On August 15, 2020 Fino Payments Bank Limited(Ltd) launched Jan Bachat Khata (JBK), an Aadhaar authentication based digital savings account for its customers. JBK will bring neo-banking experience to the consumers. The primary target segment is low income household families and direct benefit transfer (DBT) beneficiaries.
- JBK is in line with the bank’s customer centric innovative offerings.
Note– For the Primary target customers, Aadhaar enabled payment system (AePS) has emerged as the preferred mode of transaction, as it is convenient, secure and completely digital.
Key Info about JBK
i.The customers can open a JBK account only through Aadhaar-based eKYC(Electronic-Know Your Customer) mode.
ii.JBK eliminates the need for a debit card and PIN, thus will enhance customer experience.
iii.With fingerprint and OTP(One-Time Password) combination the customers can transact at a Fino branch or merchant point, but non-Fino points need Aadhaar authentication.
Highlights of JBK
i.The annual subscription fee of JBK is at a nominal rate. It is a zero balance account with no MAB requirement, no debit card, ATM and SMS charge and full rights to access BPay mobile banking app.
ii.Customers can deposit up to Rs 25000 and avail around 10 free transactions in a month, without any charges.
iii.Customers can avail of sweep account facility with prior consent if end of the day account balance exceeds Rs lakh.
As AePS transactions increase, the bank expects increased acceptance and aims to open around a million KBK accounts in FY21.
Recent Related News:
i.Fino Payments Bank Limited launched ‘Bhavishya‘, a savings account scheme for minors aged between 10-18 years.
ii.Bank of Baroda(BoB) launched ‘Insta Click Savings Account’, a 100% paperless digital self-assisted online savings account.
About Fino Payments Bank Limited:
MD & CEO– Rishi Gupta