Hubbali: An ATM card has become synonymous with banking for quite some time. However, there are millions of people in the hinterlands of the country who are not comfortable using an ATM card for the fear of losing it or forgetting the PIN. Yet, they cannot be denied the benefits of digital banking.
Continuing its product innovation for the benefit of customers, Fino Payments Bank today announced the launch of Aarambh Savings Account, an Aadhaar Authentication based digital savings account.
Aarambh is a subscription-based zero balance account that eliminates the minimum account balance (MAB) requirement and the need for a debit card, thereby enhancing customers’ banking experience.
To open an Aarambh account all a customer has to do is visit the nearest Fino branch or Fino authorized merchant with his/her Aadhaar card and complete the account opening process. Customers can open an Aarambh account only through Aadhaar-based authentication mode and can opt for the Aadhaar seeding during the account opening itself. The nominal annual maintenance fee for Aarambh is Rs 99.
Announcing the launch of Aarambh, Himanshu Mishra, Senior Divisional Head (West and Central), Fino Payments Bank said, “We provide banking services in under-banked areas where beneficiaries of various direct benefit transfer (DBT) schemes, including old-age pension, MGNREGA, PM Kisan Samman Nidhi, etc reside and work. Our objective has always been to make banking convenient and simple for our customers. With the new savings account customers can engage in hassle-free banking without worrying about debit cards and minimum balances. As the convenience of AePS gains ground, we expect increased acceptance and adoption of banking in rural Karnataka.”
For rural consumers Aadhaar enabled payment system (AePS) emerged as a preferred mode of transaction for its convenience.
Customers can transact at any Fino branch, merchant point as well as non-Fino points with Aadhaar Authentication and OTP combination. Also, they can deposit up to Rs 25000 monthly without any charge and enjoy up to two free cash withdrawal transactions at non-Fino points in a month. Further, if the end of the day balance exceeds Rs 2lakhs, customers can avail of the sweep account facility with prior consent.
Merchants, the Fino banking points, are the neighborhood stores such as Kirana Stores, Medical Stores, dairy outlets, mobile repair shops, etc that are always open and available. Most importantly, merchants are familiar to the local people and are friendly with them that leads to customer trust.
For the people in rural areas, Fino merchant points offer great comfort and convenience. One can open a new bank account, get an instant debit card, do deposits, withdrawals, remittances, AEPS, Micro ATM transactions, and access third-party offerings such as insurance, gold loan sourcing.
Customers can also pay utility bills like electricity, broadband, phone as well as pay for mobile and DTH recharges.