Like other Payments Bank in the market such as Paytm, India Post, etc. finally, Jio has also launched its own Payments Bank Account service, which allows customers to maintain maximum balance up to 1 Lakh.
Jio Payments Bank is a Digital Savings Account that can be opened online without visiting any Jio Store or Jio Payments Bank Outlets with the help of your Aadhaar and PAN Number. So to open Jio Payments Bank Digital Account there is no paperwork included.
Now let’s get started with the process to open Jio Payments Bank Account with the help of your Aadhaar Number.
Requirements to Apply Jio Payments Bank Account
To open the Jio Payments Bank Account, you will need the following things:
- Aadhaar Number (your mobile number should be linked with your Aadhaar)
- PAN Number
- An individual who wishes to open an account with Jio Digital Savings Account should be Indian by the residence and should be above 18 Years of age
These are the three major requirements to open an account with Jio Payments Bank.
Things which you must know before opening Jio Payments Bank Account
To open Jio Payments Bank Account your Aadhaar must be linked with your mobile number, as while opening Jio Payments Bank when eKYC is performed you will need to complete the OTP authentication. So without having a valid mobile number linked with your Aadhaar you cannot open Jio Payments Bank Account.
Once you open the Jio Payments Savings Bank Account, it will be valid for 1 Year. So if you want to use Jio Savings Account for lifetime then during this period you can complete the biometrics authentication to upgrade to a Full KYC Savings Bank account by visiting nearest Banking Correspondents.
Your Jio Payments Savings Account will be valid for 1 Year from the date of registration. And if you don’t complete the biometrics authentication by visiting nearest Jio Payments Digital Savings Bank Outlets within 1 Year then your Jio Payments Bank Digital Savings account will be closed.
You can open only one Jio Digital Payments Savings Account with your Aadhaar and PAN. Opening Multiple Jio Payments Account with the same Aadhaar and PAN is not permitted.
There is no minimum balance required to be maintained in Jio Payments Bank
There are no charges or fees for Jio Digital Payments Bank Account and also if your account goes in inactive state or doormat state then no penalties are charged
Jio Payments Bank Account allows withdrawing cash through Jio Points across India
It is not mandatory that you should have Jio Mobile Number to open an account with Jio Payments Bank Account, account can be opened with Non-Jio Mobile Numbers too
Your Jio Payments Digital Savings Account can be operated from Smartphone as well as you can bank with any of Jio Payments Bank outlets
Jio Digital Payments Bank Account will not issue any Debit Card
You are free to freeze your Jio Payments Bank Account by calling Jio Digital Payments Bank Hotline Number
To Open Jio Digital Payments Bank Account other than Aadhaar and PAN, for now, they aren’t accepting any other documents. But they will soon introduce Business Correspondents who will help customer to upgrade to Jio Payments Bank Savings Account
In Jio Payments Digital Savings Account, customers can deposit and maintain a maximum amount up to ₹1 Lakh. And within one year of account opening, you can deposit a total maximum amount of ₹2 Lakhs
Step by Step Process to Open Jio Payments Bank Digital Savings Account with your Aadhaar
To open Jio Payments Bank Account download and install the app called My Jio App on your smartphone
Open the installed app
On the homepage of the app just tap on the let’s get started button
Select your JioMoney registered mobile number or it can be any other operator mobile number and proceed
If not signed up on JioMoney then signup an account, and if you are already signed up then you will be logged into your account
After binding the device, set up a 4 digits mPIN and tap on the proceed button
Open Bank tab or click on the banner “Upgrade to Jio payments bank savings account” to proceed with the self-onboarding process
Enter your 12 digits Aadhaar Number and tap on proceed button
One Time Password will be sent on your Aadhaar registered mobile number, so enter the received OTP in the input field and click on the submit button
Your details will be fetched from your Aadhaar database and will be displayed on the next screen
You will need to enter your details like email id, PAN Number, etc., tap on agree terms and conditions and click on the proceed button
Your Jio Payments Digital Savings Account will be opened in the next 72 hours after being reviewed, on successful registration, a registration number or ORN is generated in the App, and you receive it as an SMS notification also.