NSDL Payments Bank
NSDL Payments Bank is an RBI-licensed digital payments bank in India offering savings accounts, current accounts, mutual funds, and prepaid cards through its NSDL Jiffy mobile app, serving digital-first consumers, small businesses, and retail investors.
- Company typePrivate
- Founded2019
- HeadquartersMumbai, India
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
What NSDL Payments Bank does
NSDL Payments Bank Limited is an RBI-licensed payments bank headquartered in Mumbai, India, founded/launched in 2019 as part of the broader NSDL (National Securities Depository Limited) ecosystem. The bank operates a digital-first model built around the NSDL Jiffy mobile application, which enables paperless, queue-free account opening and serves as the primary interface for all banking services including NEFT/IMPS instant fund transfers, utility bill payments, mobile/DTH recharges, and virtual debit card transactions. Its product portfolio spans savings accounts, current accounts for business banking customers, mutual fund investments, cash management services, linked trading accounts, and prepaid cards. As a payments bank, the bank operates under RBI regulatory constraints (no lending, deposit cap per customer of INR 200,000) and is protected by DICGC deposit insurance. The business model is primarily transaction-fee based, supplemented by float income on customer deposits and distribution economics from mutual fund sales through the NSDL ecosystem.
NSDL Payments Bank firmographics
Firmographics- Name
- NSDL Payments Bank
- Legal name
- NSDL Payments Bank Limited
- Website
- https://nsdlbank.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- NSDL Payments Bank is an RBI-licensed digital payments bank in India offering savings accounts, current accounts, mutual funds, and prepaid cards through its NSDL Jiffy mobile app, serving digital-first consumers, small businesses, and retail investors.
- Ownership category
- akta.pro rank
NSDL Payments Bank industry classification
Industry- Product category
- Retail Banking
- NAICS
- Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218)
- SIC
- Savings Institution, Federally Chartered (6035)
- akta.pro primary industry
- Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)
- akta.pro secondary industry
- Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant) (FSAMAFAC)
Keywords
Where NSDL Payments Bank is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
NSDL Payments Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales
Revenue model
- Payment Bank Services: As an RBI-licensed payments bank, generates revenue through transaction fees on fund transfers, bill payments, and other digital transactions. Also earns float income on customer deposits held.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels8 records
NSDL Payments Bank product offering
Product offeringCore offering
NSDL Payments Bank is an RBI-licensed payments bank that delivers 100% digital banking services through the NSDL Jiffy mobile platform. Its product portfolio includes digital savings accounts, current accounts, mutual fund investments, assisted cash management services, a linked trading account, and a prepaid card. All banking operations—account opening, fund transfers via NEFT/IMPS, bill payments, recharges, and a virtual debit card—are conducted paperlessly and queue-free without a physical branch network.
Product overview
NSDL Payments Bank operates as a digital-first payments bank offering a unified platform across multiple banking products and services. The core offering is the NSDL Jiffy digital banking platform (available as mobile app for Android and iOS), which serves as the primary interface for all banking services. The product portfolio consists of Savings Account and Current Account (core deposit products), Mutual Fund investment services, Assisted Banking Products/Cash Management Services, Linked Trading Account integration, and Prepaid Card. All products are designed for digital delivery with paperless, queue-free processes. The bank is licensed by RBI and deposits are protected by DICGC.
Differentiator
Problem solved
Functional benefit
Brands
- NSDL Jiffy: Digital banking app and platform offering instant fund transfers, bill payments, recharges, and virtual debit cards for 100% digital banking experience.
Products and services
- Savings Account Digital savings account opened entirely paperlessly through the NSDL Jiffy mobile app, providing individual customers with full banking functionality including deposits, withdrawals, and fund transfers.
- Current Account Current account offering tailored for businesses, providing digital banking services with features for cash management and high-volume fund transfers.
- Mutual Fund Investment product allowing customers to invest in mutual funds directly through the NSDL Jiffy platform, accessible via both the mobile app and the web portal.
- Cash Management Services (Assisted Banking Products) Assisted banking and cash management services designed to support business operations with features for bulk transactions, cash handling, and coordinated banking assistance.
- Prepaid Card Prepaid card product enabling customers to load funds and make digital payments at participating merchants.
- NSDL Jiffy Flagship digital banking platform providing paperless, queue-free banking including account opening, NEFT/IMPS fund transfers, bill payments, recharges, virtual debit card, and investments, available as a mobile app on Android and iOS.
Companies that use NSDL Payments Bank
Customer profileSegments3 records
Ideal customer profiles3 records
NSDL Payments Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
NSDL Payments Bank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- NSDL (National Securities Depository Limited)coreNSDL Payments Bank operates as a subsidiary/sister entity leveraging the NSDL ecosystem and infrastructure. The parent company provides depository services and established financial market infrastructure that the payments bank integrates with for investment products like mutual funds and linked trading accounts.
