About UPI

Your VPA creation and required bank accounts depend on how the funds are settled. You must create separate VPAs for One-Time and Autopay transactions, using RZP1 and RZP2 respectively.

1. Under Entity Information, enter the following details:

   • Entity Name
   • Registration Number
   • PAN
   • Category Code

2. Under Legal Account Holder Name, enter the following details:

   • Legal Account Holder Name
   • Legal Account Holder PAN
   • Set up different legal account holder based on your model:

   For Model I users:

   If the funds are intended to settle directly into your own SEBI-registered entity's bank account (applicable for most Brokers, AMCs and PMS providers):

   1. Set Different Legal Account Holder? to No. The system will automatically use your Entity's Name as the Legal Account Holder.
   2. Proceed to enter your entity's bank account details (which must be with the chosen PSP Bank).

   For Model II users:

   If the funds are intended to settle into the bank account of a Clearing Corporation (applicable for intermediaries facilitating transactions settled via an exchange, such as Broking for Mutual Funds or Bonds):

   1. Set Different Legal Account Holder? to Yes.
   2. Select Clearing Corporation, under Legal Account Holder Role*.
   3. Select NSE Clearing Limited or Indian Clearing Corporation Limited (as applicable), under Legal Account Holder Name*.

3. To use a registered Trade Name, set Use Trade Name as Username: to Yes and provide the Trademark Registration Number.

   The default username is based on your Legal Entity Name.

4. Under the UPI Handle Request section, fill up the below Beneficiary Information:

   • Account Number
   • IFSC Code
   • Select the "I confirm that Account Number: 123456789101112 and IFSC: BANK123456 belongs to Gaurav (PAN: ABCD123456)" checkbox.
   Handy Tips

   This account must correspond to the chosen PSP Bank (Model I) or the respective Clearing Corporation (Model II).

5. Enter a Username. The system auto-generates a unique UPI Username based on your entity information.

   If the default name is not descriptive enough, click Generate Longer to add more words from your Entity Name. Click Reset to revert to the original system-generated name.

6. Add an Optional Parameter. Click Enable to add this field. This parameter is mandatory to ensure the VPA can be successfully mapped to your Razorpay account.

   The primary purpose of this identifier is to allow you to create multiple unique VPAs using the same base username and PSP handle.

   • First VPA Request: Use RZP1
   • Second VPA Request: Use RZP2
   • Subsequent VPAs: Use sequential identifiers as needed (for example, RZP3, RZP4 and so on).

   Each UPI id you request must have a unique optional parameter for sequencing.

   Example VPA Structure: [yourname].rzp1.[suffix]@valid[bank]

7. The Payment Service Provider (PSP) section determines which bank's @valid handle will be used in your UPI id (for example, @validhdfc).

   • The system automatically selects the bank that holds the Beneficiary Bank Account you provided (based on the IFSC). The dropdown will then only display the corresponding @valid handles from that bank.
   • To use a PSP different from your bank account's bank, set Do you wish to use beneficiary's bank as PSP? option to No.
   • Then, select the desired Bank Name from the new options and choose the suitable @valid UPI Handle.
   Handy Tips

   If your preferred PSP is not listed, you must check with your bank as this indicates a configuration issue or restriction.

8. Click Add Record. A record of your UPI handle request will be created.

9. To submit your UPI handle request, go to View All Requests → click Submit UPI Handle Request.

Once submitted, the request goes to the selected Self-Certified Syndicate Bank (PSP) for due diligence and document verification before approving the UPI id on the SI Portal.