Are you tired of maintaining minimum balances in your bank account? Do you crave the convenience of digital banking without hidden charges? Look no further than the Jio Payment Bank zero balance account, a game-changer solution. As the name suggests, it requires zero balance. But the point is, what are its features and benefits how can you open a Jio Payment Bank Zero Balance Account? This article will walk you through the same, so read it till the end.
Types of Jio Payment Bank Zero Balance Account
Jio Payment Bank offers a zero-balance account. This account comes with various features and benefits designed to provide convenience and flexibility to customers. The details of Jio Payment Bank zero balance account are:
Type of Zero Account | ||
Jio Payments Bank Account | Features | Paperless setup Free money transfers within India through @jio UPI handle Bill payments directly through the MyJio app Interest on deposits There are no penalties for dormant account You can conveniently access your transaction history and account statements electronically via the MyJio app |
Maximum Limit | Up to ₹ 1 lakh of deposits | |
Cheque Book Facility | Not available | |
Monthly Withdrawal Limit | N/A | |
Debit Card | Not issued | |
Credit Card | Not available |
How to Open Jio Payment Bank Zero Balance Account Online?
You can open a Jio Payment Bank zero balance account online via the official website or by My Jio App.
Through Official Website
To open your Jio Payment Bank zero balance account through the official website, follow these simple steps:
- Step 1: Access the Jio Payments Bank Website
- Start by navigating to the official Jio Payments Bank website.
- Step 2: Find the ‘Open New Account’ Section
- On the website, locate the ‘Open New Account’ section.
- Step 3: Opt for ‘Savings Account’
- Select ‘Savings Account’ from the options available.
- Step 4: Provide Your Aadhaar Card Number
- When prompted, input your Aadhaar Card number.
- Step 5: Go Through the e-KYC Process
- Adhere to the website’s instructions to finish the e-KYC process.
- Step 6: Confirm Your Mobile Number and Email Address
- During this process, you must verify your mobile number and email address.
- Step 7: Create Your MPIN
- The final step involves setting your MPIN for Mobile Banking Personal Identification Number.
Through My Jio Application
To open your Jio Payment Bank zero balance account through the My Jio App, follow these simple steps:
- Step 1: Get the MyJio App
- Start by downloading and installing the MyJio app on your smartphone.
- Step 2: Access the MyJio App
- Launch the app once it’s installed.
- Step 3: Go to the Bank Section
- Find and click on the “Bank” tab within the app.
- Step 4: Choose ‘Open New Account’
- From there, choose “Open New Account” and “Savings Account.”
- Step 5: Provide Your Aadhaar Card Number
- You’ll be prompted to input your Aadhaar Card number.
- Step 6: Follow the e-KYC Steps
- Adhere to the instructions displayed on-screen to finish the e-KYC process.
- Step 7: Confirm Your Mobile Number and Email Address
- As part of this process, you must verify your mobile number and email address.
- Step 8: Create Your MPIN
- Lastly, you’ll be asked to create your MPIN, your Mobile Banking Personal Identification Number.
How to Open a Jio Payment Bank Zero Balance Account Offline?
To open a Jio Payment Bank zero balance account offline, just follow these easy steps:
- Step 1: Visit the Branch
- The first step is to find a Jio Payments Bank outlet close to your location.
- Step 2: Present Your Aadhaar Card
- You must show your Aadhaar Card, which is essential for the account opening process, both online and offline. Your fingerprint will serve as your unique password.
- Step 3: Undergo the KYC process
- The KYC (Know Your Customer) process is compulsory for all banking institutions. This involves verifying your identity and address, which, in the case of Jio Payments Bank, is done using your Aadhaar Card.
- Step 4: Account Setup
- After your identity verification, you can set up your account. This includes selecting a Personal Identification Number (PIN) for your account.
- Step 5: Account Activation
- Once your account is set up, it will be activated. You can then use your Jio Payments Bank Zero Balance Account for daily transactions.
Jio Payment Bank Zero Balance Account Interest Rates
As a customer of Jio Payment Bank, you can benefit from competitive interest rates on your zero-balance account. The interest rate of a Jio Payment Bank zero balance account is:
Interest Rate on Saving Account | 3.5% per annum, payable quarterly |
Fees and Charges of Jio Payment Bank Zero Balance Account
Zero balance accounts offered by Jio Payments Bank come with certain fees and charges. Some common fees associated with a Jio Payment Bank zero balance account are:
1. SMS Alerts
Jio Payments Bank provides free SMS alerts. These alerts can keep you updated about transactions, balance updates, and other account-related activities. This service is offered without further charge.
