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 now capped at 500 minutes. If this sounds interesting to you, read along to know how to Open Airtel Payments Bank Account.
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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.
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 one 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.
The Airtel Payment’s Bank is designed to promote digital payments and is mostly free of charges for payments. However, for banking, all services come with a nominal fee. You will also be charged when you try to withdraw cash. Here is a summary of the costs for Airtel Payments bank:
You can check the Airtel bank balance as well as perform transactions using the following methods:
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 shortly.
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