What is penny drop?

In simple terms, it's a test transaction to help us verify your bank account.

Once you enter your bank account details, we drop a penny (Re.1 in our case) to your bank account to check if the account is active and valid. Plus, we also check if the name in the bank account matches the one in your PAN.

If your bank account verification is failing, ensure that the name in your bank account matches with the one on your PAN.