2. Account Opening Fees
Opening a Jio Payments Bank account is free. There are no charges for initiating and setting up your account.
3. Load/Add Money
You can add money to your Jio Payments Bank account at no cost via the mobile app. This makes it easy and convenient to keep your account funded.
4. Bill Payment (BBPS)
You can pay your bills directly from your Jio Payments Bank account for free. This includes utilities, mobile recharges, and other bill payments.
5. Ad-hoc Physical Statement
While digital statements and updates are free, if you request a physical statement, there is a charge of ₹75 plus applicable GST. This is for instances when you need a printed copy of your account statement.
6. Funds Transfer Within Jio Payments Bank
You can make unlimited free transfers within Jio Payments Bank via the mobile app. You can send money to other Jio Payments Bank accounts without any charges.
7. Funds Transfer From Jio Payments Bank to another Bank (IMPS/NEFT)
You can also transfer funds from your Jio Payments Bank account to any other bank account in India using IMPS or NEFT for free. This makes it easy to move money as needed without incurring additional costs.
Eligibility Criteria to Open Jio Payment Bank Zero Balance Account
A Jio Payment Bank zero balance account typically requires meeting certain eligibility criteria. The criteria are:
1. Age
The applicant should be an Indian resident at least 18 years old, a common age requirement across many banks.
2. Documents
You must have mandatory documents such as an Aadhar card, PAN card, etc.
3. Online Account Opening
As of February 2024, only individuals with a Jio SIM card linked to their Aadhaar Card can open a Jio Payment Bank account online. This measure ensures the security and authenticity of the account holder.
4. Minors
Minors cannot open a Jio Payment Bank account directly.
Documents Required to Open Jio Payment Bank Zero Balance Account
To open a Jio Payment Bank Zero Balance Account, you must prepare the following documents:
1. Aadhaar Card
Your original Aadhaar card is essential for opening an online or offline account. It’s used for e-KYC.
2. Mobile Number Linked to Aadhaar
This number is needed for verification.
3. PAN Card
While it’s optional for online account opening, it becomes mandatory if your transactions exceed ₹2 lakh per month.
4. Passport Size Photo
This might be needed for identification.
5. Jio Mobile Number
Only those with a Jio SIM card linked to their Aadhaar can open a Jio Payment Bank account online.
6. Details of Nominee (Optional)
You will need their details to nominate someone for your account.
Jio Payment Bank Zero Balance Account Welcome Kit
Unlike some banks, Jio Payments Bank does not provide a physical welcome kit when you open a Jio Payment Bank zero balance account. All the bank services are online and can be used through the MyJio App or at a Jio Payments Bank outlet.
Jio Payment Bank Zero Balance Account Helpline
Jio Payment Bank offers a Zero Balance Account with a dedicated helpline for customer support. You can contact the bank through these mediums:
Details | Information |
Headquarter Address | Reliance Corporate Park, Ghansoli, Navi Mumbai – 400 701, Maharashtra, India |
Helpline Contact Number | 70007700072 or 1800 890 70703 |
Helpline Email Address | [email protected] |
Final Word
Opening a Jio Payment Bank zero balance account is a simple, hassle-free process that offers numerous benefits. With no minimum balance requirement, it provides an accessible banking solution for all, promoting financial inclusion. The convenience of digital banking, combined with the reliability of a well-established brand, makes Jio Payment Bank a compelling choice for your banking needs. So why wait? Step into the future of banking with Jio Payment Bank today!
FAQs
Jio Payments Bank offers easy access to daily transactions, secure transactions, no minimum balance requirement, and mobile banking facilities.
Account opening typically takes 24 to 72 hours post-review. Once open, you can access your account anytime via the MyJio App or at a Jio Payments Bank outlet.
The maximum balance in a Jio Payments Bank account is ₹ 1lakh. New users have a limit of ₹ 5000 for UPI transactions within 24 hours of the first transaction. In contrast, existing users have a limit of ₹1 Lakh.
Jio Payments Bank offers an interest rate of 3.5% per annum.
Yes, you can use the MyJio app to finish the Jio Payments Bank KYC procedure.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.