National Securities Depository Limited 

National Securities Depository Limited  (NSDL) was Founded in 1996 (28 Years Ago) in Industry – Central Securities Depository. Its Headquarter is in Mumbai, Maharashtra, India . It offer Multiple Services related to Securities Depository, Trading Settlement and Custody Services. It also provides E-voting and PAN card processing.

NSDL Group Comprises of Two Subsidiary.

1)National Securities Depository Limited Databse Management Limited (NDML)

2) National Securities Depository Limited Payments Bank.

NSDL Payments Bank

NSDL Payments Bank is part of the National Securities Depository Limited group, which is one of the largest depositories in India. Moreover, this new category of bank aims to promote and provide small savings accounts and remittance services to migrant laborers. In addition, it helps customers make payments smoothly, including mobile and bill recharges. Furthermore, it is safe and secure, protecting sensitive information of customers throughout the transaction process.

Savings Accounts in NSDL payments Bank

  1. Jiffy Saving Account- zero Balance
  2. Jiffy Classic Savings Account-Average monthly Balance -Rs 10,000
  3. jiffy Premium Savings Account -Average monthly balance Required Rs-25000
  4. Basic Savings Bank Deposit Account- Under Pradhan Mantri Jan Dhan Yojana it is a zero balance account.

Key Feautres of National Securities Depository Limited 

1) No minimum Balance :  it is not required to maintaine Minimum Balance Every month.

2) Earn Interest : One can earn till 5% paid Quarterly per annum .

3) No-Cost Virtual Debit Card : Here two options are given

  • Rupay
  • VISA

The user can choose any one of them as it is free virtually but cost is carried with the Physcial Debit card.

  • Use Anytime: One can use this anytime(24*7) and anywhere from your mobile Phone app Named “NSDL jiffy APP” and Going bank is not required KYC can be done from home.
  • Account Activation : It can be done instantly from home as long as you have a good internet connection and all the required documents, such as your PAN card, Aadhaar card, and signature. Additionally, there is no need for a video call KYC.
  • On the plus side, this method offers convenience and speed, allowing you to complete the process from the comfort of your home. However, keep in mind that the success of this process depends heavily on a reliable internet connection and having all documents readily available

Document Required:

  1. AADHAAR CARD
  2. Permanent account number ( PAN)

Eligibilty for National Securities Depository Limited 

  • Should be an Indian Citizen.
  • Must be above the age of 18

Some Must Know Points.

  1. Your Permanent account number (PAN) should be with your registred Number.
  2. You need to upgrade your account to full KYC in your “NSDL jiffy APP”
  3. Not Upgrading your Account the conditions will be follow
  4. Limitations on Debit Card Transcations  will be Rs 50,000 per month.
  5. Opening an account with the help of e-KYC will remain valid for more than one year as long as you upgrade to Full KYC. However, non-compliance with this requirement will result in the closure of your account at the end of one year.
  6. Additionally, a cap of Rs. 95,000 is set for the daily maximum balance.
  7. Furthermore, the annual credit limit for this account is Rs. 1,95,000.
  8. Finally, individuals must not hold another Aadhaar Card OTP-based savings account with a different bank.

NSDL Payments Bank(Jiffy Savings Account)

National Securities Depository Limited (NSDL) was founded in 1996, making it 28 years old. It operates within the Central Securities Depository industry and is headquartered in Mumbai, Maharashtra, India. NSDL provides a range of services related to securities depository, trading settlement, and custody services. Additionally, it offers e-voting and PAN card processing services.

The NSDL Group comprises two subsidiaries:

1. National Securities Depository Limited Database Management Limited (NDML)

2. National Securities Depository Limited Payments Bank

NSDL Payments Bank, a part of the National Securities Depository Limited group, is one of India’s largest depositories. It belongs to a new category of banks aimed at promoting financial inclusion by providing small savings accounts and remittance services to migrant labours. The bank facilitates smooth payments, mobile/bill recharges, and ensures the safety and security of customers’ sensitive information.

Savings Accounts in NSDL Payments Bank:

1. Jiffy Savings Account (Zero Balance)

2. Jiffy Classic Savings Account (Average monthly balance: Rs. 10,000)

3. Jiffy Premium Savings Account (Average monthly balance required: Rs. 25,000)

4. Basic Savings Bank Deposit Account (Zero balance under Pradhan Mantri Jan Dhan Yojana)

Key Features:

1. No Minimum Balance: Customers do not need to maintain a minimum balance every month.

 

2. Interest Earning: Customers can earn up to 5% interest, paid quarterly per annum.

3. No-Cost Virtual Debit Card: Customers can choose between Rupay and VISA virtual debit cards, free of cost. Physical debit cards may incur charges.

4. Anytime Usage: The NSDL Jiffy App allows customers to access their accounts 24/7 without needing to visit a bank branch.

5. You can activate your account instantly from home with a good internet connection and the required documents (PAN card, Aadhaar card, and signature) without needing a video call for KYC.

 

Documents Required:

1. Aadhaar Card

2. Permanent Account Number (PAN)

Eligibility:

– Must be an Indian Citizen.

– Must be above 18 years of age.

Additional Points to Note:

You must link your PAN to the registered mobile number for seamless account management.

Moreover, upgrading your account to full KYC is necessary through the NSDL Jiffy App to ensure compliance with regulations.

Additionally, if you open an account using OTP-based e-KYC, it is restricted to a duration of one year. Therefore, if you fail to upgrade the account to full KYC within this timeframe, it will be closed.

Furthermore, the daily maximum balance limit is set at Rs. 95,000, while the annual credit limit is capped at Rs. 1,95,000.

Lastly, individuals should ensure they do not hold another Aadhaar Card OTP-based savings account with a different bank, as this may violate policy terms.