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Airtel Payments Bank: All you need to know

Know the key facts about the Airtel Payments Bank.


Airtel Payments Bank: All you need to know

New Delhi: Finance Minister Arun Jaitley will launch the Airtel Payments Bank on Thursday.

On April 11, 2016, Airtel Bank became the first entity in India to receive a payments bank licence from the Reserve Bank of India (RBI).

Airtel Payments Bank is a fully digital and paperless bank. Its banking points will offer bank account opening services and cash deposit & withdrawal facilities. It plans to expand payments bank service by leveraging Bharti Airtel's national distribution network of over 1.5 million retail outlets, with deep penetration in rural areas.

Below are key facts about the Airtel Payments Bank

 

-Airtel Payments Bank’s product portfolio includes payment banking services and semi-closed mobile wallet services (Airtel Money).

-Any customer, including non-Airtel customers can open a savings account with Airtel Payments Bank by visiting a designated Airtel retail outlet in his/her neighbourhood.

-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.

-Airtel Payments Bank’s services can be accessed by Airtel customers on their mobile phones through the Airtel Money app, through USSD by dialing *400#; or via a simple IVR by dialing 400.

-Both the USSD & IVR options are available in Hindi and English language and work on simple feature phones as well.

-Non Airtel customers can access Airtel Payments Bank’s services by dialing 8800688006.

-Customers can also visit any designated Airtel retail outlet to access services (and not just the outlet where they have opened the account).

-For Airtel customers, account number will same as their mobile 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.

-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.

-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.

From Zee News

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