Airtel Payments Bank: All You Need To Know

Recently Airtel has launched its payment bank. Airtel Payment Bank is considered to be the first payment bank in India.

Airtel Payments Bank is a fully digital and paperless bank. Customers do not need to go anywhere or submit any kind of documents to the bank with Airtel Payments Banks.

Here is all you need to know about Airtel Payments Bank:

Paperless bank

The Airtel Payment Banks are mobile-only banks, that is they will not have full-fledged branches like an SBI bank or HDFC bank. The account holders will be able to operate their accounts using the mobile app only. It is paperless too. What Is Airtel Bank? How To Open An Account With Airtel Bank?

 

 

Small savings and small loans

Payments Banks are considered as scheduled banks under the section 42 (6) (a) of the Reserve Bank of India Act, 1934. Up to Rs 1 lakh of deposits can be made in a payments bank account. Also, the bank will be able to give loans up to Rs 1 lakh.

 

 

How to bank with Airtel?

An Aadhaar card, PAN card and a smartphone with Internet connectivity are all needed to start banking with Airtel Payment Bank. New users need to login http://www. airtel.in/money from their phone or using a computer.

Wallet users

Member of Airtel money and are using the wallet for making the transaction, only needs to update their app to use the payments bank facility.

For both airtel, non-airtel users

Both Airtel and non-Airtel customers can open a savings account with Airtel Payments Bank. 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. Non-Airtel customers can access Airtel Payments Bank's services by dialing this number- 8800688006. For Airtel customers, the account number will same as their mobile number.

No transaction charges

For encouraging users to adopt cashless payments, Airtel Payments Bank will not charge any processing fee from its customers and merchants partners for digital transactions. You can send money to any person, merchants user, and banks that will not apply any additional charges when transferring money up to Rs.10000 per day. An additional charge of 0.5% will be levied if transactions are made over and above Rs.10000 during a day.

Mobile services

Through Airtel Payment Banks, transfers and remittances through the mobile offers services such as automatic payments of bills, DTH payments, cashless purchases, chequeless transactions, and money transfer directly to bank accounts at nearly no cost being a part of the gateway that connects banks.

 

 

Saving account and interest

Airtel offers 7.25% to savings account holder, which is more than the maximum 7% paid by SBI on its fixed deposits. Most public sector banks, now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%. How To Open An Airtel Savings Bank Account?

MasterCard

customers would also get access to a MasterCard powered online card, which can be used to make payments across all online merchants accepting MasterCard.

Insurance

Airtel Payment Bank also offers personal accidental insurance of Rs 1 lakh with every savings account and free talk time equaling the amount deposited in the payments bank-saving account. Find Airtel Payments Bank Limited IFSC & MICR Code

 

 

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