Top 5 Best Alternative to Paytm Payments Bank: A Detailed Comparison

Bikash
By Bikash

Best Alternative to Paytm Payments Bank: How To Apply Guide

If you’re searching for the Best Alternative to Paytm Payments Bank, there are several options available to meet different needs and preferences. Let’s take a look at three popular contenders: Airtel Payments Bank, NSDL Jiffy, and Postal Payments Bank. These banks offer various services like savings accounts, money transfers, bill payments, and more. Airtel Payments Bank is known for its extensive network of banking points, while NSDL Jiffy provides a user-friendly mobile app experience.

On the other hand, Postal Payments Bank boasts a wide branch network across the country. Each option comes with its unique features and advantages, allowing you to choose the one that best suits your needs.

1. Airtel Payments Bank

Airtel Payments Bank is a popular digital bank that provides various services like savings accounts, personal loans, and insurance. One great thing about Airtel Payments Bank is its extensive network of over 500,000 banking points all over India. This makes it simple for customers to manage their accounts. Also, Airtel Payments Bank offers appealing interest rates on savings accounts, which is beneficial for those who want to earn more on their savings.

Airtel Payments Bank provides a hassle-free, zero-balance account accessible through the Airtel Thanks app. Earn high interest (up to 7%) on your savings, easily send and receive money, pay bills, recharge on the go, and enjoy rewards with Rewards123. With no need for a physical branch, it’s ideal for tech-savvy users who already have an Airtel connection. Let’s make managing your finances effortless!

Airtel Payments Bank Services:

  1. NETC FASTag: A convenient way to pay tolls electronically on highways.
  2. Bill Payments: Easily pay your prepaid or postpaid mobile bills, DTH bills, broadband, landline, gas, water, and electricity bills.
  3. Insurance: Get various types of insurance coverage, such as health, vehicle, home, and life insurance.
  4. Savings Account: Open and manage a savings account for your banking needs.
  5. UPI Banking: Perform banking transactions seamlessly using UPI (Unified Payments Interface).
  6. Personal Loan: Access personal loan services for financial assistance.
  7. Credit Card: Apply for and manage credit cards for making purchases and payments.
  8. Credit Score: Check and monitor your credit score to understand your financial health and eligibility for loans and credit cards.

Key Features:


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  • Fully digital: Open and manage your account entirely through the Airtel Thanks app.
  • Zero-balance account: No minimum balance is required, ideal for casual users.
  • High Interest rate: Earn up to 7% on your savings, among the highest offered.
  • Rewards program: Rewards123 offers cashback and discounts on various transactions.
  • Extensive services: Bill payments, FASTag recharge, insurance, loans, and credit cards.

How to Apply for Airtel Payments Bank?

Here’s how to apply:

  1. Go to the “Pay” section in the Airtel Thanks app and choose your bank account.
  2. Enter your PAN and Aadhar details.
  3. Fill in all the required information and finish the verification process.
  4. Set your mPIN and add money to complete the account opening process.

Eligible Criteria for Apply for Airtel Payments Bank

  • You must be a citizen of India.
  • You must be 18 years or older.
  • You must have a valid Aadhaar card and mobile number.

Pros:

  • Convenient for Airtel users.
  • Competitive interest rate.
  • The rewards program provides additional benefits.
  • Wide range of services offered.

Cons:

  • No physical branch network, entirely digital.
  • Requires an Airtel connection to open an account.
  • Certain services might incur charges.

Airtel Payments Bank Customer Care Number

ServicePhone Number
Phone (Airtel Customers)400
Phone (Other Operators)8800688006
Email[email protected]
Customer Grievance Officer (CGO)[email protected]

2. NSDL Jiffy

NSDL Jiffy is a mobile banking app that lets customers open a savings account and use various services like bill payments, money transfers, and insurance. One of the main advantages of NSDL Jiffy is its easy-to-use interface, which makes it simple for customers to navigate the app. Additionally, NSDL Jiffy provides personalized offers and discounts, giving customers extra benefits.

