Now in India, there are plenty of payments bank such as Paytm, Airtel, Idea, etc. This is a new model of banks where people can deposit up to Rs 1 Lakh as of now. The limit can increase in future. These payments bank let users create both Current and Savings bank account. But they can’t give loans and credit cards to the users. Recently, Reserve Bank Of India (RBI) said in a report that, Jio Payments Bank started their operation from 3rd April this year. So, now people can create current, or savings account on Jio Payments Bank and can also deposit up to 1 Lakh in their account. The official website of Jio Payments Bank is also live where Jio itself describing their payments bank.
Jio Payments bank was first incorporated back in November 2016. Currently, they got the permission under the Banking Regulation Act, 1949 from RBI. The board members are Dr, Vivek Bhandari (Chairman), H Srikrishnan (Managing Director and Chief Executive Officer), Alok Agarwal (Nominee Director of Reliance Industries Limited), Manju Agarwal (Nominee Director at State Bank of India), Rajendra Kumar Saraf, Manisha Girotra, Ketan Dalal (Independent Director).
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About Jio Payments Bank Limited
At this time, Jio Payments Bank’s official website is giving us some information about their new banking service. Though it’s almost same as Paytm payments bank and Bharti Airtel’s payments bank, as far as it’s a service from Reliance Jio, we can expect something extra from it.
India Ka Naya Bank
Jio itself describes their payments banking service as India Ka Naya Bank. They are going to simplify the digital payments, banking and financial inclusion for every Indian. It will also make our everyday transactions smooth and seamless. Users can easily initiate recharges, pay bills and transfer money using Jio Payments Bank with the help of My Jio app.
No Need to Fill Up Form
Users are not required to deposit money by filling boring forms; they can just use their fingerprint and by visiting their nearest Jio Payments Bank outlet. And the biggest thing is, it will be a PAN India basis service. So all country people can easily join Jio Payments Bank, create current or savings account there and take other services offered.
Available for All Users
The official website of Jio Payments bank also says it will be available on all smartphones via My Jio app and Jio Phone users will also be able to participate in this service. And other statement says that, very soon, there will be over 70 thousands locations where users can find Jio Payments bank outlet and fulfil their banking requirements. In another place of the website, it tells, it will provide quick account opening, users of any telecom operator can join Jio Payments Bank using 2G, 3G or 4G network. And last but not the list and most importantly, Jio will surely provide a lot of exciting offers, exclusive deals from user’s favourite brands.
Jio Payments Bank App Download
Actually, as of now, there is no dedicated app built for Jio Payments Bank. In future, it may get released on Google Play Store and Apple App Store. But, according to the official website, users can access Jio Payments Bank services through My Jio app/ Jio Money App.
How To Create/ Open Your Jio Payments Bank Savings Account?
The procedure is very simple and similar to other payment banks which are already serving in the market.
- You must be an adult of 18+ to apply for a savings account.
- Just access Jio’s banking services using My Jio app.
- Then, provide details about you.
- Submit your Aadhaar card details and PAN card number.
- Once it’s verified, your account will be created.
- You can then deposit up to Rs 1 Lakh in your Jio Payments Bank savings account.
If you are unable to open yourself, simply visit your nearest Jio Payments Bank outlet with required documents such as a photograph, Aadhaar card and PAN card copy. And they will do the rest for you.
Can I Get A Jio Payments Bank Debit Card?
No! As of now, Jio will not provide such debit cards to the users.
Jio Payments Bank Interest Rates And Other Charges
Though, payments bank doesn’t provide all the service we get from traditional banks. But, you can deposit your money into your payments bank and get interest over it. There are also some charges of Jio’s bank also. But as they are just starting and Jio didn’t provide any documentation on their payments bank, it’s quite unclear. As soon as Jio disclose all the things, we will report it to you. So, stay tuned.
Frequently Asked Questions
Q. Who Can Create Savings Account?
A. Anyone who is above 18 years of age and resident of India.
Q. Is There Any Minimum Limit We Should Maintain?
A. No! There is no minimum limit you should keep in your account.
Q. How Much Will Jio Charge For Their Banking Services?
A. As of now, there is no hidden charge. It’s completely free.
Q. Will My Account Get Closed If I Don’t Use It After Creating?
A. Your account may get hold. But there are no penalties like other banks.
Q. Which Documents Do I Need To Submit To Get Jio’s Banking Services?
A. Just your Aadhaar Card and your PAN card is enough.
Q. Is There Any Option To Link Jio Payments Bank Account With Other Banks?
A. Yes! You can link with other banks.
Q. Is It Secure To Use Jio Payments Bank?
A. Yes! Jio kept all the standard security systems to protect user’s wealth and data.
Q. What Will Happen If I Lose My Phone Associated With Jio Payments Bank Account?
A. No! There is no problem. Your account will be secure still.
Q. Can Anyone Else Use My Account If He/She Knows My Credentials?
A. No! It needs your biometric to proceed any activity.
Q. Will I Get Any UPI Address From Jio’s Payments Bank?
A. Yes! You will receive it once your account is active.
Q. From Where I Can Withdraw Money?
A. You can withdraw money from your account from any Jio points across the country.
Q. Do I Need A Jio Sim To Get These Services?
A. No! Having a Jio number is not mandatory to use Jio Payment bank services.
Q. Is It Possible To Use It Without Having A Smart Phone?
A. Yes! You can still enjoy Jio Payments Bank.
Q. What Is The Jio Payments Bank Customer Care Number?
A. The hotline number is 1800-891-9999 (Toll-Free No).
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