Payment banks provide service of banking at the doorstop. The prime objective of launching payment bank by RBI was provide financial services to small business, low-income household, migrant labour and common people of India living in remote and rural area.
In this post, I will share key information about Payment banks including Top 5 Payment Banks in India 2024.
Payment Bank overview
Payment banks are different compared to normal bank. Payment banks are operating at lower scale. Payment bank can do most of the banking operations however, as it is operating at lower scale there are few restrictions associated with payment bank. Here is detail about services offered by Payment Banks in India.
- Saving account and current account facility is available in the payment bank.
- You can also get interest rate on the deposited money like traditional banks.
- Payment banks accept a restricted deposit up to 1 Lakh.
- You can also get ATM cum debit card from these banks.
- Mobile banking and internet banking facility is offered by these banks.
- You can get facility of transferring money from account to account.
- Payment transfer facility RTGS/NEFT/IMPS and utility bill payment facility available.
- A payment bank also provides other financial services like mutual funds, insurance products, pension products, and forex services.
- These banks cannot issue credit card or provide loan to the customer.
- NRI cannot use this facility.
Top 5 Payment Banks in India 2024
#1. Indian Post Payment Bank
Indian Post Payment Bank. This bank has widest service reach. These bank is present in almost every district.
- IPPB provide ease of banking.
- You can get paper less banking experience at IPPB.
- The bank also provides mobile banking facility.
- You can enjoy QR card based payment facility at IPPB.
- Third party services such as insurance, loans and investment are available at this bank.
- You can also get instant mobile and DTH recharge, water and electricity bill payments facility.
You can enjoy all these facilities with ease. If you are living in the rural area you should make use of these bank.
#2 Airtel Payment Bank
Airtel Payment Bank is first in the of payment bank. Airtel payment bank is subsidiary of Bharti Airtel. Key features of Airtel Payment Bank are given below.
- You can enjoy interest on the money deposited.
- You can transfer money from any bank account using UPI and IMPS facility.
- Cash deposit facility available at nearest Airtel banking point.
- You can make use of selected ATM for withdrawal of cash.
- You can recharge prepaid mobiles/ DTH and pay utility bills using these banks.
- This bank also provides third party insurance products.
- Atal Pension Yojana can be purchased from this bank.
You can shop online as well as book bus ticket and buy gift cards using this bank.
#3 Fino Payment Banks
Fino Payment Bank is next in the list. Fino payment bank provide best-in-class product with easy accessibility and wide reach. Key features of Fino Payment Bank are given below
- Fino bank provide anytime, anywhere banking facility.
- You can do instant money transfer from one account to another account across India.
- Debit card facility is available and ATM withdrawal can be done at online and offline merchants.
- Instant mobile and DTH recharge, water and electricity bill payments.
- You can get mobile banking facility with secure and reliable payment services.
- Free Insurance facility up to 2 Lakh is available as complementary.
This bank has got multiple awards in past five years.
#4. Paytm Payments Bank
Paytm is one of the most popular payment bank in India. You can do all your transaction using your mobile phone. You can get cashless payment transaction and enjoy following services at Paytm bank.
- Zero balance saving bank account can be opened without any monthly average balance requirement.
- Account opening is simple. You need to complete KYC by submitting document at nearby Paytm Point.
- You can do fund transfer with a click of a button. The facility of UPI, NEFT and IMPS available.
- Paytm bank account to Paytm Wallet money transfer facility available.
- Commission amount is charged for money transfer.
- Paytm also offers shopping and bill payment facility on the move.
#5. Jio Payments Bank
Jio Payment Bank is next in the list. Jio payment bank provide simple banking with smart features. You can open digital saving account. It is paperless, fast, convenient and secure. Key features and benefit of Jio Payment bank are given below.
- Account opening is free on this bank.
- Minimum balance requirement is NIL.
- The limit of account is 1 Lakh.
- You can earn interest up to 3.5 % per annum.
- Transfer facility from Jio Payment Bank to another bank is available.
- Mobile banking facility is available.
- You can enjoy bill payment facility using this bank.
Payment Bank is boon for the unorganized sector business and remote people who are not getting financial inclusion due to multiple reason.
Have you open your account in the payment bank? Please share your experience and views in the comment section given below.
