Airtel Payments Bank Benefit on Savings Deposits

For every Rupee deposited in a Airtel Payments Bank savings account, customers will get one minute of talk time on their Airtel mobile number. The bank offers interest rate of 7.25% p.a. on savings accounts deposits, the highest in India.

Airtel Payments Bank, the first payments bank in India to go LIVE, today announced a major additional benefit on savings account deposits, offering unmatched value to customers.

Any customer opening a savings account with Airtel Payments Bank, will get one minute of talk time*  on his/her Airtel mobile for every Rupee deposited. For e.g. if a customer opens an account with a deposit of Rs 1000 then he/she will get 1000 minutes of free talk time on his/her Airtel mobile number. The talk time can be used for calling all over India. This benefit is applicable on first time deposits only.

Airtel Payments Bank has rolled out pilot services in Rajasthan with the objective of testing its systems and processes ahead of full scale pan-India launch. Customers in towns and villages across Rajasthan will now be able to open bank accounts at Airtel retail outlets, which will also act as Airtel banking points and offer a range of basic, convenient banking services. Airtel Payments Bank will commence the pilot with banking points at 10,000 Airtel retail outlets.

Shashi Arora, MD & CEO, Airtel Payments Bank said, “We are leveraging Airtel’s telecom ecosystem to bring banking services to the doorsteps of every Indian. We are confident that this additional benefit along with the industry-best interest rate on deposits will encourage customers to open accounts with us and give a big boost to customer acquisition. We are also undertaking a massive drive to enroll over one lakh merchants in Rajasthan by the year-end, who will not be charged anything for accepting digital payments from Airtel Payments Bank customers. We believe this will boost the digital payments ecosystem hugely and reduce dependence on cash”

A wide network of merchants (sellers/shops) across Rajasthan will accept digital payments from Airtel Payments Bank from day one, offering customers the convenience of cashless purchase of goods and services via their mobile phones in a quick and secure manner. Airtel Payments Bank plans to expand its merchant network in Rajasthan to 100,000 by the end of the year, giving a big boost to digital payments ecosystem.

Airtel Payments Bank is a fully digital and paperless bank. Its banking points will offer bank account opening services and cash deposit & withdrawal facilities.

• Digital Banking: Quick and paperless account opening using Aadhaar based e-KYC. This requires no documents at all, only the customer’s Aadhaar number is needed
• Customer’s Airtel mobile number will be his/her bank account number
• Interest rate of 7.25 % p.a. on deposits in savings accounts, the highest in India
• Money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel Payments Bank)
• Personal Accidental Insurance of Rs. 1 Lac with every Savings Account
• Easy deposit and withdrawal facility across a wide network of Airtel retail outlets

Any customer, including non-Airtel customers can open a savings account with Airtel Payments Bank by visiting a designated Airtel retail outlet in his/her neighbourhood. No documents are required, only the customer’s Aadhaar number is needed for opening an account. The account will be opened through a paperless process within minutes through Aadhaar based e-KYC authentication.

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. Both the USSD & IVR options are available in Hindi and English language and work on simple feature phones as well. Non Airtel customers can access Airtel Payments Bank’s services by dialing 8800688006. Customers can also visit any designated Airtel retail outlet to access services (and not just the outlet where they have opened the account).