India’s largest telecom service provider Airtel has launched Indian first Payments Bank. Airtel payments bank is a joint venture with Kotak Mahindra bank which acquired 1 million subscribers in the first month of its launch. Anyone in India with an Aadhar Card can instantly open a saving account with Airtel payments bank. Currently, you can only open one account per person. Airtel payments bank is currently offering 7.25% interest on its saving account. On top of that, you get an equivalent amount of talk time on your Airtel mobile which is currently capped at 500 minutes. If this sounds interesting to you, read along to know how to Open Airtel Payments Bank Account.
Steps to Open Airtel Payments Bank Account
In order to open an Airtel Payments bank account, you will need to download and install either the “My Airtel” or “Airtel Money” app from the Android or iPhone app stores. If you want to register from the web, you can visit https://www.airtel.in/bank/register. Once the registration is complete, you can access the bank details from https://www.airtel.in/netbanking/bank. For eKYC, you would need an Aadhar card handy. The entire process hardly takes a minute and you should be all set.
Steps to Open Airtel Payments Bank Account using App
- Open the “My Airtel App” and Tap on “Payments Bank“
- Enter mPIN when prompted. If mPIN is not setup, you will have to setup for one.
- Check and confirm your mobile number. Once confirmed, tap on “Apply for savings account“
- Enter your Aadhar number at the bottom.
- Select your profile and your annual income. If income is more than 10 lacs, then enter your “PAN Number“
- Go to your nearest Airtel banking point to verify your Aadhar biometric information. Once done, your account will be activated.
See the screenshots below for step-by-step instructions to Open Airtel Payments Bank.
Currently, you can deposit a maximum of 1 lakh rupees in your Airtel payments bank account. If you exceed 1 lakhs, then you will not get any interest on the additional amount. Additionally, Airtel will send you repeated reminders to reduce your bank balance in case if you are unaware. Currently, one is prohibited from holding more than one account with Airtel.
Fees and Charges for Airtel Payments Bank
The Airtel Payment’s Bank is designed to promote digital payments and is mostly free of charges for payments. However, for banking, all services comes with a nominal fee. You will be also be charged when you try to withdraw cash. Here is a summary of the fees and charges for Airtel Payments bank:
- Cash Deposit: Free
- Account Opening Charge: Free if you Open with 100 rupees.
- Account Closure: Rs 50. You will not be able to close your account within the 1 month of its opening.
- Airtel Payments Bank to other bank transfer: 0.5% of the transacted amount.
- Airtel Payments to Airtel Payments Bank digital transfer: Free
- Airtel Payments to Airtel Payments Bank account from a bank point: 0.5% of the transacted amount.
- Airtel Payments Bank to other banks from Bank Point: 1%
Open Airtel Payments Bank Account: Checking Bank Balance
You can check the Airtel bank balance as well as perform transactions using the following methods:
- Using “Airtel Money” or “My Airtel” app.
- Using the Website. Visit https://www.airtel.in/netbanking/bank
- Using *400# USSD codes. However, this method is only limited to Airtel subscribers only.
Airtel Mastercard for Online Digital Transactions
Airtel also partnered with Mastercard to provide a virtual debit card for online merchant transactions. You will only be able to transact digitally with this card since Airtel does not issue any physical debit card. You will be able to locate the card details in your app after your payments bank account is activated. The website, however, does not show this card at this time.
Here are the screenshots for your reference:
Additionally, you will also get a Free Accident Insurance of 1 Lakhs for every account holder. Overall Airtel Payments Bank is feature rich and innovative in the world of FINTECH. It would be exciting to see the upcoming payments bank services from India Post and PayTM in the near future.
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