Airtel Payments Bank, a subsidiary of Bharti Airtel last week rolled out a pilot of its banking services in Rajasthan across 10,000 Airtel retail outlets, ahead of a full scale pan Indian launch. It already announced that it offers interest rate of 7.25% p.a. on savings accounts deposits, the highest in India. Today it announced that it will be offering one minute of talk time for every Rupee deposited, however this benefit is applicable on first time deposits only. This can be used to make Airtel to Airtel calls all over India and has a validity of 30 days.
So if a customer deposits Rs. 1000 for the first time, they will get 1000 minutes of free talk time (Airtel to Airtel – Local/STD) on their Airtel mobile number.
Airtel Payments Bank will commence the pilot with banking points at 10,000 Airtel retail outlets in Rajasthan.
Airtel said that anyone, even non-Airtel customers with an Aadhaar card can open a Savings Account with Airtel Bank.
- 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
- Money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel 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
Airtel Payments Bank plans to expand its merchant network in Rajasthan to 100,000 by the end of the year. 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 8800688006.
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