Airtel Payments Bank Ltd on Wednesday became the first to launch a payments bank service in India. The company, a subsidiary of Bharti Enterprises that has started the service as a pilot in Rajasthan, also said it would provide an interest of 7.25% a year on deposits in the payments.
At the launch of the payments bank service, Airtel Payments Bank Managing Director & Chief Executive Office Shashi Arora said: “Airtel Payments Bank is fully committed to the government’s vision of financial inclusion and banking for all. We will play an important role in taking banking services to the last mile in a quick and efficient manner to benefit millions of unbanked citizens of this country. With this pilot, we have taken a big step towards the launch of our banking services and will be testing our operational readiness for full-scale launch across India. We would also like to use feedback from our customers to further improve our processes and look forward to serving them.”
At the launch of the payments bank service, Airtel Payments Bank Managing Director & Chief Executive Office Shashi Arora said: “Airtel Payments Bank is fully committed to the government’s vision of financial inclusion and banking for all. We will play an important role in taking banking services to the last mile in a quick and efficient manner to benefit millions of unbanked citizens of this country. With this pilot, we have taken a big step towards the launch of our banking services and will be testing our operational readiness for full-scale launch across India. We would also like to use feedback from our customers to further improve our processes and look forward to serving them.”
Even as most of the country is struggling with payments and cash issues following the
government's demonetisation decision on November 8, Rajasthan could cheer about having become
the first state to have a payments bank. Chief Minister Vasundhara Raje congratulated Airtel on
Twitter for making Rajasthan the first state in India to have a payments bank.
But how does one open an Airtel payments bank account? Business Standard lists the process to go about it and a few other things that you should know:
Who can open an Airtel payments bank account?
Anyone with an Aadhaar card can open a Savings Account with Airtel payments bank.
Do I need to be an Airtel mobile subscriber to open an account?
No, if you have an Aadhaar card, you can open an account even without being an Airtel mobile subscriber.
What is the process to open an account?
You can open an account by visiting a designated Airtel retail outlet in your neighbourhoodalong with your Aadhaar number. The account will be opened through a paperless process within minutes through Aadhaar-based paperless electronic know-your-customer process.
Will there be a debit/credit card facility?
Airtel payments bank initially won’t offer an ATM/debit/credit card facility. You can deposit and withdraw cash at any of the designated Airtel retail outlets, which will function as Airtel banking points.
How do I check my account balance?
Since it is a paperless bank, you can check your account balance and access other services using the Airtel Money app, USSD or IVR over your mobile phone.
How do I transfer money to a friend or family?
You can access money transfer services on your Airtel Money app or through USSD by dialling *400#. Money transfers made from one Airtel number to another within the bank will be free.
What is the interest rate that I get for depositing money in my Airtel payment bank account?
The company has said that it intends to give an interest rate of 7.25% a year on deposits in savings accounts.
Who can open an Airtel payments bank account?
Anyone with an Aadhaar card can open a Savings Account with Airtel payments bank.
Do I need to be an Airtel mobile subscriber to open an account?
No, if you have an Aadhaar card, you can open an account even without being an Airtel mobile subscriber.
What is the process to open an account?
You can open an account by visiting a designated Airtel retail outlet in your neighbourhoodalong with your Aadhaar number. The account will be opened through a paperless process within minutes through Aadhaar-based paperless electronic know-your-customer process.
Will there be a debit/credit card facility?
Airtel payments bank initially won’t offer an ATM/debit/credit card facility. You can deposit and withdraw cash at any of the designated Airtel retail outlets, which will function as Airtel banking points.
How do I check my account balance?
Since it is a paperless bank, you can check your account balance and access other services using the Airtel Money app, USSD or IVR over your mobile phone.
How do I transfer money to a friend or family?
You can access money transfer services on your Airtel Money app or through USSD by dialling *400#. Money transfers made from one Airtel number to another within the bank will be free.
What is the interest rate that I get for depositing money in my Airtel payment bank account?
The company has said that it intends to give an interest rate of 7.25% a year on deposits in savings accounts.
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