Jio Payment Bank App: Know Interest Rate & Required Documents

Jio Payment Bank

Jio Payment Bank is an entity of RIL and has partnered with SBI in the ratio 70:30 to leverage from the mass client’s base of Jio internet users. It has started its operation from April 3, 2018.

But, before moving further, it is important to know. In this article you know about Jio payment bank details like interest rates, how to open account in Jio payment bank, required document for Jio payment bank and much more.

Jio payment bank app

What Exactly is Jio Payment Bank?

Apex Bank in 2013-14 has started this innovative concept of Payments Banks with an aim of socially include the deprived sector. Yes, the basic aim of this joint operation is to reach the remotest areas of the country, especially, those rural areas which have been away from the purview of banks uptill now. This will directly benefit low income people whether they are migrant laborers, low income house hold owners, or those having small businesses. In short, unorganized sector will directly be able to get the most of this Jio Payments Bank.

Read: Check how to download Jio 4G voice app

How to Open Account in Jio Payment Bank?

As per official news not any procedure announced for open account but we can expect some information. If you want to open account in Reliance led Jio payment bank then follow below steps:

• First of all Download Jio payment bank app from Google play store
• Then sign up or create an account
• After that enter your Jio Number
• Link your Aadhar card
We can expect that the process for open an account is similar to Paytm.

Required Documents For Jio Payment Bank

There are some basic documents for open Jio payment bank.
• Aadhar card
• PAN card

Jio Payment Bank Interest Rate

From Reliance Jio yet not declared Interest rate but we can expect great interest rate compared to other bank because this is the new bank.

Eligibility For Jio Payment Bank

The candidate is Indian citizen and age minimum 18 years or above is eligible to open account in Jio payment bank. In Jio 4G mobile you can also know how to download Facebook for Jio phone at our website.

How Different Jio Payment Bank with traditional Banks? Let’s finds out

• Payment Banks can only accept deposits, they can’t sanction loan, unlike the traditional banks
• It is comparatively easy to open account in Payment Banks. Yes, you don’t have to go through the process of verification and paper works.
• Considering the fact, that Payment Banks are based on the mobile technology, so not just the process of opening account is paperless, but it is very easy as well.
• Payment Banks can accept the max amount of Rs. 1 Lack as deposits and it not just a boon for low-income owners, but also for multiple account holders.

Why Payment Bank?

Payment banks offer an additional choice for owners to open a separate account, especially they can try something with a different feel (for a change). Yes, it is hassle free as it is very easy to open the account. So, even people in general will surely want to try having an account.

Jio payment app

Now, Let’s take a look at the Facts Associated with Jio Payments Bank
• If you are thinking to get credit card with it, then you won’t be issued. But, you will get debit card. Since, such Payment bank’s can’t issue loans (so no credit card)
• In order to open the account, you need to submit the 12 digit aadhar card number by installing the Jio Payment Bank first

Jio Payments Bank is not new. There are has been payments bank started by other companies in the past as well.
Yes, there have been payment banks of Airtal, Paytm, India Post etc.

Incoming Search Terms

Here we shared some incoming search terms.

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  • How to deposit amount in Jio payment bank
  • Jio bank debit / Credit card
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  • Jio payment bank app for Android
  • Jio bank app for PC

Final Thoughts

Even though, Payment Banks are only directed to do limited banking which is limited to opening savings bank accounts. Still, the strategy will have far easy reach, as a big percentage of people which has been away from the banking facility, may get an easy access to this facility by Jio. Obviously, JIO internet consumers will be more inclined to use the facility, as they are already its internet users.

Yes, Jio Payments Bank will also give Reliance an access of the widest customers’ base of SBI across the nook and corner of the country. At our website you know about Jio latest updates and news like Jio customer care No, Jio coin and much more. For any query regarding Jio you can write your doubts or problems in the below comment section, we will try to solve your query as soon as early possible.

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