Airtel Payments Bank Interest rate - 7.25% p.a. is the interest on savings account deposits of the bank
Key Things to Know before you bank with Airtel Payments Bank
- Airtel Payments Bank is a fully digital and paperless bank. Airtel Payments Banking points will offer bank account opening services and cash deposit & withdrawal facilities.
- Digital Banking: Quick and paperless account opening using Aadhaar based e-KYC. This requires no documents at all, only the customer’s Aadhaar number is needed
- Customer’s Airtel mobile number will be his/her bank account number
- Interest rate of 7.25 % p.a. on deposits in savings account.
- 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
- The bank has launched an Airtel Payments Bank app and online debit card in collaboration with Mastercard
- No Plastic ATM/Debit Card
Cash Withdrawal Charges in Airtel Payments Bank
There are no charges on cash deposits, but in case of cash withdrawal, customers have to pay Rs5-25 if the amount is between Rs10 and Rs4,000, according to the bank’s website. In case the withdrawal amount is above Rs4,000, customers have to pay 0.65% of the withdrawal amount. For instance, a customer who withdraws Rs10,000 will have to pay Rs65 as a charge. Transfers within Airtel Payments Bank via Internet banking, mobile app or unstructured supplementary service data is free of cost. However, transfers from Airtel Payments Bank to other banks incur a charge of 0.5% of the amount transferred.
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).
On April 11, 2016, Airtel Payments Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India (RBI). It intends to bring banking services to the doorstep of every citizen of the country. It plans to leverage Bharti Airtel’s extensive national distribution network of over 1.5 million retail outlets, with deep penetration in rural areas.
Airtel Payments Bank’s product portfolio includes payment banking services and semi-closed mobile wallet services (Airtel Money).
FAQ's on Airtel Payment Bank
Q-Who can open an account with Airtel Payments Bank? Does one need to be an Airtel customer?
A-Anyone (non-Airtel customers also) with an Aadhaar card can open a Savings Account with Airtel Payments Bank.
Q-How to open an account with Airtel Payments Bank? What are the documents required?
A-A Customer can open an account by visiting a designated Airtel retail outlet in his neighbourhood. 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.
Q-Does Airtel Payments Bank offer ATM/Debit Card facility?
A-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.
Q-How does a customer check his/her account balance?
A-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
Q-How can one transfer money from Airtel Payments Bank to family and friends? Can I transfer money to any bank account in India?
A-Customers can access money transfer services using the the Airtel Money app or through USSD by dialing *400#. Money transfers from one Airtel number to another Airtel number within the bank will be free.