There is another Payment bank in the market. The Jio Payments Bank has started its operation on 3 April 2018. The RBI has notified this information. But the Bank has not started for the general public. It is still in the testing phase is live for the selected people. That is why there is limited information about this bank. I am telling you whatever information we have.
Joint Venture With SBI
The Jio Payments bank is a joint venture between Jio and SBI. The Jio and SBI would be the partner of 70:30 ratio. With this joint venture, the Jio would be able to give more services than other payment banks. As you may know that a Payment bank is not a full bank and services are limited.
Loan Would be Available
With SBI partnership, the Jio Payment Bank would be able to give loan and other credit products. A payment bank is not permitted to lend. But in the case of Jio, it would facilitate the borrowing through the SBI. Thus Jio would have greater offerings and SBI would also get new customers. The Jio has a vast base of customers. This would help the SBI in the expansion.
FD Account in SBI
A Payment bank can take a deposit of up to ₹1 lakh. If you deposit more than this in the Jio Payment, It would open a FD with the SBI. It would happen in the backend and you should not be concerned about it. The money would be always available to you. If you want to open an FD account the Jio Payment would open it with the SBI.
Aadhaar KYC for Account Opening
You would be able to open a Payment bank online. The Jio would use the data of its customers. You would know that Jio has already given a mobile connection on the basis of Aadhaar. Thus, it has a verified data of all the customers. This data can be used to open a bank account. Further, The OTP SMS would complete the authentication process and your approval.
Higher Interest Rate
You should expect a higher interest rate from the Jio Payment Bank. Some of the already launched Payment banks are giving a higher interest to the saving account. From the beginning, the Jio has aggressively acquired the customers by giving lucrative offers. You can expect same with the bank.
List of Existing Payments Bank
The RBI has given license to 11 Payment banks. However, only a few of them has started the operation. Following Payment banks are already operational.
- Airtel Payment Bank
- Paytm Payment Bank
- Fino Payment Bank
- India Post Payment Bank
- Aditya Birla Idea Payments Bank
- Jio Payment Bank
Jio Payment Banks Outlets
The Jio Payment bank would have many outlets. It would have online as well as physical presence. There would be 70,000 outlets of the Jio Payments Bank. Thus this bank would be very near to you.
You can learn more about the benefits of Jio Payments Bank. I have written a separate post on it.