Opening Jio Payment Bank Account, eligibility and important details!

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Opening Jio Payment Bank Account: Jio Payment Bank provides a convenient and accessible banking experience for Indian residents above 18 years old. With its paperless process and zero minimum balance requirement, it’s a popular choice for those seeking basic banking services.

  • Jio Payments Bank is a payments bank, which means it offers a limited range of banking services compared to traditional banks.
  • The bank is primarily focused on digital banking and does not offer cheque services.
  • Jio Payments Bank accounts are linked to the MyJio app, which allows for easy access to account information and transactions.
  • The bank offers a variety of features and benefits, including free money transfers, bill payments, and recharges.

Opening Jio Payment Bank Account

FeatureDescription
Type of BankPayments Bank
Founded2018
HeadquartersNavi Mumbai, India
Parent CompanyReliance Industries Limited
Websitejiopaymentsbank.com
Customer Care1800 890 7070
Account OpeningThrough MyJio App or Jio Payments Bank outlets
Minimum BalanceNil
Interest on Savings Account3.25% p.a. on balances up to ₹1 lakh, 3.5% p.a. on balances above ₹1 lakh
Debit CardYes (Visa)
ATM AccessYes, on Reliance Jio ATMs and other partner ATMs (charges may apply)
UPIYes
BBPSYes
Money TransferFree up to ₹10,000 per month within Jio Payments Bank, charges apply for other banks
Recharges & Bill PaymentsAvailable for various services
Investment ProductsNo
LoansNo
BranchesOver 800 Jio Payments Bank outlets across India

To open an account, follow these simple steps:

  1. Download the MyJio App: On your smartphone, download and install the MyJio app.
  2. Access the "Bank" Tab: Open the app and click on the “Bank” tab.
  3. Open a New Account: Choose “Savings Account” after selecting “Open New Account.”
  4. Complete e-KYC: Enter your Aadhaar Card number and complete the e-KYC process.
  5. Follow Instructions: Follow the on-screen instructions, including setting your MPIN (Mobile Banking Personal Identification Number).
  6. Verify Details: Verify your mobile number and email address.
  7. Activation: Upon successful verification, your Jio Payment Bank account will be activated.
All About Opening Jio Payment Bank Account, Check eligibility and important details!

Eligibility Requirements

To be eligible to open a Jio Payment Bank account, you must:

  • Be an Indian resident above 18 years old.
  • Possess a valid Aadhaar Card. Although a PAN Card is optional for online opening, it is mandatory for transactions exceeding ₹2 lakh per month.

Note that as of February 2024, opening a Jio Payment Bank account online is only available for individuals with a Jio SIM card registered to their Aadhaar Card. Additionally, minors cannot directly open a Jio Payment Bank account; however, their parents or legal guardians can open an account on their behalf.

Features of Jio Payment Bank Accounts

Jio Payment Bank accounts offer various features, including:

  • Opening an account with just your Aadhaar Card, requiring no physical paperwork.
  • Maintaining a zero minimum balance.
  • Enjoying free money transfers within India through IMPS, NEFT, and UPI.
  • Conducting bill payments for services like electricity, water, and mobile recharge directly through the MyJio app.
  • Earning interest on your savings balance (rates differ for BSBD and regular accounts).
  • Accessing your transaction history and account statements electronically through the MyJio app.

Additionally, the regular Savings Account offers extra features such as a physical or virtual debit card, cash withdrawals from ATMs across India, and the ability to receive government subsidies and benefits directly into your account.

Benefits and Limitations

Jio Payments Bank offers a range of benefits focusing on convenience, accessibility, and affordability. These include paperless account opening, mobile-centric banking, a wide network of touchpoints, and competitive interest rates. However, it's important to note account limitations such as transaction limits, limited product and service range, and the absence of cheque services.

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