The Airtel Payments Bank is taking a mandatory step towards the demonetization and moving the country towards cashless scenario, by launching the first payment bank to help all over the country, it is ready to rock with amazing features.
First they started from Rajasthan, got more than 1,00,000 clients after 15 days of its launch, then it was connected to other states like Andhra Pradesh, Telangana, and Karnataka. Airtel’s payments bank will look at tapping its over 250 million telecom subscriber base.
Airtel payment bank is a joint venture between Bharti Airtel (around 80%) and Kotak mahindra bank (around 20%), investing around RS. 3,000 crore to build a bank which can be operated through mobile phones according to the company’s statement.
The bank will feature free transfer of funds across airtel to airtel numbers, but will charge 0.65% amount when he/she makes a physical cash withdrawal.
A customer can withdraw money only at the Airtel banking retail points. The bank will not offer any loans, debit cards to customers.
Top features of Airtel Payment Bank.
FIXED INTEREST RATE OF 7.25% PER ANNUM: Airtel Payments Bank will be providing around 7.25% interest for deposits in savings accounts, the highest in India. Free money transfer from Airtel to Airtel numbers but there would be a charge for withdrawing your money from the bank.
GET ONE MINUTE FOR ONE RUPEE: The new payment bank will be providing one minute free call for each one rupee deposited at the bank. The call minutes will be just for airtel to airtel customers. This will be a great advantage for the users. This feature will be just for the first time like the user deposited 1000Rs in the bank in first time then the customer will get 1000 minutes in the airtel number.
FREE TRANSACTIONS UP TO 1 LAKH: You get free transactions limited to 1 lakh rupees, while other apps are providing just 20,000 without KYC verification.
ACCIDENTAL INSURANCE OF RS. 1 LAKH: Airtel Payments Bank will be providing 1 lakh rs. Free accidental insurance cover to all customers.
FULL SECURITY: All transactions will be secured by OTP (one time password) and two step authentication of OTP makes it reliable from other wallets providing single verification.
USE IT ANYWHERE, IN ANY DEVICE: It is accessible from any kind of device even it is a low version of android, you wont face any compatibility issues.
EASY ACCESS: Easy deposit and withdrawal facility across a wide network of Airtel retail outlets.
How to use Airtel Payment Bank
Anyone in India with an Aadhaar card can open a Savings Account in Airtel bank even without being an Airtel mobile subscriber.
Airtel existing customers can use Airtel Payment Bank directly from My Airtel app OR By dialing *400# on your Airtel phone you can access it.
Non Airtel customers can use Airtel Payments Bank by dialing this number- 8800688006
One can also open an Airtel saving account by visiting a designated Airtel retail outlet nearby. The saving account will be opened through a paperless process within minutes through Aadhaar based e-KYC authentication