The Indian financial sector is soaring, as several non-banking financial corporations (NBFCs) and payments banks have entered the market. FINO Payments Bank is one of the most popular payments banks in India and also the only listed bank in the country. If you’re looking for a place to open a bank account, FINO Payment Bank can be the right pick.
This guide discusses everything you need to know about the FINO Payments Bank, along with its services and advantages.
Key Offerings of FINO Payment Bank
FINO Payments Bank offers a wide range of products. Here’s a detailed look into the services offered by the bank.
FINO Payments Bank lets you open a savings account in a few easy steps. So, let’s look at the different types of saving bank accounts, including:
- Aarambh Savings Account
- Shubh Savings Account
- Pratham Savings Account
- Saral Salary Account
- Suvidha Savings Account
- Bhavishya Savings Account
- Jan Savings Account
All these bank account types offer unique benefits and features. For example, the Prathan Savings Account has low balance requirements, while the Bhavishya Savings Account is an ideal option for children.
If you’re a business owner who needs a current account to support your transactional requirements, FINO Current Account is the right pick for you. It allows you to open a current account with several features and benefits.
That said, you can open two types of current accounts with FINO Payment Bank:
- Pragati Current Account
- Sampann Current Account
The Pragati Current Account is ideal for people who want to enjoy greater liquidity. On the other hand, the Sampann Current Account is better for people who want to keep their cash in the bank account and grow their business.
BPay is an all-in-one payments app that takes care of all your payment needs. You can make banking payments, merchant payments, utility payments, recharge, and more using BPay. Besides, the app is intuitive and has an exhaustive range of features, like:
- Connect your bank account and make payments directly from the bank.
- Support for UPI, IMPS, and mobile number payments
- Send money to various wallets like Paytm, PhonePe, and GPay.
- Pay all types of bills, including electricity, broadband, landline, gas, etc.
- Pay at numerous physical outlets, such as petrol pumps
Debit cards have become the new definition of finance. Gone are the days when people would use cash for every small and big payment. So, most people nowadays use cards, and FINO Payments Bank lets you do the same.
That said, you can apply for three types of debit cards:
- Classic Debit Card: The standard debit card for all your needs
- Platinum Debit Card: For users with large transactional requirements
- Prepaid Card: A corporate card for incentive payout
United Payments Interface (UPI) is an interface by NPCI to allow merchants to make interbank transfers in a hassle-free manner. Therefore, FINO Payments Bank offers UPI functionality, allowing you to send and receive money to and from any bank account. You can find the UPI functionality in the BPay app. Also, please note that you’ll need to generate a virtual payments address (VPA) to use the UPI functionality.
UPI for Merchant
FINO Payments Bank also offers a dedicated UPI portal for merchants who want to accept payments seamlessly from various customers. The process of setting up UPI for merchants is the same as UPI for regular users. Thus, you need to get a VPA first, and then you’ll be able to facilitate UPI payments.
Fino FASTages allow you to pay toll tax with ease without giving cash. You can affix these FASTags on your windshield and link them to your FINO wallet. As a result, you can pass through the toll plazas without stopping. The toll tax will be automatically deducted from your bank account. Presently, FINO FASTag is operational at over 400 toll plazas across the network of Indian National Highways.
Sweep Account Facility
FINO Payments Bank offers Sweep Account functionality in partnership with the Suryoday Small Finance Bank. Using this feature, you can send and receive up to Rs. 2 lakh in your bank accounts without any banking restrictions. Furthermore, you can deposit funds in your sweep account and earn up to 6.25% interest per annum.
Though FINO is a payments-only bank, it has partnered with several NBFCs to provide credit facilities to merchants. You can take a business loan, working capital loan, personal loan, or gold loan directly from your FINO banking dashboard. Also, the process is hassle-free and fast.
Other Services Offered by FINO Payment Bank
Now, apart from the products mentioned above, FINO offers two other services, including:
FINO provides the best insurance plans in partnership with various insurance companies. You can get health and life insurance. That said, the following insurance policies are available:
- ICICI Lombard Hospicash Riders
- ICICI Lombard Personal Accidental Policy
- Lombard Family Floater
- ICICI Lombard Dengue and Malaria Insurance
FINO Payments Bank has recently introduced Cash Bazaar, a feature that lets you claim cash-in and cash-out services at any FINO BC Merchant point. Hence, if you are short on cash, you can use this service to fulfill your needs, regardless of whether you have a FINO bank account or not.
Pros and Cons of FINO Payment Bank
The ultimate question is whether you should open a bank account with FINO Payment Bank. To help you make a decision, let’s look at the benefits and drawbacks of having an account with FINO.
Benefits of FINO Payment Bank
- Hassle-free account opening process
- Flexible terms for account holders
- Both savings and current accounts are available
- Several useful products and services
- Low fee and budget-friendly banking
- Digital and physical banking options
Disadvantages of FINO Payment Bank
- Payments-only bank with no credit functionality
- No credit cards
- Maximum limits on transactions
- New bank with possible credibility issues
Wrap Up: FINO Payment Bank
FINO Payments Bank is a payments-only bank that can be an excellent alternative to large banks if you want to open a savings or current account. It offers a wide range of features and benefits, and it caters mainly to small merchants and low-middle-income users. Hence, be sure to explore FINO’s services.
So, what’s your take on FINO Payments Bank?