Scale indicators2 records
Recent moves5 records
Expansion highlights4 records
NSDL Payments Bank competitors and assessment
Company assessmentDirect peers
- Airtel Payments Bank: Direct peer — RBI-licensed payments bank in India offering savings accounts, digital payments, and wallets. Operates as a subsidiary of Bharti Airtel, giving it access to 350M+ telecom subscribers for customer acquisition, which NSDL Payments Bank lacks.
- India Post Payments Bank: Direct peer — government-backed RBI-licensed payments bank leveraging India Post's nationwide post office and Dak Sevak agent network to reach rural and unbanked customers. Comparable payments bank license but with materially stronger physical distribution than NSDL Payments Bank.
- Fino Payments Bank: Direct peer — publicly listed RBI-licensed payments bank with a strong merchant and BC (business correspondent) agent network across India. Provides benchmark disclosures of customer count, deposits, and revenue that NSDL Payments Bank does not, making it the most directly comparable public reference point.
- Jio Payments Bank: Direct peer — RBI-licensed payments bank backed by Reliance Industries, leveraging Jio's massive telecom and retail customer base for distribution. Competes directly in the digital-first payments bank category with substantially deeper capital and distribution than NSDL Payments Bank.
Broad incumbents
- Paytm (One97 Communications): Broad incumbent — operates Paytm Wallet, UPI, and merchant payments with overlapping digital-first consumer and merchant financial services. Although RBI ordered its payments bank subsidiary wound down in 2024, Paytm continues to compete via wallet and payment services, making it a partial competitive threat across overlapping use cases.
- State Bank of India: Broad incumbent — India's largest public-sector bank with YONO digital platform offering similar savings accounts, fund transfers, mutual funds, and bill payments. While not a payments bank, it competes for the same digital-first consumer with vastly greater balance sheet and branch backup.
- HDFC Bank: Broad incumbent — large private-sector bank offering comprehensive digital banking via PayZapp and SmartHub covering savings, payments, investments, and cards. Competes for the same premium urban digital consumer that NSDL Payments Bank targets.
- ICICI Bank: Broad incumbent — major private-sector bank with iMobile Pay digital platform covering accounts, transfers, bill payments, and investments. Overlaps with NSDL Payments Bank on savings accounts, fund transfers, and mutual fund distribution, but with full lending and broader product capability.
- Kotak Mahindra Bank: Broad incumbent — private-sector bank with 811 digital savings account franchise and Kotak Net Banking/Mobile app covering the full payments, deposits, and investments stack. Competes for digital-first consumers with a much larger branch and capital base.
Emerging players
- BharatPe: Emerging player — fintech offering merchant payments, QR-based acquiring, and lending through BharatPe. Targets overlapping SME and merchant customer segments in cash management and digital payments, intersecting with NSDL Payments Bank's cash management services offering.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
NSDL Payments Bank social profiles
Digital presenceNSDL Payments Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
NSDL Payments Bank leadership team
Management profileNumber of profiles
NSDL Payments Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NSDL Payments Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NSDL Payments Bank
What does NSDL Payments Bank do?
NSDL Payments Bank is an RBI-licensed payments bank that delivers 100% digital banking services through the NSDL Jiffy mobile platform. Its product portfolio includes digital savings accounts, current accounts, mutual fund investments, assisted cash management services, a linked trading account, and a prepaid card. All banking operations—account opening, fund transfers via NEFT/IMPS, bill payments, recharges, and a virtual debit card—are conducted paperlessly and queue-free without a physical branch network.
Is NSDL Payments Bank a public or private company?
NSDL Payments Bank is a private company. It is classified as unknown and is currently operating.
When was NSDL Payments Bank founded?
NSDL Payments Bank was founded in 2019. It employs 251 to 500 people.
Where is NSDL Payments Bank based?
NSDL Payments Bank is headquartered in Mumbai, India, in the Asia region.
How does NSDL Payments Bank make money?
One revenue line is on record: payment Bank Services.
Who are NSDL Payments Bank's main competitors?
Direct peers on record are Airtel Payments Bank, India Post Payments Bank, Fino Payments Bank and Jio Payments Bank. Broad incumbents are Paytm (One97 Communications), State Bank of India, HDFC Bank, ICICI Bank and Kotak Mahindra Bank. BharatPe is listed as an emerging player.
Does NSDL Payments Bank have an API?
No public API is recorded for NSDL Payments Bank.
What industry is NSDL Payments Bank in?
NSDL Payments Bank's product category is Retail Banking. Its primary akta.pro industry code is FSAGALAE, Embedded Deposit Accounts & Digital Wallet Infrastructure, with a secondary code of FSAMAFAC, Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant). Its NAICS code is 5221 and its SIC code is 6035.