Jio is getting its roots spread out in every field now, starting from providing free internet services to its thousands of jio customers. Now they are here with Jio payment bank. With several available payment options available in India Jio Payment Bank is also one of them now.
Jio payment bank ltd started back in 2018, the jio payment bank launch date is April 3, 2018, and the specialty of this bank is that it accepts payments and deposits but doesn’t issue any kind of loan or credit card just like any other normal bank does.
This payment bank is a venture of Reliance Industries and State Bank of India.
Also Read: How to Get Jio Sim for Windows Phone
What is Jio Payment Bank?
This joint venture aims to give a tough competition to other banking options available like Paytm, Airtel Bank etc. The CEO of Jio Payment Bank is Mr H. Srikrishnan earlier worked with HDFC and YES bank.
Reliance has Lunched payment bank to convert all their Jio Money customers into Jio Payment Bank.
If you are wondering what payment bank is, then it is a specially designed model that offers you easy deposit and payments from your bank account.
If we talk about the regular banks then they too give you the facility of payment and deposit, but apart from that they also provide you specialized banking services like loans, RD’S, FD’s etc. But in payment bank, you don’t get any such kind of facility.
The next big thing that makes a huge difference between a normal bank and Jio payment bank is that regular bank account opening will take you almost a week or two, but with a payment bank, you can open your account within few minutes with jio payment bank app in mobile phone. Apart from that it only accepts up to 1 lakh of deposit and savings account balance.
Benefits of Jio Payment Bank
People might think about the need of having a payment bank account when they are already having a normal account linked up with internet banking.
A survey states that people who are having multiple bank accounts still feel the necessity of having a payment bank account due to the following reasons:
- Convenience: They have a wide distribution and branches than normal banks. People or shops having Jio Payment Banks will be more as compared to any government or private bank. Apart from that their working hours are very flexible and people can reach payment bank as per their requirement.
- Better Interest rates and no fine: It has been seen that as compared to a normal bank, they tend to provide lesser interest rates on bank deposits as compared to Jio payment bank deposit. One can easily go for jio payment bank account opening and can avail great interest rates and no fines on zero account balance.
- Easy cashless transactions: As compare to payment and deposit options available payment bank give your easy cashless transaction with different companies and brands which makes it easy for the user not to carry too much of cash with them and easily pay anywhere they want to.
How to Create a Jio Payment Bank Account?
- To make an account in jio payment bank, you would first require Jio mobile number to create your Jio Money Wallet.
- Then you need to download the jio payment bank app or you can also down the jio payment bank apk file online by searching it on Google.
- After you are done with the download open the app and then select your Jio sim slot and then select the option of send SMS which will send you an OTP in the Jio number. You need to enter that particular OTP in the space shown.
- After which you move forward to other steps and complete the rest of the processes that include your name, email address and other details that will lead you to the Jio Money Wallet.
- After this, you need to update the add via. Google play store so that Jio Bank Option is shown in the app if it’s not available there.
- After you select the upgrade of Jio payment bank, it will be shown you and allow notification that you have to select.
- Then you will be redirected to the Jio payment bank welcome page and get yourself started.
- Proceed with your jio number verification that will then guide you through setting a 4 digit MPIN and also link your fingerprint for better and quick verification.
- After that, you will be redirected to jio payment bank dashboard, which will show you a small banner to upgrade into saving account.
- Select that banner if nothing like that shown in your app wait for a while and retry again.
- Enter your aadhar card number and select proceed that will take to another page where you have to fill all the other necessary information like PAN number etc. and again select continue.
- Your address will be similar to the one that is present in your aadhar card after you confirm it and select proceed you have to enter Nominee details if you want to make any. If not, then you can also select the skip option.
- On the final step, you have t review your full profile and agree to the terms and conditions and click on proceed.
- After your successful submission, your profile will be revived by the jio customer within seven days, but you don’t have to worry at all because they usually do it within 1 or two minutes of your application submission.
- Finally, you will receive a confirmation email and your Jio bank account is successfully created.
Jio Payment Bank Customer Care Number
After you have finally upgraded your Jio Money wallet to Jio Payment bank and somehow is facing any kind of difficulty then you can easily reach to 1800 891 9999 or you can also write to [email protected] for any assistance you require regarding your Jio money or wallet.
You can also visit them at the official website of Jio Payment bank at jiopaymentsbank.com
Jio payment bank is one of the best and durable options to keep your saving in a safe deposit with a good interest rate. It also gives you benefit to pay anywhere and everywhere you want to no matter where you travel or where you shop.