Reliance Jio launched the payment bank. RBI tweeted that the operations of Jio Payment Bank has started on April 3. On August 19, 2015, the Reserve Bank had given license to the payment bank of 11 companies including Jio. RBI said that Reliance Jio payment gateway is a joint venture of Reliance and SBI. There is a 70 percent stake in Reliance Limited.
What is the USP in Jio Payment Bank ?
After the jio add money offer you have one more option i.e. saving account. Savings account can also be opened in Jio Payment Bank. One lakh rupees will be available in this account. With this, it can also issue debit cards. The speciality of this payment bank is that it can also sell mutual funds and insurance products.
There will also be a facility of jio mobile banking. Interestingly, salary accounts can also be opened in the payment banks for a business of 5-6 employees.
How to open an account?
First of all, install the payment bank app from the live store of the live mobile phone and sign in with the Jio Number.
After logging in, first add the support card by entering the base number.
Update the address if you need a debit or ATM card for this payment bank.
There will also be customer verification for payment bank account.
For verification, biometric will come to the customer’s house for KYC.
Customer verification can be done by visiting Geo Payment Bank Authorized Center.
The payment bank will also have the option of providing general financial products such as mutual funds and insurance products to the customer.