What is K-Account ? How can I open it ?

Modified on Mon, 16 Jan 2023 at 03:17 PM

Due to RBI regulations payouts are not allowed on cards so we migrated payouts from cards to K-account.

For the time being you can make payouts using cards but in future this will be restricted or disabled.


What is K-account?

K-account is a virtual account that you hold with Karbon. 

You can load the funds into the K-account account, and can use it to make bank transfers/payouts.


What are the benefits of using a K-account?

The primary benefits of our K-account are as listed below-

  • Individual K-account for all members to make vendor payouts/bank transfers.
  • All payouts can be done using the individual K-account, not requiring you to issue separate cards for each of your employees 
  • User-friendly, minimal documentation required
  • Load funds to your K-account using any Bank account of your choice
  • Flexibility to load the funds from your existing cashback card
  • Flexibility to transfer/withdraw funds anytime from your K-account to your cashback card for card-related expenses. (Owner access)
  • Secure each K-account with our user-based access and payout limit controls

Note- Members do not have access to withdraw the funds from K-account to cashback cards


How can I open a K-account?


Existing User-


Owners can open K-accounts by logging in to their accounts. 


Once the K-account is created for the owner, he can invite members to apply for the K-account.

Click on the K-account option available on the left side of the dashboard and apply.

In K-account access control give access to members.

Check the box available in front of the user to give K-account access to the member.


New User-


The process is really very simple. Keep your Company's PAN card and GSTIN ready with you.


  • Go to www.karboncard.com
  • Click on Sign Up.
  • Choose K-account
  • Enter the details of your company
  • Complete your KYC

It's done. Your K-account is ready to use. Load funds and start using K-account.


Charges- 


If you have a cashback card the charges will be the same as those of a cashback card.

For every transaction, there is a charge of 1.00% plus GST where you will be getting cashback as well starting from 0.65% 

( depend on the monthly spending)


Let's say you make the transaction for INR 10,000. In that case, you will be charged INR 100 

 

1% of INR 10,000 = 100

18% of INR 115 = 18


total = 118








 

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