NSDL Jiffy is like having a bank in your pocket, offering a zero-balance savings account with a twist! Enjoy high-interest rates, a free virtual debit card, and seamless money transfers all from your phone. Say goodbye to paperwork and open your account instantly using Aadhaar e-KYC. With NSDL Jiffy, banking has become simple, secure, and incredibly convenient!

NSDL Jiffy Services:

  1. NETC FASTag: A convenient way to pay tolls electronically on highways.
  2. Bill Payments: Easily pay your prepaid or postpaid mobile bills, DTH bills, broadband, landline, gas, water, and electricity bills.
  3. Insurance: Get various types of insurance coverage, such as health, vehicle, home, and life insurance.
  4. Savings Account: Open and manage a savings account for your banking needs.
  5. UPI Banking: Perform banking transactions seamlessly using UPI (Unified Payments Interface).
  6. Credit Card: Apply for and manage credit cards for making purchases and payments.

Key Features:

  • Hybrid model: Open accounts online or through select agents.
  • Tiered interest: Earn 2.5% on balances up to Rs 1 lakh, 5% on exceeding amounts.
  • Free virtual debit card: Manage online transactions conveniently.
  • Physical debit card (optional): Available with annual fees.
  • Bill payments and basic banking services: Cover essential needs.

How to Apply for NSDL Jiffy?

Here’s how to apply:

  1. Download the NSDL Jiffy app: The NSDL Jiffy app is Available on the App Store and Google Play.
  2. Enter your phone number: Receive an OTP for verification.
  3. Provide basic details: Name, PAN, Aadhaar number.
  4. Complete e-KYC: Use Aadhaar card and PAN for instant verification.
  5. Set your mPIN: Secure your account with a personalized PIN.

Eligible Criteria for Apply for NSDL Jiffy:

  • You must be a citizen of India.
  • You must be 18 years or older.
  • You must have a valid Aadhaar card and mobile number.

Pros:

  • Hybrid approach offers flexibility.
  • Decent interest rate, especially for higher balances.
  • Option for physical debit card.
  • Handles basic banking requirements.

Cons:

  • Physical branch network is limited.
  • Lower interest rate on smaller balances compared to Airtel Payments Bank.
  • Potential charges for specific services.

NSDL Jiffy Customer Care Number

ServicePhone Number
General Inquiries+91 22-42022100
+91 22-69787301
Email[email protected]

3. Postal Payments Bank

Postal Payments Bank is a government-owned bank that provides various services such as savings accounts, money transfers, and bill payments. One benefit of Postal Payments Bank is its extensive network of over 650 branches across India, making it convenient for customers to manage their accounts. Additionally, Postal Payments Bank offers attractive interest rates on savings accounts, making it a favorable choice for those seeking to increase their savings.

Postal Payments Bank is like the bank you find in your neighborhood, right at the post office. They offer simple accounts with no need for a minimum balance. You can do basic banking stuff like sending money and paying bills there, and they even give you a debit card. The interest rates might not be the highest, but it’s easy to use and you can find a branch almost everywhere. So, if you like things simple and easy, this is the bank for you!

Postal Payments Bank Services:

  1. Bill Payments: Easily pay your prepaid or postpaid mobile bills, DTH bills, broadband, landline, gas, water, and electricity bills.
  2. Insurance: Get various types of insurance coverage, such as health, vehicle, home, and life insurance.
  3. Savings Account: Open and manage a savings account for your banking needs.
  4. UPI Banking: Perform banking transactions seamlessly using UPI (Unified Payments Interface).

Key Features:

  • Extensive branch network: Leverage India Post’s vast network for account opening and transactions.
  • Zero-balance account: No minimum balance is needed.
  • Moderate interest rate: Up to 4% on savings.
  • Basic banking services: Bill payments, money transfers, and debit card access.

