Bank Verification Penny Drop API
Confirm an Indian bank account is live and correctly owned by depositing one rupee and reading back the account holder name from the bank.
Overview
What the Bank Verification Penny Drop API does
Penny drop is the most reliable way to prove a bank account exists and can receive money. The API credits a token amount, usually one rupee, to the account number and IFSC you supply. The receiving bank returns the registered account holder name along with the transaction result.
Because the check involves a real transfer, it proves far more than a format validation ever could: the account is open, it is not frozen, and it accepts credits. That makes it the standard pre-payout check for lenders, insurers and marketplaces settling money to customers.
Built for
Use cases
Where teams use the Bank Verification Penny Drop API
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Verifying a borrower's account before loan disbursal
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Onboarding sellers who will receive marketplace settlements
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Validating refund and insurance claim accounts
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Meeting internal controls that require proof an account accepts credits
Frequently Asked Questions (FAQs)
Related APIs
- Penny Drop Verify Fetch the outcome of an asynchronous penny drop using its reference ID and get the verification result with the account holder name.
- Bank Verification Hybrid Verify any Indian bank account with automatic routing between penny-drop and penny-less checks, so you get the fastest valid result every time.
- Bank Verification Pennyless Validate an Indian bank account and fetch the account holder name without transferring any money, using real-time banking network data.
- Mobile to Bank Find the bank accounts linked to an Indian mobile number, so customers can confirm an existing account instead of typing one in.
Start verifying with the Bank Verification Penny Drop API
Book a walkthrough and we will show the call, the response and how it fits your onboarding flow.
- One API key for every check
- Verified against official Indian records
- Built for onboarding at scale