Airtel Payments Bank | All you need to know about Airtel Payments Bank
India's largest telecom
operator Bharti Airtel Limited has launched its Payments Bank. A payments bank
is a differentiated bank which allows customers to open only a savings account,
that too with a deposit of up to Rs.1 lakh. You can maintain and operate only
one bank account with Airtel Payments Bank at any given point. Airtel Payments
Bank is the first fully digital and paperless bank. Airtel Payments Bank will
cater to people both in urban and rural areas, across 29 states with a network
of 250,000 banking points through Airtel retail stores.
Key Features of Airtel Payments Bank
1. Instant account opening.
2. Your Airtel mobile number
is also your account number.
3. Earn 5.5% p.a. interest
on your bank account.
4. Free personal accident
insurance cover of Rs. 1 Lac.
5. Withdraw cash at any of
Airtel Banking points.
6. Send money to friends and
family with ease.
7. Shop, recharge, and pay bills with your online debit card.
8. Using your Savings
Account is easier than ever with My Airtel app.
Also read: All about ELSS | Tax saving mutual funds
How to open an Account in Airtel Payments Bank?
If you want to register
yourself for Airtel Payments Bank, there is no need to go anywhere or submit
any kind of documents. It can be done using Aadhaar-based e-KYC (Know Your Customer).
You can become a member of the Airtel Payments Bank within a few minutes with
just a few clicks. Anybody who is an
Airtel user, having PAN card, Aadhaar card and carrying a smartphone with internet
connectivity can become a member of Airtel Payments Bank and earn an interest
of 5.5% p.a by depositing a maximum of Rs.1 lakh. For Airtel mobile customers,
the mobile number will be the account number. Account holder also gets a free
personal accidental insurance cover of
Rs1 lakh when they open a savings account.
Charges for Deposits and Withdrawals
There are no charges on cash
deposits. There is no charge in case of cash withdrawal up to Rs. 25,000
(cumulative
transactions per month). However, in case, the withdrawal amount is above Rs. 25,000
then you have to pay 0.65% of the withdrawal amount. For an example, if you withdraw
Rs. 30,000 then you will have to pay Rs. 195 as a withdrawal charge. Transfers
within Airtel Payments Bank using the mobile
app, internet banking or unstructured supplementary service data is free of
cost. However, transfers from Airtel Payments Bank to other banks incur a
charge of 1% of the amount transferred. You can open an account with a minimum
deposit of Rs. 100. To close the account, you will have to pay Rs. 50. The
minimum amount for cash deposit and withdrawal is Rs. 10 and online fund
transfer is Rs. 5. The maximum amount Rs. 1,00,000 can be deposited per day at
a banking point.
Nomination Facility in Airtel Payments Bank
Nomination facility is available for the Account. The
Customer can nominate one individual for the purpose. The Customer is at
liberty to change the nominee as per the Bank process.
My Airtel App and Online Debit Card
Airtel Payments Bank app and
online debit card are also launched by the bank in collaboration with Mastercard.
This app is available on both Android and iOS platforms. You can control
accounts right at the palm of your hand
with My Airtel app. The online debit card can be used only at online merchant
portals that accept Mastercard. The account
holder can get the card on the My Airtel app. With online debit card, you can pay
for anything, anytime. You can pay EMIs, buy movie tickets, shop, and recharge
and pay your bills with your online debit card.
Also, read: Paytm Payments Bank | All you need to know
Also,
read: Different types of savings accounts in SBI
Also,
read: MUDRA Loan | Pradhan Mantri MUDRA Yojana (PMMY)
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Airtel Payments Bank | All
you need to know about Airtel Payments Bank
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