Airtel has launched India’s first payment bank and is offering 7.25% p.a. interest on Saving Bank deposits.
This is a pilot launch in Rajasthan and will be rolled out to other parts of the country soon.
- Customers across Rajasthan will now be able to open bank accounts at 10,000 Airtel retail outlets
- Only Aadhaar number required to open the account – No other documentation required
- Both airtel & non-airtel customers can open bank account with Airtel Payments bank
- Interest rate of 7.25% on the money depsoits in Savings Account
- Money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel Bank)
- Personal Accidental Insurance of Rs 1 Lac with every Savings Account
- At present no debit card is given. You can deposit and withdrawal across a network of Airtel retail outlets
On April 11, 2016, Airtel Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India.
Kotak Mahindra Bank holds 19.9% in the Airtel Payments Bank.
- cannot perform lending activities, so cannot given loans
- can accept deposits of as much as Rs 1 lakh.
I will write more details on payment banks in my other post.
Airtel 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 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).