Here is the Complete List of the Top 6 Payment Banks in 2023 

In India, there are only six payment banks. RBI had provided the license to 11 payment banks hence; more would be coming. You would also learn a brief detail about these payment banks. 

The interesting fact is that payment banks are new-age banks that give limited services but are quite easy to access. You can get physical bank rarely. Instead, a payment bank works through the existing vendors and shopkeepers. The banks are focusing on online platforms. In these Payment Banks, you may get a higher interest rate from the saving account.  

Here is the list of the Top 6 Payment Banks: 

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6. NSDL Payments Bank Limited 

NSDL is now one of the largest securities depositors in the world. The bank handles most of the securities in the form of dematerialized form in India. NSDL Jiffy permits the paperless and queue-free process to farm the account opening to fund transfer, bill payments, and investments. This Payments Bank (PB) has ranked sixth position. 

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5. Jio Payment Bank 

On 3rd April 2018, RBI announced the launch of this bank. But, Jio has not provided any details of the Jio Payment bank. Jio can utilize its store as a branch of the bank. We are expecting that Jio might shift its Jio Money customer to the Jio Payment bank. 

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4. Paytm Payment Bank 

Paytm is now another big Payments Bank (PB) in 2023. The bank heavily promoted its payment bank. The bank is giving advice to its wallet customers to shift to the payment bank. The bank started its operation in December 2017. It’s true that the Paytm Bank Network is smaller than the Airtel Bank. It says that by the end of 2018, it would have 1 lakh outlets for taking cash deposits and withdrawals.

It opens a zero-balance account. The Free Insurance cover Rs. 2 lakhs. It provides a free Digital Rupay Debit card. You can get a physical debit card on request. The charge for the physical card is Rs. 125. For a full KYC, you have to visit the Paytm KYC centers. 

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3. Fino Payment Bank 

Fino Payment bank has got the third position in the PB list. It has not been advertised. The bank gives more services than any other payment bank. The users can get the services to have current & savings accounts, remittances, business correspondent (BC) lending, mobile banking through the BPay app, life & general insurance, and bill payments. The Fino Payment bank has its own branches in 410 places. It has 25000 banking points across the country. Further, it is present at BPCL petrol pumps.

The Fino Payment bank does not provide any higher interest rates.  The bank has charged 1% for the remittance. Fino has partnered with ICICI Bank. The ICICI ATMs are installed at the Fino branches. It also sells the term deposit, auto loans, personal loans, and home loans of the ICICI Bank. You just need Rs. 1000 minimum balance in the account. 

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2. India Post Payment Bank 

India Post Payment Bank is one of the most convenient Payment banks. As this bank would be available at most the post office. Primarily, the government is launching the IndiaPost Payment bank services in the 650 post offices. But later it would be available at all the post offices. The India Post Payment bank gives different interest rates according to the deposit amount.

You can deposit Rs. 25,000 for 4.5%, Rs. 50,000 for 5%, and Rs. 1,00,000 for 5.5% The government is planning the postman on your home for cash deposit and withdrawals. 

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1. Airtel Payment Bank 

 This is one of the oldest and top payment banks. After licensing, Bharti Airtel started this payment bank through its subsidiary. The Kotak Mahindra Bank has also a stake in this bank The Airtel Payment Bank raises 1.5 million retailers across the country. The Airtel Payment bank provides an interest rate of 5.5% in its saving account.

The rate is higher than regular banks which give 3.5 for a 4.0% interest rate. Initially, Airtel Payment Bank was giving a 7.5% rate. The bank will open an instant account and requires no documents. Your Airtel number would be your bank account number. For free Personal Accident Insurance cover of Rs. 1 lakh. 

Read More: Here is the list of the Top 10 Start-Ups in India in 2023

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