Jio Payments Bank Interest Rates
All of you have already known the news i.e. Jio has launched Jio Payments Bank on 3rd April, this year. This payments bank is actually a joint venture of Reliance and State Bank of India, where Reliance owns 70% and SBI owns 30%. Jio is going to close the Jio Money Wallet Service because Jio has launched a new service which is far better than the Jio Money Wallet Service. The Reserve Bank has issued a license to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India. Jio Payments Bank will follow the guidelines of Reserve Bank of India (RBI). It will provide all the facilities like a normal bank expect loans and credit cards.
What is the Payments Bank?
Payments banks are actually a simply updated bank which is generally used for easy payments like paying bills and online shopping. These banks are conceptualized by Reserve Bank of India (RBI). These banks do not allow you to deposit more than 1 Lakh rupees in an account. People will not get any loans and credit cards from these payments banks but people will get a debit card, ATM card, net banking and mobile banking services. People must complete the KYC verification i.e. the verification of customers’ ids, to get all the benefits of this service. People can also transfer money to or from the other normal banks like SBI, AXIS, UCO, PNB etc. People may be allowed to deposit more than 1 Lakh rupees later. Actually, the increment is depended on the requests from the other banks to RBI.
There are few payments banks available in India. Now Paytm, Vodafone M-Pesa, Tech Mahindra, Airtel M Commerce Services, Aditya Birla Nuvo are the most used Payments Bank. Jio Payments Bank will also be one of the most used Payments Banks because Reliance had 12.9 Crore customers and on the other hand, SBI had a total of 42 Crore customers as of April 1, 2017.
How to Create a New Account?
To get this service people must create a new account. For creating a new account people must follow some steps. These steps are given below.
- Download the Jio Payments Bank on your Smartphone.
- Install it.
- Sign up with you Jio number and new password.
- Link your Adhar Card by putting the Adhar number in the proper field.
- Update your permanent address to obtain debit or ATM cards.
- Your account is ready.
To create this account people must download the Jio Payments Bank app. The app has not been launched yet. This service is available through the Jio Payments Bank official website i.e. www.jiopaymentsbank.com. But people cannot create a new account by visiting this site. In this site only the information about this bank is available. So, people must wait until the app is launched.
A Jio number and Adhar number is must need to open a new account. The user must be 18 years old to create a new account in Jio Payments Bank.
Read More About Jio Payments Bank: Jio Payments Bank App – Open/ Create Savings Account, eKYC Verification, Money Transfer
Interest Rates of Jio Payments Bank:
Now let’s come to the main and very important topic of this article i.e. the interest rates of Jio Payments Bank. The interest rates always are measured as yearly interest rates in percentage in the banks. According to the various sources, it has been known that Jio will give interest rate around 7% yearly though Jio Payments Bank team has not confirmed the interest rate yet.
Reliance Jio has launched a new service i.e. Jio Payments Bank on 3rd April, this year with the collaboration of State Bank of India. This bank will work under the guidelines of RBI. This bank will work as the normal banks but it will not provide loans and credit cards but it will provide debit or ATM cards, net banking, and mobile banking to the customers. Users cannot open a new account without the app. The app will be launched soon for Android, iOS and Windows platforms. People will able to transfer money to or from the other normal banks. The interest rates will be around 7 or 8% yearly though it is not confirmed yet.
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