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 .

As per utilisation & working system as of now , there are mainly -

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 :

1. Paytm Payment Bank ( not for new* )
2. Airtel Payment Bank ,
3. India Post Payment Bank ,
4. NSDL Payment Bank ,
5. Fino Payment Bank &
6. 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.