boarded by the Bank. Hereafter, client needs to activate the account on GeM portal.
Yes, business model can be changed for a client.
Client can fund Virtual Account using one of the three modes- RTGS/NEFT/IMPS.
No, amount in Axis GPA can’t be used for Challan Funding. Client needs to fund the Virtual Account Number in Challan from any other account.
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- Monthly Average Balance
Monthly Average Balance requirement of Rs. 100000/- (Metro & urban branches) , Rs. 50000/- (Semi-urban & rural branches) - Monthly Cash Deposit Limit
Enjoy Monthly Cash Deposit limit @ 10 times MAB up to maximum of ₹1 Cr - Cash Withdrawal
Unlimited for Home Branch, Rs. 100000 per day for Non Home Branch.
Cash Deposit/month:
₹ 1 Cr
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