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Airtel launches payment bank – offering 7.25% interest on Savings Account

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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.

Payment banks

  • 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).

If you have any queries related to this article or any other personal finance query ( Investment, Taxation etc), please comment below

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The author is a Chartered Accountant and loves to write about Personal Finance, Wealth Management, Taxation etc. Disclaimer - The articles on this website is for informational and knowledge purposes and should not be treated as financial advice, Please consult your financial advisor before taking any investment decision.

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