Everything about Jio Payments Bank

by Mecof King Halleluya

Jio Payments Bank is an Indian payment bank that started operating in 2018. It is a public company. It was founded on April 3, 2018. Payment banks in India are a special category of a bank that is able to accept deposits and make payments but cannot issue loans. Jio company has already launched a device for getting high speed 4G internet. It is called Jiofi. Everyone may also change jiofi mifi settings in jiofi local html

Formation of Jio Payment Bank

Jio payments are led by India's richest man Mukesh Ambani, who also handles Reliance Industries Limited and India's most valuable company. It’s been a lengthy period of 18 months since Ambani entered with Reliance Jio Infocomm Ltd. Jio payment banks CEO is H. Srikrishnan.

Jio Payment Bank is a 70-30 joint venture between Mukesh Ambani's Reliance Industries Limited and India's largest lender State Bank of India (SBI). Jio payments is a very convenient way for people to make deposits. Jio Payment Bank is unable to collect deposits exceeding Rs.1 lakh, all the deposits made should be in the given limit. Jio Payment Bank cannot lend or provide credit cards, however, it is able to issue debit cards.

Features and Benefits Of This Bank

This bank will provide credit or debit cards for all the users, money can also be transferred to the normal banks. Like JioMoney app, JIO payments bank will also launch their apps on Playstore and App store for both Android and iPhone.

The process for opening an account in Jio payments bank is easy as long as one follows the procedures. First of all, the user should install the Jio payments bank app and sign in by using their Jio number. The user should then link their Aadhar Card.

Another notable benefit of Jio Payments Bank is that you don’t have to maintain a minimum amount in your account in order to avoid fines. So, one can approach more interest rates, even on a zero balance account. That minimum bank limit may be up to RS 1 lac (not so minimum)!

Mostly known for its cashless transactions, Jio Payments Bank provides both mobile wallet and direct bank depot. This comes handy mostly for once-a-month online expenditures.

A user can apply for a debit card in the application and they will be sent to their address. The JioMoney should be transferred to a bank account before 26th February. As of now, Jio has more than 120 million customers in India.

Conclusion

Jio payment bank will be very beneficial for the people. The users will no longer feel the need to go to the bank for their work, there will be no need to stand in a tiresome queue to wait for their turn and Jio payments bank will also be easily accessible.