How to Apply for Postal Payments Bank?

Here’s how to apply:

  • Download the IPPB App: Get the IPPB App on your phone from Google PlayStore!
  • Fill out the form: Name, address, PAN, Aadhaar, and Choose your account type.
  • Complete e-KYC: Use Aadhaar e-KYC for instant verification. You’ll receive an account number after successful verification.
  • Set your mPIN and start banking: Create a secure mPIN for transactions.

Eligible Criteria for Apply for Postal Payments Bank:

  • You must be a citizen of India.
  • You must be 18 years or older.
  • You must have a valid Aadhaar card and mobile number.

Pros:

  • Unmatched physical branch accessibility.
  • No minimum balance requirement.
  • Familiar network through India Post.
  • Offers essential banking services.

Cons:

  • Lower interest rate compared to other options.
  • Limited service range compared to digital-first banks.
  • May experience longer turnaround times for certain transactions.

Postal Payments Bank Customer Care Number

ServicePhone Number
General Inquiries155299
Missed Call Banking8424054994
Reporting Unauthorized Transactions1800 8899 860
Doorstep Banking1800 258 4769
Email[email protected]

4. Jio Payments Bank

Jio Payments Bank is a popular alternative to Paytm Payments Bank, offering a range of services and features for seamless banking experiences. Here are some details about Jio Payments Bank:

Jio Payments Bank Services Offered:

  1. Savings Account: Jio Payments Bank provides customers with a convenient and secure savings account to manage their finances.
  2. Money Transfers: Users can easily transfer money to other bank accounts or make payments using the Jio Payments Bank platform.
  3. Bill Payments: The bank allows customers to pay utility bills, recharge mobile phones, and make other bill payments directly from their accounts.
  4. Digital Banking: Jio Payments Bank offers a user-friendly mobile app and internet banking facilities for easy access to banking services.
  5. Debit Card: Customers can avail themselves of a Jio Payments Bank debit card for cash withdrawals, online shopping, and other transactions.

Jio Payments Bank Key Features:

  1. Instant Account Opening: Jio Payments Bank allows for quick and hassle-free account opening through a simple online process.
  2. Interest on Savings: Account holders can earn competitive interest rates on their savings balances.
  3. Unified Payments Interface (UPI): The bank supports UPI, enabling seamless fund transfers and payments through mobile devices.
  4. 24/7 Customer Support: Jio Payments Bank provides round-the-clock customer support for any queries or assistance.
  5. Cash Withdrawal: Customers can withdraw cash from ATMs using their Jio Payments Bank debit card.

How to Apply for Jio Payments Bank?
To apply for Jio Payments Bank, follow these steps:

  1. Download the Jio Payments Bank mobile app from the respective app store.
  2. Register using your mobile number and provide the required details.
  3. Complete the KYC (Know Your Customer) process by providing the necessary documents.
  4. Once the verification process is done, your Jio Payments Bank account will be activated.

Pros:

  1. Easy and convenient account opening process.
  2. Competitive interest rates on savings.
  3. Seamless money transfers and bill payments.
  4. User-friendly mobile app and internet banking facilities.
  5. 24/7 customer support for assistance.

Cons:

  1. Limited physical branch presence compared to traditional banks.
  2. Relatively new in the market compared to other established banks.
  3. Limited range of financial products and services compared to full-service banks.

Jio Payments Bank Customer Care Number:

ServicePhone Number
General Inquiries18008907070 (9AM – 9PM, All Days)
EMAIL ID[email protected]

5. Fino Payment Bank

Fino Payments Bank is a leading digital bank in India that offers a variety of services and features for seamless banking experiences. Here are some details about Fino Payments Bank:

Fino Payments Bank Services Offered:

  1. Savings Account: Fino Payments Bank offers a range of savings accounts to meet the diverse needs of its customers.
  2. Money Transfers: The bank provides a safe and secure platform for quick and hassle-free money transfers.
  3. Bill Payments: Customers can pay utility bills, recharge mobile phones, and make other bill payments directly from their accounts.
  4. Digital Banking: The bank provides a user-friendly mobile app and internet banking facilities for easy access to banking services.
  5. Debit Card: Fino Payments Bank offers a debit card for cash withdrawals, online shopping, and other transactions.

