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All about Jio Payments Bank

Payments bank aim to reach out to the marginalised sections of the society that are yet not covered by the traditional banking system.

One such payment bank is Jio Payments Bank. Customers can open an account with Jio Payments Bank online. Customers need to download the phone app and enter the Aadhaar details to open a savings account online.

Read: All about Payments Banks

The savings account can also be used to recharge, pay utility bills, shop online, purchase travel tickets and more.   

The bank can be downloaded on your smartphone or through Jio Phone banking. Besides, the online presence, Jio Payments Bank is also planning to open its bank outlets across the country. According to their website, they are going to open banking outlets at over 70,000 locations.

Features of Jio Payments Bank

It is a zero balance account that means that there is no requirement to keep a minimum average balance in the savings account.

Any Indian resident above 18 years of age can open a Jio Payments Bank account.

A savings account can be opened instantly online without any paperwork.

It works with any telecom operator and over any network whether it is 2G, 3G and 4G.

Customers get the benefits of exclusive deals and discounts on your favourite brand.

The savings account of Jio Payments Bank does not come with any charges

Aadhaar card and PAN  card are the two documents that are required to open a savings account with Jio Payments Bank.

Funds can be withdrawn from the Jio account through any Jio Points spread across India.

While most savings account come with a debit card, there are no debit cards for customers of Jio Payments bank.

Fund transfer from Jio Payments Bank to another bank through NEFT and IMPS is free.

About Jio Payments Bank

The Reserve Bank of India (RBI) granted in-principle approval to Reliance Industries to open a payments bank under the Banking Regulation Act, 1949. SBI partnered with the bank to help them build their banking business. The bank was finally incorporated in November 2016.

Dr Vivek Bhandari is the Chairman of the Board of Directors while H. Srikrishnan is the MD and CEO of Jio Payments Bank. In his previous stint, Dr Vivek Bhandari was the Director and Professor of Social Science at the Institute of Rural Management, Anand (IRMA). H. Srikrishnan is an experienced banking professional and has worked with major private sector banks and foreign banks for over two and a half decades.

FAQs on Jio Payments Bank:

  • Do I need a Jio number to open a Jio Savings account?

No. You can open the savings account through any number.

  • Is it mandatory to have a smartphone?

You can avail our banking services through any of our outlets.

  • What should I do to freeze my Jio Payments Bank account?

You can call 1800 891 9999 to freeze your account.

  • Do I need to pay any penalties if I keep the account inactive?

There are no penalties for keeping your account inactive

Conclusion:

The savings account from Jio Payments Bank can help in financial inclusion. The savings account can be easily opened online through the bank app with the help of your PAN card and Aadhaar card. However, the payment banks don’t provide a range of other financial services such as loans, credit cards, insurance and other investment product.

The objective of the payments bank is to increase financial inclusion and help people open a savings account. If you already have a savings account and you are looking at more financial products, then opting for a traditional bank will help you to fulfill your goals.


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All you need to know about Paytm Savings Account


 

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