Airtel Payment Bank goes live; Offering 7.25% Interest Rate

The first payment bank to go live!

Airtel Payments Bank Limited (“Airtel Bank”), a subsidiary of Bharti Airtel Limited (“Airtel”), today said that it has rolled out a pilot of its banking services in Rajasthan. The pilot is aimed at testing systems and processes ahead of a full scale pan Indian launch.
With this, Airtel Bank becomes the first payments bank in the country to go LIVE.

airtel-payments-bank

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 Bank will commence the pilot with banking points at 10,000 Airtel retail outlets.

A wide network of merchants (sellers/shops) across Rajasthan will accept digital payments from Airtel 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 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 Bank is a fully digital and paperless bank. Airtel 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
  • 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.

Airtel 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 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).