Fino Payments Bank Key Features:

  1. No Minimum Balance: Fino Payments Bank does not require customers to maintain a minimum balance in their accounts.
  2. Interest on Savings: Account holders can earn competitive interest rates on their savings balances.
  3. Mobile Banking: The bank provides a convenient and secure mobile banking app for easy access to banking services.
  4. Customer Service: Fino Payments Bank offers 24/7 customer support for any queries or assistance.
  5. Cash Withdrawal: Customers can withdraw cash from ATMs using their Fino Payments Bank debit card.

How to Apply for Fino Payments Bank:
To apply for Fino Payments Bank, follow these steps:

  1. Download the Fino Payments Bank mobile app from the respective app store.
  2. Register using your mobile number and provide the required details.
  3. Complete the KYC (Know Your Customer) process by providing the necessary documents.
  4. Once the verification process is done, your Fino Payments Bank account will be activated.

Pros:

  1. No minimum balance requirement.
  2. Competitive interest rates on savings.
  3. Convenient and secure mobile banking app.
  4. Wide range of savings accounts to meet diverse needs.
  5. 24/7 customer support for assistance.

Cons:

  1. Limited physical branch presence compared to traditional banks.
  2. Relatively new in the market compared to other established banks.
  3. Limited range of financial products and services compared to full-service banks.

Fino Payments Bank Customer Care Number:

ServicePhone Number
General Inquiries022 68681414
Missed Call Banking7877789877
Write Us[email protected]

Choosing the Best Option:

The ideal alternative depends on your individual needs and preferences:

  • For high interest and digital convenience: Consider Airtel Payments Bank if you’re comfortable with a fully digital experience and have an Airtel connection.
  • For balanced access and decent interest: NSDL Jiffy offers a hybrid model and tiered interest structure, catering to both online and physical needs.
  • For widespread accessibility and basic banking: Postal Payments Bank shines with its extensive branch network and familiarity, but remember the lower interest rate.

Remember, to compare fees, services, and support options before making your final decision. By understanding your priorities and comparing these alternatives, you can find the best fit for your banking needs after Paytm Payments Bank’s closure.

Conclusion on Best Alternative to Paytm Payments Bank

When it comes to finding the best alternative to Paytm Payments Bank, it ultimately depends on your individual needs and preferences. Airtel Payments Bank offers convenience with its extensive banking network, NSDL Jiffy provides a user-friendly mobile app experience, and Postal Payments Bank offers a wide branch network for easy access. Consider factors such as services offered, interest rates, and additional benefits to make an informed decision. Ultimately, the best alternative will be the one that aligns with your banking requirements and offers a seamless banking experience.

FAQs on Best Alternative to Paytm Payments Bank

What are some alternatives to Paytm Payments Bank?

Airtel Payments Bank, NSDL Jiffy, and Postal Payments Bank.

What services do these alternatives offer?

They offer services like savings accounts, money transfers, and bill payments.

Which alternative has a wide branch network?

Postal Payments Bank.

Which alternative has an extensive banking network?

Airtel Payments Bank.

Which alternative offers a user-friendly mobile app experience?

NSDL Jiffy.

How should I choose the best alternative?

Consider factors like services offered, interest rates, and additional benefits that align with your banking requirements.

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By Bikash
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Hello! I'm Bikash, a skilled Web Developer and Blogger with more than 5 years of experience in the digital marketing fields. My passion is Share my Own Experience by Blogging and creating unique, approachable websites that create a lasting impact. My love of both technology and creativity encourages me to keep up with the most recent developments and industry best practices.
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