Checkout How to Open Airtel Payment Bank Account and also Its advantages and offers. Airtel has launched its payments bank the first in India across 10,000 Airtel retail outlets in Rajasthan. Soon Airtel Payment Bank expand to all over India. In August last year, the RBI announced the names of the 11 companies that received a payments bank license. Payments banks are a new type of bank which allow for small accounts, and are meant to help grow the reach of banking in India by letting businesses with established distribution networks enter banking. The article clearly explains How to Open Airtel payment Bank Account and Advantages of Airtel Payment Bank etc. Also Read Airtel Unlimited Calling plan.
Highlights of Airtel Payment Bank
- Airtel’s payments bank has launched with a pilot in Rajasthan
- It has a balance limit of Rs. 1 lakh, and is not issuing debit cards
- You don’t need to be an Airtel subscriber to sign up for an account
- Soon Expand to all over India.
How to Open Airtel Payment Bank
- You do not have to be an Airtel subscriber to open an account with the bank
- Anyone with an Aadhaar card can get an account with the Airtel payments bank
- your account is opened after a paperless eKYC, authenticated with your fingerprint.
You can open an account by visiting a designated Airtel retail outlet in your neighbourhood along with your Aadhaar number. The account will be opened through a paperless process within minutes through Aadhaar-based paperless electronic know-your-customer process.
Services Offered by Airtel Payment Bank
The payments bank will cater to the needs of small savings accounts, remittance services, low income households, small businesses and other unorganised sector entities.
The company said it will allow money transfer to any bank account in India and free money transfer from Airtel to Airtel numbers within Airtel Bank. It is also offering personal accidental insurance of Rs 1 lakh with every savings account.
Customers can access money transfer services using the Airtel Money app or through Unstructured Supplementary Service Data (USSD) by dialing *400#. Money transfers from one Airtel number to another Airtel number within the bank will be free.
The bank, however, does not offer ATM/debit card facility, at present. Customers can deposit / withdraw cash at any of the designated Airtel retail outlets.
Advantages of Airtel Payment Bank
Banking Points for Cash Deposits/Withdrawals
To encourage people to deposit money in Airtel Payments Bank, Airtel has announced a new offer where the company is offering one minute of Airtel to Airtel free talk time on their number for every one rupee the user deposits/withdraws from his account.
Transaction Limit of 1 Lakh
With the Airtel Payments Bank account, every user can transact an amount of up to Rs. 1 lakh per month, whereas other payment apps allow only up to Rs. 20,000.
As said earlier, Airtel is offering one minute of Airtel to Airtel free talk time for every one rupee of money deposit/ withdraw from the account.
Accidental Insurance of 1 Lakh
Another huge benefit in getting an Airtel Payments Bank account is it offers an accidental insurance of 1 lakh, which no other apps offer in the same segment.
Works on All Handsets
Airtel Payments Bank collaborates with every handset irrespective of Android version or other issues. While Paytm operates on every handset, Mobikwik and Oxigen doesn’t work on some devices as they have some compatibility related issues.
OTP Based Secure Transactions
All the transactions made through Airtel Payments Bank requires an additional two-step verification. Having said that, other apps also have support for this two-step verification, but they’ll ask the otp for just the first time.
The Airtel Payments Bank service is currently available in only limited states, but with the overwhelming response, Airtel will soon roll out the service to other states shortly.
Airtel Payment Bank – Stake Holders
On 11 April, 2016, Airtel Payments Bank (which began operations in 2011 as Airtel M-Commerce Services) received a payments bank licence from the Reserve Bank of India. Kotak Mahindra Bank has acquired 19.90 percent stake in Airtel Payments Bank for around Rs 98.8 crore in February 2016.
Airtel Payment Bank Interest rate
Airtel is offering an interest rate of 7.25 percent for all the people who open an account in their Payments Bank, which is a cool feature that is missing from other wallet apps.
How to Transfer Money in Airtel Payment Bank
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.
Airtel Payment Bank Available in
The Airtel Payment is available in Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra Manipur, Meghalaya, Mizoram, Nagaland, Odisha (Orissa), Punjab, Rajasthan, Sikkim, Tamil Nadu, Telangana, Tripura, Uttar Pradesh, Uttarakhand, West Bengal.
How to Check Balance in Airtel Payment Bank
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.
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.
You can deposit and withdraw cash at any of the designated Airtel retail outlets, which will function as Airtel banking points. Since it is a paperless bank.