The perfect time when the Indian economy is on the verge of moving to a complete cashless economy. Airtel Payments Bank Limited a subsidiary India’s top telecom operator Bharti Airtel has launched its payment bank service in India. With the roll out Airtel Bank has become the first payments bank to launch in the country.

Airtel Payments Bank has started the pilot banking services in Rajasthan. Where the company aims at testing the banking systems and processes ahead of the upcoming pan-India roll out. The best part you get an interest rate of 7.5 percent per annum on money deposit.

Airtel Payments Bank goes live, starts pilot services in Rajasthan

For those new to Payments Bank, the Reserve Bank of India (RBI) back in 2015 granted Payments Bank license to eleven entities including Airtel. Payments Bank operate as a differentiated bank and can accept demand deposits, remittance services, internet banking and other specified services. But it can’t provide money lending services like loans. The main purpose of this type banks is to serve certain niche interests, remittance needs of small businesses, unorganised sector, low-income households, farmers etc.

Back to Airtel Payments Bank, customers can open a bank account from any of the Airtel retail outlets, which will also act as Airtel banking points. This banking points will offer bank account opening services, cash deposit and withdrawal facilities and offer a range of basic, convenient banking services. Your mobile number (Airtel or non-airtel mobile number) will act as your bank account number. Aadhaar based e-KYC will be used for instant account verification.

Opened a new bank account with Airtel Bank? then you can go cashless on the purchase of goods and services. A wide network of merchants across Rajasthan has already started accepting digital payment from Airtel Bank. The company plans to expand the reach to 100,000 merchants by the end of the year. You can transfer money to a merchant or friend by just knowing his/her mobile number.

Airtel Payments Bank features

  • Fully digital and paperless banking services.
  • Bank account (saving and current accounts) opening using Aadhaar based e-KYC.
  • Customer’s Airtel mobile number will be his/her bank account number.
  • Airtel Payments Bank will offer an interest rate of 7.25 percent per annum on money deposits in the savings accounts.
  • Instant money transfer to any bank account in India and completely free money transfer from Airtel to Airtel mobile numbers within Airtel Bank.
  • Accidental insurance cover of one lakh with every saving account.
  • Money can be deposited and withdrawal via a wide network of Airtel retail outlets.

How to access Airtel Payments Bank, banking services? Well if you are Airtel customers then you can use the Airtel Money app or through USSD by dialling *400# or even by a simple IVR by dialling 400. For non-artel banking customers, they can dial 8800688006 to access Airtel Banks’ services. You can also visit any of the Airtel retail outlets for any banking services.

Do note that Airtel Bank currently does not offer ATM/Debit card facility. So to deposit or withdraw money from Airtel Bank, you need to visit any Airtel retail outlets, which also function as Airtel banking points.

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