Airtel Payments Bank account – How to open account | Payment withdrawal | interest | FAQs | All Over Facts.
- Airtel Payments Bank Ltd on Wednesday became the first to launch a payments bank service in India.
- The company, a subsidiary of Bharti Enterprises that has started the service as a pilot in Rajasthan, also said it would provide an interest of 7.25% a year on deposits in the payments.
What Is Airtel Payments Bank ?
- “Airtel Payments Bank is fully committed to the government’s vision of financial inclusion and banking for all.
- We will play an important role in taking banking services to the last mile in a quick and efficient manner to benefit millions of unbanked citizens of this country.
- Rajasthan is the first state in India to have a payments bank.
KEY- Features of Airtel Payments Bank
- 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
- One minute of Airtel mobile talk time for every Rupee deposited while opening an account
- Customer’s Airtel mobile number will be his/her bank account number
- Interest rate of 7.25 % p.a. on deposits in savings accounts, the highest in India
- 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
Airtel Payments Bank FAQs
Who can open an Airtel payments bank account?
- Anyone with an Aadhaar card can open a Savings Account with Airtel payments bank.
Do I need to be an Airtel mobile subscriber to open an account?
- No, if you have an Aadhaar card, you can open an account even without being an Airtel mobile subscriber.
Documents for open an Airtel payments bank account
- No documents are required. Only the customer’s Aadhaar number is needed for opening an account.
- The account will be opened through a paperless process within minutes through Aadhaar based e-KYC authentication.
What is the process to open Airtel payments bank account?
- 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.
Is there 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 can 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.
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