1. Airtel opens first payments bank; all you need to know

Airtel opens first payments bank; all you need to know

Airtel Payments Bank: Airtel announced its pilot banking services program in Rajasthan. Here are a few things you may want to know.

By: | Published: November 23, 2016 5:13 PM
Airtel payments bank, Airtel Payments Bank Limited, airtel bank, Airtel Money app, rajasthan, Vasundhara Raje, airtel, banking, banking news, airtel bank how to Airtel Bank will begin the pilot with banking points at 10,000 Airtel retail outlets. 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. (PTI)

Airtel Bank or Airtel Payments Bank Limited a part of Bharti Airtel Limited on November 23 announced its pilot banking services program in Rajasthan. This project is aimed at testing systems and processes before its full scale all India launch. Airtel has beaten PayTm to become the first payments bank in India to go live. People in towns and villages across Rajasthan will now be able to open bank accounts at Airtel retail outlets, which will also act as the company’s banking points and offer a series of basic, convenient banking services. Airtel Bank will begin the pilot with banking points at 10,000 Airtel retail outlets. 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’s services can be accessed by Airtel customers on their mobile phones through the Airtel Money app, through USSD by dialling *400#; or via a simple IVR by dialling 400. Both the USSD & IVR options are available in Hindi and English language and work on simple feature phones as well. Now Airtel customers can access Airtel Bank’s services by dialling 8800688006. Customers can also visit any designated Airtel retail outlet to access services (and not just the outlet where they have opened the account). Airtel Banking points will offer bank account opening services and cash deposit & withdrawal facilities. Here are a few answers to questions that you might have:

Can I open an account with Airtel Bank? And, what if I am not an Airtel customer?

Anyone with an Aadhaar card can open a Savings Account with Airtel Bank, irrespective of being an Airtel or non-Airtel customer.

What is the process to open an account with Airtel Bank? What is the list of documents required?

Any customer can open an account by visiting a designated Airtel retail outlet in his/her neighbourhood. Other documents are not required except the customer’s Aadhaar number in order to open an account. The account will be opened through a paperless process within minutes through Aadhaar based e-KYC authentication.

Is ATM/Debit Card facility available with the Airtel Bank?

Airtel 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.

If I am a customer, how can I check his/her account balance?

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

How do I transfer money from Airtel Bank to my family and friends? Will I be able to transfer money to any bank account within the country?

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

A few other pointers:

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

Deposit and withdrawal facility across a network of Airtel retail outlets

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