Airtel Payments Bank Offers 7.25 Percent Interest on Savings: All You Need to know

Airtel Payments Bank Limited is the first payments bank in India to go live has rolled out pilot services in Andhra Pradesh and Telangana. This follows its successful pilot roll out in Rajasthan, where over 100,000 customers opened savings accounts in less than two weeks of commencement of services.

What is Airtel Payments Bank?

Airtel Payments Bank offers basic banking services to customers. Customers will be able to open bank accounts at any of the designated Airtel retail outlets. Also, customers opening a savings account with Airtel Payments Bank will also get one minute of Airtel mobile talk time for every Rupee deposited.

What do you get with Airtel Payments 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 Payments Bank)

Personal Accidental Insurance of Rs 1 Lac with every Savings Account

Deposit and withdrawal facility across a wide network of Airtel retail outlets

How to access it?

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 Voice Response Mechanism (IVR) by dialing 400. Both the USSD & IVR options are available in Telugu, 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 or by using the Airtel Money app. Customers can also visit any designated Airtel retail outlet to access services (and not just the outlet where they have opened the account).

Who can open an account with Airtel Payments Bank? Does one need to be an Airtel customer?

Anyone (non-Airtel customers also) with an Aadhaar number can open a Savings Account with Airtel Payments Bank.

How to open an account with Airtel Payments Bank? What documents are required?

A customer can open an account by visiting a designated Airtel retail outlet in the neighbourhood. No documents are required. Only the customer’s Aadhaar number is needed for opening an account.

Does Airtel payments Bank offer ATM/Debit Card facility?

Airtel Payments Bank does not offer ATM/Debit Card facility, at present. Customers can deposit withdraw cash at any of the designated Airtel retail outlets, which will also function as Airtel banking points.

How to check account balance?

Airtel Payments Bank is a paperless bank. Customers can check their account balance and access other services using Airtel Money app, USSD or IVR over their mobile phones

How can one transfer money from Airtel Payments Bank to family and friends? Can I transfer money to any bank account in India?

Customers can access money transfer services using the Airtel Money app or through USSD by dialing *400#. Money transfers from one Airtel number to another Airtel number within the bank will be free.