New Banking System in India
Update(June2022) :
Banking Sector is most important sector now a days & day by day it becoming regular parts of our daily life because of digitalization .
3 Types Of Banking System :
- General Banks
- Payment Banks
- Neo Banks
General Banks/Traditional Banks :
These banks are the backbone of any country & very much useful till now & all the most and high amount of transportation goes through it.
Here is some name of Banks : State Bank of India, Allahabad Bank , ICICI Bank , Bank of Baroda etc...
Facilities :
ATM , DEBIT CARD , CREDIT CARD , PHONE BANKING , MOBILE BANKING , INTERNET BANKING, Cheque Book , Loans , Several Types of Banks account , Joint Bank account etc...
Payment Banks :
Payments Banks are most innovative banks of India is a type of successful banking system . This is fully operated through digital ways only. So ,we called is " Digital Bank " too .
there are 6 Payments Banks in India :
- Paytm Payment Bank ( not for new* )
- Airtel Payment Bank ,
- India Post Payment Bank ,
- NSDL Payment Bank ,
- Fino Payment Bank &
- Jio Payment Bank .
Our recommendation is you too have Paytm Payment Bank because of it has huge facilities ,
like - Virtual+Physical ATM ( also credit card of SBI as tied up banking partner) , Fixed Deposit is so easy to use ( one click) , Successful Rate is 99.98% , Banking point availability is high ( also same with Airtel).
Features of Payments Bank :
- You don't need to visit bank branch as it's digital bank ( there's no branch for customers).
- Free Virtual Debit card ( RuPay/ Visa/ Master).
- Free e Statement on email
- Upto ₹2 lakh money can hold in account & rest will be fixed deposit ( which is so easy to withdraw)
- If any KYC need or problems come just talk over phone call you'll get solution.
- Under RBI guidelines
- Your money is safe as it can provide funds to government sector only
- Some provide check book too
- Airtel Provide free phone banking ( dial *400# , works without internet).
- UPI transaction ₹1 lakh in single payment , 10 Transaction P2P & unlimited Merchant transaction Daily.
Neo Banking System :
Along with the world , India has developed & integrated neo Banking System .
Neo Bank lies in between General Banks and Payments Bank.
It means that Neo bank have physical branch but you don't need to visit , everything will be through internet in digital ways & also you don't need to worry about daily limit because there is no maximum limit for neo Bank.
“ Neo Bank apps are just like mediator & agent.”
Process to have account :
- Download App.
- Register with phone & email .
- Provide PAN + AADHAR & Adhar OTP .
- Your account is ready to use in 2 minutes.
Key Features of Neo Banks :
- Zero balance / No need to maintain MAB.
- Free Physical VISA Debit Card for 1st Year.
- Account opening & KYC from home ( full KYC via Video Call/ Agent home visit Free of Cost). Or CKY need selfie only.
- Rewards and offers .
- Instant support over chatting.
- Free balance alerts.
- Account in main Banks like Federal Bank/Equitas small Finance Bank etc...
Some Neo Banks :
- NiyoX ( Equitas small Finance Bank) → click here for rewards upto ₹200
- Jupiter ( Federal Bank) .
- Freo Save ( Equitas Bank...) .
- Fi Money ( Federal Bank). → Referral code = JU6WZHPVLT ( minimum CashBack ₹200, add ₹3000 Fist time)
Here we aren't going to tell about the categories which you already know .
For example :
- Public Sector Undertakings ( Government ) Banking like : SBI , Central Bank of India, PNB etc...
- Private Sector Banks , like: Axis Bank , HDFC Bank , Bandhan etc...
- Small Finance Bank , like - AU small Finance Bank, Equitas small Finance Bank etc...
- Foreign Banks , like : American Express Bank etc...
- Payment Banks , like : Paytm Payment Bank etc.
This is for general information & it's correct but categories are not suitable for study Purpose.