India’s first Payments Bank goes LIVE-Airtel Payments Bank starts pilot services in Rajasthan
Over 10,000 Airtel retail outlets in towns and villages across Rajasthan will function as banking points and offer convenient banking services to customers
Interest rate of 7.25% p.a. on savings account deposits
Will have a network of over 100,000 merchants (shops) across Rajasthan accepting digital payments from Airtel Payments Bank, offering customers the convenience of cashless purchase of goods/services using their bank accounts/ wallets
Airtel Payments Bank is a fully digital and paperless bank. Airtel Payments Banking points will offer bank account opening services and cash deposit & withdrawal facilities.
- Digital Banking: Quick and paperless account opening using Aadhaar based e-KYC. This requires no documents at all, only the customer’s Aadhaar number is needed
- Customer’s Airtel mobile number will be his/her bank account number
- Interest rate of 7.25 % p.a. on deposits in savings accounts
- Money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel Payments Bank)
- Personal Accidental Insurance of Rs. 1 Lac with every Savings Account
- Easy deposit and withdrawal facility across a wide network of Airtel retail outlets
You can open an account by visiting a designated Airtel retail outlet in your neighbourhoodalong with your Aadhaar number. The account will be opened through a paperless process within minutes through Aadhaar-based paperless electronic know-your-customer process.
Will there be a debit/credit card facility?
Airtel payments bank initially won’t offer an ATM/debit/credit card facility. You can deposit and withdraw cash at any of the designated Airtel retail outlets, which will function as Airtel banking points.
How do I check my account balance?
Since it is a paperless bank, you can check your account balance and access other services using the Airtel Money app, USSD or IVR over your mobile phone.
How do I transfer money to a friend or family?
You can access money transfer services on your Airtel Money app or through USSD by dialling *400#. Money transfers made from one Airtel number to another within the bank will be free.
What is the interest rate that I get for depositing money in my Airtel payment bank account?
The company has said that it intends to give an interest rate of 7.25% a year on deposits in savings accounts.