Airtel Payments Bank: All you need to know

New Delhi: Finance Minister Arun 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.

-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.