Jio Payment Bank is a unique payment bank that allows you to open a savings account with your Aadhaar card within 5 minutes. Jio Payment Bank is a safe, secure and convenient way to store and manage your money. Jio Payment Bank offers you a interest bearing account with no monthly fees, making it an affordable and accessible banking option for everyone.
Jio Payment Bank is committed to providing you with the best banking experience possible, and our team is available 24/7 to help you with any questions or concerns you may have. Contact us today to learn more about Jio Payment Bank and how we can help you save time and money.
What is the Jio Payment Bank Savings Account and what are its features ?
The Jio Payment Bank Savings Account is a new type of bank account that has been introduced by the Reserve Bank of India (RBI). This account can be opened by any Indian citizen who is above the age of 18 years. The main objective of this account is to provide basic banking facilities to the under-banked and unbanked population of India. This account comes with a lot of features and benefits, which makes it a very attractive proposition for the people of India.]
Some of the key features of Jio Payment Bank Savings Account are:
- No minimum balance requirement: Unlike other bank accounts, there is no minimum balance requirement in Jio Payment Bank Savings Account. This means that you can open an account with any amount of money.
- Free debit card: All Jio Payment Bank Savings Account holders will get a free debit card. This card can be used for making cashless transactions at all merchant establishments that accept Visa or MasterCard.
- Mobile banking: Jio Payment Bank Savings Account holder can avail of the mobile banking facility. This facility allows them to access their account and perform various transactions using their mobile phone.
- Online bill payment: Jio Payment Bank Savings Account holders can use the online bill payment facility to pay their utility bills and other monthly expenses.
- Interest on deposits: Jio Payment Bank Savings Account holders will earn interest on their deposits. The current interest rate is 4% per annum.
- Doorstep banking: Jio Payment Bank offers doorstep banking facility to its customers. This means that the bank’s representative will come to your home or office to collect deposits or make payments on your behalf.
- Free personal accident insurance: All Jio Payment Bank Savings Account holders will get free personal accident insurance of up to Rs. 2 lakhs.
- Zero balance account: Jio Payment Bank Savings Account is a zero balance account, which means that you will not be required to maintain any minimum balance in your account.
- Overdraft facility: Jio Payment BankSavings Account holders can avail of the overdraft facility.
How to open a Jio Payment Bank Savings Account with Aadhaar Card :
- 1. Open the Jio Money app on your smartphone and sign in using your mobile number.
- 2. On the homepage, select ‘Open Jio Payment Bank account’.
- 3. Enter your 12-digit Aadhaar number and tap on ‘Submit’.
- 4. You will now receive an OTP (one-time password) on your registered mobile number. Enter the OTP and tap on ‘Verify’.
- 5. Now, enter a 6-digit MPIN of your choice and tap on ‘Confirm MPIN’. This will be your login password for the Jio Payment Bank app.
- 6. Next, you need to set up a UPI PIN for your account. For this, enter your debit card details and tap on ‘Submit’.
- 7. You will now receive an OTP on your registered mobile number. Enter the OTP and tap on ‘Verify’.
- 8. Now, enter a 6-digit UPI PIN of your choice and tap on ‘Confirm UPI PIN’.
- 9. That’s it! Your Jio Payment Bank account will be opened successfully and you will be able to start using it immediately.
Documents required for opening a Jio Payment Bank Savings Account
To open a Jio Payment Bank Savings Account, you will need to submit the following documents:
- 1. A valid photo ID proof (PAN Card/ Passport/ Voter ID/ Driving License/ Aadhaar Card)
- 2. A recent passport size photograph
- 3. Your current residential address proof (utility bill/ rental agreement/ property tax receipt)
- 4. A canceled cheque leaf from your existing bank account (for setting up direct debit facility)
- 5. KYC documents as required by Jio Payment Bank Ltd. (For more details on this, you can visit the official website of Jio Payment Bank Ltd.)
Once you have all the required documents, you can visit any of the Jio Payment Bank branches to open your Savings Account.
How to deposit money in your Jio Payment Bank Savings Account
- 1. Launch the JioMoney app on your smartphone
- 2. Tap on the ‘Deposit’ option
- 3. Enter your Jio Payment Bank account number and the amount you wish to deposit
- 4. Review the transaction details and tap on ‘Confirm’
- 5. You will receive a confirmation message once the transaction is successful
How to withdraw money from your Jio Payment Bank Savings Account
If you’re a Jio Payment Bank customer, you can easily withdraw money from your account using the Jio Money app. Here’s how:
- 1. Open the Jio Money app and tap on the ‘Withdraw’ option.
- 2. Enter the amount you want to withdraw and select your bank account from which you wish to make the withdrawal.
- 3. Tap on the ‘Withdraw’ button and confirm the transaction.
- 4. That’s it! The withdrawn amount will be credited to your bank account within a few minutes.
Other facilities available with the Jio Payment Bank account include
a virtual debit card, JioMoney wallet and the option to open a recurring deposit (RD) account with a tenure of 6 to 36 months. Customers can also avail of loan against their RD account. The interest rate on RD accounts will be 3.5% per annum higher than the prevailing Savings Account interest rate.
Jio Payment Bank customers will be able to make transactions of up to Rs. 1 lakh per day. Jio has said that all transactions made through the Jio Payment Bank will be “completely free” of charge. There are no charges for opening a Jio Payment Bank account, no minimum balance requirements and no charges for digital transactions.
The Jio Payment Bank is currently available at over 10,000 Jio retail outlets across India. Jio is working with SBI to expand the reach of its Payment Bank to more than 2 lakhs Jio Points, covering nearly 99% of Indian towns and villages.
Jio Payment Bank customers will also be able to use the UPI (Unified Payments Interface) platform to make instant bank-to-bank payments. The Jio Payment Bank UPI ID will be in the format ‘[email protected]’. Customers will also be able to use the Jio Payment Bank account to make online payments for utility bills, recharges and shopping.