Bharti Airtel to Launch Airtel Payments Bank on January 12; 7.25% Rate of Interest and 1000 minutes Airtel Talktime
Bharti Airtel is all set to launch its payments bank on January 12 in the presence of Finance minister Arun Jaitley and Bharti enterprises chairman Sunil Bharti Mittal.
Bharti Airtel launched Airtel Payments Bank as a pilot project in Rajasthan on November 23, 2016 and later extended the pilot project to Andhra Pradesh, Telangana and Karnataka later in December.
Features of Airtel Payment 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.
- 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.
- Any customer who opens an account with airtel payments bank can get assured free airtel to airtel talk time that can be used for national calling ( 1 minute for every Rs 1 deposited, up to 1000 minutes)
Managing Director and Chief Executive Officer, Airtel Payments Bank said that the customer response has been very positive and this validates the retail-based model that will also allow airtel payment bank to take the banking services closer to the customers.
Who can open an account with Airtel Payments Bank?
Anyone (non-Airtel customers also) with an Aadhaar card can open a Savings Account with Airtel Payments Bank.
How do I open an account with Airtel Payments Bank?
A Customer can open an account by visiting a designated Airtel retail outlet in his/her neighborhood. 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.
Does Airtel Payments Bank offer ATM/Debit Card facility?
Airtel Payments Bank does not offer ATM/Debit Card facility, at present. Customers can deposit withdraw cash at any of the designated Airtel retail outlets, which will also function as Airtel Payments Banking points.
How does a customer check his/her account balance?
Airtel Payments Bank is a paperless bank. Customers can check their account balance, access other services using Airtel Money app, USSD or IVR over their mobile phones
How can one transfer money from Airtel Payments Bank to family and friends? Can I transfer money to any bank account in India?
Customers can access money transfer services using the Airtel Money app or through USSD by dialing *400#. Money transfers from one Airtel number to another Airtel number within the bank will be free.