After a month of pilot testing in Rajasthan, Andhra Pradesh and Telangana, India’s first payments bank, Airtel Payments Bank has commercially gone live. The Payments Bank has started its banking operations in all 29 States of India. With this around, 250,000 Airtel retail stores near you and across India will turn to Airtel banking points. These banking points will act as the footstep for new customers to Airtel Payments Bank. Customers can use these banking points to avail various banking services like open savings accounts, deposit and withdraw cash, fund transfer etc.
To get things moving Airtel will be offering an interest rate of 7.25 percent per annum on all deposits in your savings account. In addition, you will also get free Personal Accidental Insurance of one lakh and Airtel mobile talk time for every Rupee deposited in your savings account.
For those who are new to Payments Bank, the Reserve Bank of India (RBI) back in 2015 granted Payments Bank license to eleven entities including Airtel. Payments Bank operate as a differentiated bank and can accept demand deposits, remittance services, internet banking and other specified services. But it can’t provide money lending services like loans. The main purpose of this type banks is to serve certain niche interests, remittance needs of small businesses, unorganised sector, low-income households, farmers etc.
Customers can open a saving bank account from any of the Airtel banking points or by downloading the MyAirtel app. Your mobile number (Airtel or non-airtel mobile number) will be your bank account number. Aadhaar based e-KYC will be used for quick and paperless account opening. If you already have an Airtel Money account then you can simply upgrade your account to Airtel Payments Bank.
For all digital transactions, customers need to download the Airtel Payments Bank App which is available for both Android and iOS devices. You will also get access to MasterCard powered virtual debit card which can be used across all online shopping websites.
How to open Airtel Payments Bank saving account
- Download and install MyAirtel app from Google Play or iTunes. You can also open an account via Airtel Payments Bank website [link].
- If you are an Airtel Money user, then you need to download the MyAirtel app and upgrade your Wallet account to Airtel Payments Bank savings account.
- On MyAirtel app, choose the Airtel Payments Bank tab and click on ‘upgrade to savings account’.
- First fill in your Aadhaar number, then your full name and mobile number. You will need to provide a nominee for your account to avail the free Personal Accidental Insurance.
- Once registered you need to visit any of the nearest Airtel bank points or retail outlets to complete the final verification. Aadhaar based biometric scanning will be used for final verification.
Thriving with governments cashless economy, Airtel Payments Bank has built a nationwide merchant ecosystem of over five million partners. These include small Kirana stores, grocers, pharmacies, restaurants etc. You can conveniently go cashless, as this merchant will accept digital payments from Airtel Payments Bank customers over mobile. To transfer or pay money to a merchant, you only need to know his/her mobile number. Using the Airtel Payments Bank app you can instantly transfer the money to the merchants or your friend’s account.
Airtel Payments Bank Features and Benefits
- Fully digital and paperless banking services.
- Bank account (saving and current accounts) opening using Aadhaar based e-KYC.
- Customer’s mobile number (Airtel or non-Airtel) will be his/her bank account number.
- Airtel Payments Bank will offer an interest rate of 7.25 percent per annum on money deposits in the savings accounts.
- You can deposit up to one lakh in your savings account.
- Instant money transfers to any bank account in India. Completely free money transfer from Airtel to Airtel mobile numbers within Airtel Bank.
- MasterCard powered virtual debit card for doing online shopping and transactions.
- Accidental insurance cover of one lakh with every saving account.
- You can use the wide network of Airtel banking points to deposit and withdraw money.
If you are using a feature phone, you can still use Airtel Payments Bank via USSD by dialling *400# or by calling IVR on 400 which is available in 12 Indian languages. For non-artel banking customers, they can dial 8800688006 to access Airtel Bank services. You can always visit any of the Airtel retail outlets for any banking services.