Which is the Best Payment Bank?

The focus of Payment Banks is to cater to credit and remittance needs of small businesses, unorganized sector, low income households, farmers and migrant workforce. There are only 5 banks operational as  of now that have been approved by RBI. We compared 20 parameters of these banks to know the best Payment Bank in India.

Brands Compared:  Airtel Payment Bank, Aditya Birla, Fino Payment Bank, India Post Payment Bank and Paytm Bank

Are payments banks in india filling the gap in services to people in banking sector?

It all started in RBI way back in 2013, soon after bringing out a set of Guidelines for Licensing of New Banks in the Private Sector in India with a view to step-up Infrastructure Financing, Wholesale Banking and Retail Banking. The hope also was that the poorer citizens (who transacted only in cash) would be encouraged and enabled to take their first step into formal banking. Read More.

Product Comparison Chart

For our comparative study on the charges they levy for various services, we have chosen five payment banks that provide detailed information on their websites. We have chosen these banks based on product offer (gathered from their websites and brochures) and services rendered (feedback from consumers).

Payment Banks Compared

  • Airtel Payment Bank
  • Aditya Birla
  • Fino Payment Bank
  • India Post
  • Paytm Bank

Parameters Compared

  • Account Opening Fee
  • Cash Deposit/ Load Cash Fee
  • Cash Withdrawal Fee (%)
  • Fund Transfer Fee (%)
  • Minimum First (initial) Cash Deposit (Rs.)
  • Maximum Cash Withdrawal Limit (PM)
  • Maximum NEFT (Rs.)
  • Maximum IMPS (Rs.)
  • SB Interest Per Annum (%)
  • Free Personal Accident Cover (Rs. In Lakhs)
  • Monthly Average Balance (Rs.)
  • Non Maintenance of MAB (Rs.)
  • Debit Card Issuance Fee (Rs.)
  • Debit Card Replacement Fee (Rs.)
  • PIN Generation/ Change Charge (Rs.)
  • Physical Statements Fee (Rs.)
  • SMS Alerts (Rs. per month)
  • Cheque Return Charge (Rs.)
  • Account Closure Within 6 Months (Rs.)
  • Consumer Feedback

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