The purpose of the current account is to facilitate payment transactions between customers and the IPI, and in particular to pay fees and charges owed to the IPI.

Natural and legal persons as well as bodies of persons that regularly effect payment transactions with the IPI may hold current accounts. To open a current account, the application form (PDF, DOC) provided by the IPI, must be completely filled out, personally signed and submitted to the IPI.

To make a payment from the current account, a written debit order, signed by the holder of the account or another authorised person, must be sent to the IPI. The debit order must include the account number to be debited as well as the particulars necessary to clearly identify the purpose of the payment. The customer is responsible for ensuring that there are sufficient funds available in the account for paying all debit order instructions issued but not yet executed at the time the debit order instruction is made. The IPI cannot guarantee that multiple debit order instructions will be executed in the order of the fee payments due (i.e. the fee may be debited after the debit order instruction has been made – including after expiry of the payment deadline).

If there are insufficient funds in the account, the debit order will not be processed and the payment will be considered as not having been made (the IPI does not attempt to re-debit the account). Subsequent deposits paid into the current account, which would result in sufficient funds being available, will be disregarded. If a debit order collection is unsuccessful, the deadline for payment will be neither shortened nor extended even if the deadline has not yet expired.