Jio Payment Bank

Hello Friends ....

Today we learn about the new thing Jio Payment Bank  ....

So let's Start.....

What is Payment Bank ?

The payment bank is a small bank which does not get full license of banking. Such banks can deposit money of people but they can not give them loans. The Reserve Bank of India can give the license of Payment Bank to any company as it operates the entire banking system.

In simple words, the payment bank is a bank which provides banking facilities in the local area. Those people who do not have the necessary paper to open a bank account or those who are far from the bank's branch, will get a lot of benefit from them. You can see some of the main features of the payment bank.

Features Of a Payment Bank -

1.) Any person in the payment bank can open their savings account or current account
2.) Accounts like Fixed Deposit and Term Deposit can not be opened in it.
3.) Above Rs 1 lakh in the payment bank can not be deposited.
4.) Payment banks can provide interest rates according to their wishes.
5.) Payment banks can also give physical and virtual debit cards, but can be charged for this.
6.) In this, you can use the online Fund Transfer Facility, like NEFT, IMPS, UPI, BHIM, etc.
7.) Payment banks can not give loans and credit cards to any person.

What is Jio Payment Bank ? 

Jio Payment Bank is a digital bank in which any person can easily open his savings account. Mobile can be opened in this payment bank by opening your savings account. At the same time, you can deposit up to Rs 1 lakh in it. In addition to this, you are provided ATM / Debit Card like other banks.

Small businessmen will get the maximum benefit of Jio Payment Bank as they can open their salaries account of 5 to 6 employees. At present no such facility is given in any other payment bank, but you will get this facility in the Jio Payment Bank.

Features of Jio Payment Bank -

Any person can easily open his savings account in the JIo Payment Bank and can deposit up to one lakh rupees. Apart from this, the person can also issue a debit card in his payment bank. For those who have a small business, this Jio payment bank will prove to be very beneficial. Because through this, those who have small businesses will be able to open their salary accounts of 5 to 6 employees.
Apart from this, Jio Payment Bank will also have the option of giving general financial products to the customer. In which general financial products like mutual funds and insurance products will be provided. After the introduction of Jio Payment Banking, banking will be very easy and then people will not have to resort to the banks. Let me tell you one thing here that the first payment bank in the country, Airtel had started running. After that, Paytm started her own payment bank and she got its license too.
At present, both companies are running their own bank. All the payment banks have some limitations which makes them different from the normal banks.

How different from the normal bank is the payment bank -

1.) In any payment bank, you can not keep the amount above one lakh rupees.
2.) On the basis of the RBI, no foreigner can deposit their money in it.
3.) Like other banks, ATM / debit card can also be issued in the book, but a credit card can not be issued.
4.) Anyone in the payment bank can easily open their savings account and it is completely digital.
5.) In the same way, if you want ATM / Debit card in normal banks, you can also take ATM / Debit Card in it.

Open your savings account in the Jio Payment Bank -

In order to open your Savings account at the Jio's Bank, you will first have to install the Jio Payment Bank App. Then you will need to sign in with your live number. After signing in, you will need to link your base card to it. If you want to get the ATM / Debit Card of your account, then you will have to update your address.
After this, Jio's customer executive will come to your house and complete your fingerprint to complete EKAI. Apart from this, you can also make verification by going to the Authorized Center. As of now, Jio has not yet launched its Payment Bank App. But whenever he launches it we will give you information about it.

These benefits will be found in the home from the Jio Payment Bank -

1.) The facility to open a sitting-sitting account at home.
2.) Facility to issue ATM / Debit Card.
3.) Up to 1 lakh rupees deposit facility.
4.) Internet banking and online payment facility.
5) Convenience to open salary accounts for 5 to 6 employees, etc.

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