Fino Payment Bank Account Opening: Charges, Documents, Age Limit

Fino Payment Bank Account Opening

Fino Payment Bank Account Opening: Fino Payment Bank is a new-age digital bank that offers a range of banking services and solutions to its customers. It was granted the license to operate as a payments bank by the Reserve Bank of India (RBI) in 2017. Since then, it has expanded its operations across India, providing convenient banking services to individuals and businesses.

Fino Payment Bank operates through a network of branches, business correspondents (BC agents), and digital channels. It offers a range of savings and current accounts, debit cards, online banking, mobile banking, and other value-added services to its customers.

To open a Fino Payment Bank account, you can follow these steps:

1. Visit a Fino Payment Bank branch or Business Correspondent (BC) agent: You can locate your nearest Fino Payment Bank branch or BC agent by visiting the Fino Payment Bank website or by calling their customer care number.
2. Carry the required documents: Carry the necessary KYC documents such as an Aadhaar card, PAN card, passport, driving license, etc. along with you to the branch.
3. Fill up the account opening form: Once you reach the branch, fill up the account opening form with all the required details such as your name, address, mobile number, etc.
4. Submit the KYC documents: Submit the KYC documents along with the account opening form. The documents will be verified and returned to you.
5. Provide biometric authentication: You will be required to undergo biometric authentication using your fingerprint or iris scan.
6. Choose the account type: You can choose from the different types of accounts offered by Fino Payment Bank such as savings account, current account, or fixed deposit account.
7. Nomination facility: You can also avail of the nomination facility by providing the name and address of the nominee.
8. Receive your welcome kit: Once your account is opened, you will receive a welcome kit containing your account details, debit card, and other relevant information.
9. Activate your debit card: You can activate your debit card by following the instructions given in the welcome kit.
10. Start using your account: You can start using your Fino Payment Bank account to deposit and withdraw money, transfer funds, pay bills, and avail of other banking services.

Fino Payment Bank Zero Balance Account Opening Online

Fino Payment Bank offers a zero-balance account opening facility both through online and offline channels. Here are the steps to open a zero-balance account with Fino Payment Bank online:

1. Visit the Fino Payment Bank website or download their mobile app.
2. Click on the “Open Account” button on the homepage.
3. Select the type of account you want to open (Savings Account or Basic Savings Bank Deposit Account) and click on “Apply Now”.
4. Enter your mobile number and verify it using the OTP sent to your mobile number.
5. Enter your Aadhaar number and PAN number. If you do not have a PAN card, you can opt for the ‘Form 60’ option.
6. Fill in the account opening form with your personal details such as your name, address, date of birth, etc.
7. Upload the necessary documents such as your Aadhaar card, PAN card, and a recent passport-size photograph.
8. Review and submit your application.
9. Once your application is submitted, a Fino Payment Bank representative will contact you to schedule a video KYC session.
10. During the video KYC session, you will be required to provide additional personal details and complete the biometric authentication process.
11. Once the video KYC process is completed successfully, your zero balance account will be opened, and you will receive an SMS and email confirming the same.
12. You can download your account details, debit card information, and other relevant information from the Fino Payment Bank website or mobile app.

You can also visit a Fino Payment Bank branch or BC agent to open a zero-balance account offline. You will need to carry your Aadhaar card and PAN card and follow the necessary steps as directed by the bank representative.

Fino Payment Bank Account Opening Charges

Fino Payment Bank offers a range of savings account and current account options, each with its own account opening charges and fees. Here is a general overview of the charges associated with opening a Fino Payment Bank account:

• Account opening charges: Fino Payment Bank charges a one-time account opening fee is Rs. 349 for its savings and current accounts. The charges may vary depending on the type of account you choose.

• Minimum balance requirements: Fino Payment Bank requires its account holders to maintain a minimum balance in their accounts. Failure to maintain the minimum balance may attract a penalty.

• Debit card charges: Fino Payment Bank offers debit cards to its account holders. The bank may levy a fee for issuing the debit card or for replacing a lost or damaged card.

• Transaction charges: Fino Payment Bank may charge a fee for certain transactions such as cash withdrawals, fund transfers, and other banking services.

• Service charges: Fino Payment Bank may charge a service fee for maintaining your account or providing other banking services.

Fino Payment Bank Account Opening Documents

To open an account with Fino Payment Bank, you will need to provide the following documents:

1. Identity proof: Any one of the following identity proof documents will be accepted:

• Aadhaar card
• PAN card
• Voter ID card
• Passport
• Driving License
• NREGA Job Card

2. Address proof: Any one of the following address proof documents will be accepted:

• Aadhaar card
• Voter ID card
• Passport
• Driving License
• Utility bills (electricity bill, telephone bill, gas bill, etc.)
• Bank account statement
• Ration card

3. Photograph: A recent passport-size photograph will be required for account opening.

It is recommended to carry the original copies of the documents while visiting a Fino Payment Bank branch or BC agent for account opening. The documents will be verified and returned to you after the verification process is completed.

Fino Payment Bank Account Opening Age Limit

Fino Payment Bank allows individuals above the age of 18 years to open a savings account or current account with the bank. The account opening process may require the individual to provide valid identity and address proof documents, as well as other personal details.

However, the bank also offers the Fino NextGen account for minors between the ages of 10-18 years, which can be opened jointly with a parent or guardian. The account can be operated by the minor, but certain transactions may require the consent of the parent/guardian. The account has a maximum balance limit of Rs. 50,000 and does not require any minimum balance to be maintained.

FAQs (Frequently Asked Questions)

Final Words:

In conclusion, opening an account with Fino Payment Bank can provide you with access to a range of banking services and facilities, including online banking, debit cards, and more. The bank offers a variety of savings and current account options to suit the needs of different individuals and businesses, with varying minimum balance requirements and features.

To open an account with Fino Payment Bank, you will need to provide valid identity and address proof documents, along with a recent passport-size photograph. It is recommended to check the specific eligibility criteria, account opening charges, and fees associated with maintaining the account before proceeding with the account opening process.

Overall, Fino Payment Bank is a reliable and customer-friendly bank, that provides convenient banking solutions to its customers. With its wide network of branches and BC agents, it is easy to open an account with Fino Payment Bank and enjoy the benefits of modern banking services.

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