Airtel Payments Bank has been recently launched in India by Arun Jaitley, Union Minster of Finance and Corporate Affairs. According to industry analysts, the launch of Airtel Payments Bank will be a major milestone in the history of India’s financial services sector.
With Airtel Payments Bank, you will be able to open a quick and paperless account using Aadhaar based e-KYC. You need not have to submit any documents other than your Aadhaar number. The system will automatically track the mobile number directly from the bank account.
Airtel is offering 7.25% interest rate on savings account deposits. When you open a new savings accounts, Airtel will drop one minute of Airtel mobile talk time for every Rupee deposited. You will be able to perform money transfer to any bank account in India. Moreover, you can avail free money transfer from within Airtel networks.
The main attraction of Airtel Payments Bank is that you will not be charged any processing fee for digital transactions. To work with the Payments Bank, you need to install MyAirtel app available for Android and iOS. Moreover, you should also require access to a Mastercard enabled online card, using which you can make payments at all retail merchants provided they accept MasterCard.
With MyAirtel app, you can not only access payments bank but also recharge your phone and pay for bills. After installation, you should provide mobile number and verify using OTP. You can verify even if you are not a customer of Airtel.
To access Payments Bank, select the second tab and register for a wallet account. You can also skip the process, but you will not be eligible for a 5% cashback. If you register, you will be required to provide an mPIN code.
To open a saving account, you need to visit a nearest Airtel outlet only with your Aadhaar number. The bank will not offer an ATM, debit or credit card facility. You can easily deposit and withdraw cash at any of the Airtel retail outlets. You can transfer funds either from your My Airtel app or through USSD by dialling *400#.
To boost customer penetration, Airtel is offering free personal accident insurance of Rs. 1 Lac with every savings account. You need not require a premium smartphone to perform transactions via Airtel Payments Bank. You can make use of feature phones via USSD and IVR available in 12 languages.