Jio Payments Bank App – Open/ Create Savings Account, eKYC Verification, Money Transfer
After getting popularities in telecom world Reliance Jio has started a new service i.e. Jio Payment Bank from 3rd April 2018. According to the sources, it has been known that Jio has closed Jio Money Wallet Service and open this Payment Bank Service instead. People can apply for Debit Card/ ATM card. 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. As per the news come, there is a 30% share of SBI Bank. This payment bank will work under guidelines of Reserve Bank of India (RBI).
What is the Payments Bank?
Payments Banks are nothing but simply updated banks which are conceptualized by Reserve Bank of India (RBI) for easy payments like paying bills, online shopping etc. These payments banks work under the guidelines of RBI. Without eKYC verification, people cannot get all the benefits of these banks. In the payments bank, people can deposit up to 1 Lakh rupees. People can also transfer money in their accounts of normal banks like SBI, ICICI, Axis, PNB, and HDFC etc. these banks provide a debit card or ATM card and net banking services but these do not provide loans and credit cards.
Payments bank work like normal banks but there are some limitations in the payments banks and these banks are simply updated. RBI may permit people to deposit more than 1 Lakh rupees later. Actually, the permission depends on the request received from banks.
Jio Payment Bank App Download:
Though Jio Payments Bank has been launched Jio Payments Bank has not been launched yet. This service is available through the website now. You can enjoy this service by visiting the Jio Payments Bank’s official website i.e. www.jiopaymentsbank.com. Jio will develop their payments bank app for Android, iOs and Windows platforms. The process of development of this application is in progress and this app will be launched soon.
The process of Creating Account in Jio Payments Bank:
To enjoy the service you have to create a Jio Payments Bank account. To create the account people must follow some steps. The steps are written 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.
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. People cannot create a new account until the app is launched.
Jio Payments Bank eKYC Verification:
first of all, we need to know that what is KYC verification. Actually, KYC stands for Know Your Customer. The service providers do this for getting the ids of the customers.
To get this Payments Bank services people need the KYC verification. Without KYC verification any payments bank will never permit you to access their services. Adhar number and the thumb impression is needed for KYC verification. After completion of this verification people will able to access all the services of that particular payments bank.
Jio Bank Money Transfer:
Like the others payments banks, Jio payments bank will also be giving the facility of transferring money to the other normal bank accounts. People can link their normal bank account with this Jio Payments bank account for to or from other bank accounts. This is another useful feature that Jio Payments Bank is giving to their customers.
Jio has launched its new service i.e. Jio Payments Bank on 3rd April, this year. The competition between the other payments banks like Paytm, Airtel Payments Bank has been increased. The application software of this Jio Payments Bank has not been launched yet. Jio will launch apps for Android, iOS and Windows platform soon. People can transfer money to other bank accounts. This bank will never provide the credit cards and loans. ATM card, net banking, and mobile banking services will be provided to the customers.
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