Airtel to setup its Payment Bank in AP, Telangana and Karnataka: All you wanted to Know - chaprama | Insights from the world of Technology and Lifestyle


Sunday, December 11, 2016

Airtel to setup its Payment Bank in AP, Telangana and Karnataka: All you wanted to Know

Airtel is going to start its payment bank services in Andhra Pradesh, Telangana and Karnataka as a part of test out before launching it pan India. Airtel is launching 20000 stores in Andhra Pradesh  and Telangana and 15000 stores in Karnataka circle as a part of pilot project.

These circles are already the biggest markets for its telecom subsidiary. Hence, it will be easier to get connect with people with the new payment bank services.
airtel payment bank

Airtel last month as a part of the pilot project launched the Payment bank in Rajasthan with 10,000 stores. The company in less than two weeks of the launch had succeeded to have 70% of accounts in rural areas of Rajasthan. 

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.

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. 
Shashi Arora, MD and CEO of Airtel Payment Bank said in a statement  that their network and penetration made them reach deep to customers and even are receiving good response from merchants as well.

Airtel Payment Bank provides banking services to customers using their retail chain network in India. The company offers 7.25% rate of interest on Fixed deposit schemes. However, we cannot borrow money as Payment Banks do not have such permission to lend money.

Airtel offered free talk time to customers who opens Savings account with their Payment bank. A customer can avail equivalent minutes to the amount he deposits in his account. If a customer opens an account with a deposit of Rs 1,000 then he will get 1,000 minutes of free talk time on his Airtel mobile number.

Source: airtel

No comments:

Post a Comment