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Fino Payments Bank – Features and Types of Savings Account

Fino Payments Bank is one of the payments banks in India. Payments banks differ from regular banks. Payment banks cannot lend money to their customers as loans, open Fixed Deposits (FD) or Recurring Deposits (RD). Moreover, customers of payment banks cannot keep a balance of more than Rs. 1 lakh.

Payments Bank can open a savings account, which is one of the primary financial products. Fino Payments Bank offers seven different savings accounts, including zero balance savings account, to their customers.

Features of Fino Payments Bank Savings Account

  • As a payment bank cannot hold a balance of over Rs.1 lakh, it has partnered with Suryoday Small Finance Bank to provide a sweep account facility for a balance over Rs.2 lakhs.Account holders can earn up to 6.25% by opting for the sweep account facility.
  • Customers can access their account through mobile banking application and internet banking.
  • Account holders get free monthly e-mail statements.
  • Bank send SMS alerts to alert customers about any account activity.
  • One can link their account with Aadhaar and receive LPG subsidy and other benefits in their account.

How to open Fino Payments Bank Savings Bank

There are different ways to open a Fino Savings account. Here are some ways:

  • Visiting the Fino Payments Bank Branch
  • Visiting Fino registered merchant points
  • Calling  on customer care number 022 6868 1414
  • Placing an account opening request through our website

Interest Rate on Savings Account

Effective from 1st May 2021, the interest rate of savings account for balance up to Rs. 2 lakhs is 2.75%.

Types of Fino Payments Bank Savings Account

There are seven different savings accounts from Fino Payments Bank meant to cater to the needs of individuals.

Shubh Savings Account

  • Shubh Savings Account is a zero balance savings account with no monthly average balance requirement. This means that there is no requirement to maintain a monthly average balance.
  • However, the savings account has an annual subscription charge of Rs.399.
  • Account holders receive a free Platinum/Classic RuPay Debit Card.
  • RuPay Platinum debit card holders get accidental insurance/ permanent disability cover of up to Rs. 2 lakhs.
  • Customers can make free cash deposits of up to Rs.25,000 per month.
  • There are no charges for cash withdrawal at Fino Bank branches.
  • Customers can opt for Hospicash insurance at the time of opening the Shubh Account.

Pratham Savings Account

  • Any resident individual above 18 years of age can open Pratham Savings Account.
  • The account comes with instant account opening facility.
  • The debit card is activated instantly.
  • The monthly average balance requirement of the savings account is Rs.1000.
  • Instant fund transfer facility through IMPS is available at nominal charges to any bank account in India.

Saral Salary Account

  • Saral Salary Account is a salary account. Corporates can register with Fino Payments Bank for processing the salaries of their employees.
  • It is a zero balance account.
  • Customers can open the salary account instantly.
  • The debit card is also activated instantly.

Suvidha Savings Account

  • Suvidha Savings Account is a zero balance account without any minimum average balance.
  • The account comes pre-loaded with attractive features and benefits.
  • Customers can avail the bank’s network of 410 branches and 25,000 merchant points.
  • Account holders can access their account at anytime and anywhere through internet banking and mobile banking.

PMJDY Account

  • Pradhan Mantri Jan Dhan Yojana (PMJDY) account is a 0 balance savings account meant for individuals without any bank account.
  • Customers can opt for Classic/Platinum RuPay debit card.
  • Platinum debit cardholders get insurance cover up to Rs.2 Lakh in case of death or permanent disability because of accident.
  • Account holders can withdraw cash from ATM without any charge for up to five transactions.  
  • Individuals receive free monthly e-mail statements.
  • SMS alerts help account holders to be updated with their account activity.

Bhavishya Savings Account

  • Bhavishya Savings Account is a children’s savings account that aims to help children to learn saving money from an early age.
  • The account is a zero balance with no minimum balance commitment.
  • Account holders get a free Platinum RuPay debit card.
  • Link your account with Aadhaar and receive a scholarship subsidy and other subsidies in your bank account.  
  • Mobile banking facility comes with view rights.
  • The account comes with a free cash deposit limit of up to Rs.25,000 per month.
  • Account holders get a 90 days free subscription of the English Bolo Bedhadak course on Skilling You App.
  • The annual subscription charge for the account is Rs.349.

Jan Savings Account

  • It is a zero balance account without any monthly average balance.
  • Account holders can access their account through the mobile banking application and over 1 lakh access points.
  • Customers can make free four withdrawals and two balance enquiries as AePS transactions in a month. Post the free limits, Rs. 10 per transaction is charged. It also applies to mini-statements after the first instance.
  • Customers can get a free cash deposit limit up to Rs 25,000 per month. After that, 0.5% of the transaction amount or a minimum of Rs 5 is charged.
  • The annual subscription charge of the account is Rs.249.
  • Bank doesn’t issue debit card with the account.

FAQs on Fino Payment Bank Savings Account

What are the documents required to open a Fino Savings account?

You can open Fino savings account with your Aadhaar number and mobile number.

I don’t have a PAN card. Can I open a savings account?

You can submit Form 60 instead of a PAN card to open a savings account.

Can I open a joint account?

Currently, there is no provision for opening a joint account.

Is it possible to change the type of savings account?

Yes, you can visit the nearest bank branch to change the type of savings account.

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