The Reserve Bank of India (RBI) said that Jio Payments Bank has started its keeping money administrations from Tuesday. Dependence Industries Ltd (RIL) was one of the 11 candidates which were issued on a basic level endorsement for setting up an installments bank in August 2015.
“Jio Payments Bank Limited has initiated tasks as an installments keep money with impact from April 3, 2018,” RBI said in a notice.
Telecom major Bharti Airtel was the first to start installment bank benefits in November 2016.
Paytm originator Vijay Shekhar Sharma advanced Paytm Payments Bank started tasks from May 2017 a year ago while FINO Payments Bank Limited commenced in June a year ago.
Birla gathering’s Aditya Birla Idea Payments Bank was the most recent in this space whose tasks were begun from February 22 this year.
While, the Department of Posts, which likewise got a permit for an installment bank is yet to begin its administrations formally, who is running administrations on pilot premise at present.
Installments banks are being advanced by the Reserve Bank to advance budgetary incorporation by giving administrations, for example, little investment accounts, installment or settlement administrations to transient work workforce, low pay families, independent companies and disorderly division substances and additionally different clients.
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What is Payments Bank?
Like you Know Paytm Payments Bank, Airtel Payments bank, Fino Payments Banks, JIO Payment Bank likewise is one among them. Installments Bank Will Work Under Guidelines of RBI and gets Authorized principles from Reserve bank of india. In this Banks to Allow People Can Deposit Up to 1 Lakh Rupees at first with eKyc Verification (Aadhar Card, Passport Photo). Over 1 Lakh rupees additionally can store later relies upon ask for got from banks. These Payments Bank will Provide ATM/Debit Cards, Internet saving money, Interest Rates on Deposits/Holding Amounts and furthermore you can exchange cash to another Normal financial balances like SBI, HDFC, Axis, ICICI and so forth. Installments bank additionally will function as typical ledgers however it wont give Loans, Credit cards.
Presently, Airtel Payments Banks and Paytm Payments bank offices opened in every single significant city. So you can do money Deposit and ATM Withdrawals effectively. Jio likewise will keep their JIO Payments banks in all urban areas Soon. Cashback Offers and Discounts additionally will be given.
Jio Payments Bank App Download For Android, iOs, Windows
Like Jio Money Wallet app, Jio will Launch Jio Payments Bank Application for Android in Playstore, for Iphone/ ios devices in Apple Store and for windows mobiles in windows Store. We will Give app links here after official launch by jio.
How To Create/ Open Account in jio Payments Bank ? – Required Documents
- We are Providing step by step process to create account in payment bank of jio.
- First of All, Install Jio Payment Bank app and Sign in using your JIO Number.
- Link your Aadhar Card by Entering aadhar Number in required field.
- Update the Address to get Debit/ atm cards if needed.
For Paytm bank accounts, Customer executives are Coming for Physical verification for Identity and thumb impression (ekyc). We are Expecting same for jio. We Should wait until get official rules from jio.
Interest Rates on Deposits ?
We can Expect Best rates Compared to Other payments banks of airtel, paytm, fino. because Jio Always attracts customers with best prices in market. Official interest rates will Announce soon.
How To Apply for Jio Payments Bank Debit Card/ ATM Card? :
You Can Apply for Debit card in Application. if you request for card they will send to your address. Official procedure will be update soon. Through this card you can withdrawal money in atms or swipe in pos machines.
JIO Banks Branches : Locations will be Update Soon.
After official Announcement, We will Provide Step by Step Guide and Procedure of Jio Payments bank account opening and Other guidelines. Stay Tuned.
Transfer Jio Money to Bank Account before 26th February :
As Per HINDU News Jio Money said it would suspend all personal and bank transfers for its customers from wallet from 27 February. “As per RBI guidelines, personal and bank transfers from wallet will be suspended from 27.02.2018. To address the inconvenience, a one-time bank transfer without any charges is permitted till 26.02.2018,” said Jio Money in notification. Reliance Jio is in process of seeking its customers’ consent to move them from Jio Money to the proposed Jio Payments Bank in existing capacity, it said.