Ever since online banking became a thing, we got to see new types of banks being introduced right here in India, especially the Payment Banks. For those who are quite literally hearing about such types of banks for the very first time, well, these are the banks that provide super basic banking services to their customers like deposits, payments, and remittances, and that’s all! Like, usually there are no loan and credit services offered by these payment banks. And sure enough, when people got to know about such banks, they went all in with their services, and that’s why millions of people right now are their customers. Leaving that for another day, today, we’re here specifically to talk about the Top 10 Payment Banks in India 2025. So, let’s get to that right away.
1. Airtel Payments Bank
The very first thing is that Airtel Payments Bank is one of the biggest brands out there. It began operations in 2016 and now has, by 2025, over 5,00,000 banking points all over India. The network is massive! Furthermore, it is connected with more than 1.5 million merchants, so feel free to use it for personal purchases or business-related purchases. Their interest rate is 7% for balances in savings accounts over ₹1 lakh and 2% for anything less. To open an account, which is totally paperless and requires no minimum balance, just Aadhar and biometric will do.
2. India Post Payments Bank (IPPB)
Next comes India Post Payments Bank, better known by its abbreviation IPPB, which is supported by the Government of India. Why is it special? It is simply about reaching every part of the country, even rural villages. With more than 155,000 post offices and more than 300,000 postal workers acting as Bank Mitras, or Gramin Dak Sevaks, IPPB can bring banking services to your very door with just a single request. It came into operation in 2018, and now has close to 650 branches.
3. Fino Payments Bank
Another big name, well, the Fino Payments Bank finds its place especially in semi-urban and rural areas. It has been in financial services since 2006, but the actual banking operations commenced in 2017. By 2025, it plans to be operational through more than 25,000 banking outlets. Their savings accounts provide an interest rate as high as 6.25% for deposits between ₹1 lakh and ₹1 crore. However, one hundred percent mobile-based, their mobile app can be used to pay bills, transfer funds, or recharge a mobile phone.
4. Jio Payments Bank
Established in 2016 by Reliance Industries and SBI, Jio Payments Bank is all about digital convenience. Currently, there are nearly 70,000 cash-and-service points, and it perfectly syncs into the Jio ecosystem. A savings account earns up to 3.5% interest with features like bill payments and UPI transfers through the JioMoney app. No minimum balance, and account opening is 100% digital. Register, and there you go, the money can be instantly sent across any other bank.
5. NSDL Payments Bank
Next, we have the NSDL Payments Bank: a part of the National Securities Depository Limited and a 2018 entrant. It may have fewer physical outlets, the number hovering around 3,000, but for the digital crowd, mostly the investors, it matters way more than any physical branch. Their savings account offers an interest rate of 2.5% for balances up to ₹1 lakh and 5% for anything more. You get a free virtual debit card to do online shopping, and mutual fund investing is enabled through their app.
6. Paytm Payments Bank
One way or another, the Paytm Payments Bank has been a giant name, with a maximum users numbering 300 million. However, things got a bit difficult with the RBI-imposed restrictions in 2024 over data and KYC issues. They are not able to onboard new users or accept fresh deposits at the moment. But, if one does have an active account, then transactions can be done through the Paytm app, including UPI, QR, and so on. It gave 4 to 5% interest, zero-balance saving facilities, and cashback offers.
7. Aditya Birla Idea Payments Bank
Aditya Birla Idea Payments Bank shut down in 2019 after facing a storm, but it is back in 2025 with a new setup, made possible by the Aditya Birla Group once again. The bank currently has more than 100,000 access points across India. Their savings account works with a massive 7.25% interest, which is amongst the highest in the world, especially in India.
8. Equitas Small Finance Bank
A tiny finance bank amongst the finest payment banks of India? Well, that is because it was initiated almost like a payment bank, and today, one can hardly tell what a payment bank is. Its history dates back to 1993, but since 2016, the bank has been considered a payment bank at least by some. The services again are among the basic ones, yet impressive with other names in this league. It is just such a reputable name.
9. DBS Digibank
Well, right here in India, we have yet another digital bank, and that is DBS Digibank under the backing of DBS Bank of Singapore, which is most certainly on an upward trajectory right now. How so? Well, it’s just giving that standard fare which is expected of any payment bank, the kind of services DBS Digibank offers, so why not? With a basic account with this bank, you can even get a 4% interest rate.
10. Jana Small Finance Bank
Lastly, speaking about Jana Small Finance Bank, it’s an up-and-coming payment bank, and it certainly ranks among the best SFBs in the country. No two ways about it. Now, about this bank, roughly 3.5 million customers have been able to easily open their accounts, enjoy safeguarded transactions, and apply for micro-financing from home or wherever they are!
Conclusion
That is pretty much it. Sure, there have been so many rules and regulations to control these banks in India by the RBI, but still, these are the top 10 payment banks that are doing phenomenally well right here in the country.
