Since the Paytm Payments bank has shut down we all have been looking for a good alternative that can keep our bank accounts clean and tidy. Jio has answered our prayers and brought the all-new Jio payments bank into the market. Are you looking to enroll in the Jio Payments Bank? Do you want to know what that is? Here we have answers to all your queries related to Jio Payments Bank. But first, let's see how to open a Jio Payments Bank account.
How To Open a Jio Payments Bank Account
The good thing about opening a Jio Payments Bank account is that you don't need to visit any physical bank or store. It can easily be opened from your mobile device using the Jio Finance app.
- Download the Jio Finance App on your Android or iOS devices.
- Open the app and grant it the required permissions.
- Now login or register using your mobile number on the Jio Finance app.
- Inside the Jio Finance app go to the toolbar at the bottom and tap the Bank icon.
- Here locate the banner that says savings account and tap Get a savings account.
- Here insert your mobile number and continue to verify.
- In the next step choose the account type if you want a salary account or a savings account.
- You will also be asked to choose if you want a virtual debit card or not.
- Now fill in your information such as your PAN card details and Aadhar card number.
- Here, you will be asked to get the verification done via video call or an agent visit.
From here on you will need to choose the time slot you want to get connected and get the KYC and verification done which is mandatory to open a Jio Payments Bank Account. And now that we have the Jio Payments Bank account, let's take a look at the benefits it has.
Benefits of Opening a Jio Payments Bank Account
Now that our Jio Finance Bank account is activated or about to get activated, let's take a look at the benefits it provides.
- Jio Finance offers quick and paperless account opening.
- No excessive and intrusive documentation is required to open Jio Payments Bank account.
- Jio Finance bank account offers many exclusive deals and discounts.
- Keeps your primary bank account clean and tidy by eliminating small transactions such as bill payments and recharges.
- The Jio Payments bank also offers you its own UPI services that make it more reach and easy to make payments.
- The Jio Payments Bank is registered with DICGC, a division of the RBI making it trustworthy and secure.
- Jio Payments Bank offers a 3.5% interest rate upon opening a savings account.
These are a few of the main benefits of Jio Payments Bank’s long list. These benefits and the unprecedented smooth account opening process make it a great alternative to the Paytm payments bank account.
Tips for Managing Your Jio Payments Bank Account
Before we wrap up let's check out some tips to manage your Jio Payments Bank account so that you can easily manage your expenses and accounts.
- Check your total income and transfer only the amount that you need to pay for bills and expenses.
- The less you spend the better as the more amount you have in your account, the better interest you will receive with the Jio Payments Bank.
- Set a monthly savings goal, and build a healthy savings habit. It will lead you to have better finances in the future.
- Leverage the 3.5% interest on the Savings account to the fullest by saving a percentage of your income to Jio Payments Bank.
- Recharge your Jio number using the Jio Finance app to take advantage of no convenience or platform fee.
FAQs
Q. What documents are required to open a Jio Payments Bank account?
All you need is your PAN card and Aadhar Card to open Jio Payments Bank account. It is primarily used for KYC purposes.
Q. How long does it take to activate a Jio Payments Bank account?
It usually takes around 24 to 48 business hours for Jio Payments Bank account to get activated.
Q. Can I open a Jio Payments Bank account if I'm not a Jio subscriber?
Yes. Any user can open a Jio Payments Bank account. But, its recharge benefits such as no convenient free and no platform fees are limited to Jio recharge only.
Q. Are there any fees involved in opening and maintaining a Jio Payments Bank account?
No. As of now, there are no fees involved in opening and maintaining the Jio Payments Bank account.
Q. How do I apply to open a Jio Payments Bank account offline?
Right now there is no way to apply for Jio Payments Bank account via any offline channels.