Airtel has launched its Payments Bank recently. If you want to register yourself for Airtel's Payments Bank, you do not need to go anywhere or submit any kind of documents. It is a paperless approach, using Aadhaar-based e-KYC. You can become a member of the Payments Bank within a few minutes with just a few clicks. Payments Banks are considered as scheduled banks under the section 42 (6) (a) of the Reserve Bank of India Act, 1934. Anybody who is an Airtel user, having an Aadhaar card, PAN card and carrying a smartphone with Internet connectivity can become a member of Airtel's Payments Bank and earn an interest of 7.25% p.a by depositing a maximum of Rs.1 lakh. You may also watch: Here are the steps for you to open an Airtel Payments Bank account: New users need to login www. airtel.in\/money from their phone or using a computer. Your account is initially created at Airtel money website. Who are already a member of Airtel money and are using the wallet for making the transaction, only needs to update their app to use the payments bank facility. Once you have opened the website, you need to click on registration and then enter all the credentials. Your mobile number will be your account number for the Payments Bank. You need to create mPIN for security purpose. Do not disclose your mPIN to others. You may also watch: [jwplayer FsmS9SER] After entering the details click on the submit button and generate OTP. It is a one-time password used for authenticating and verifying the user. After entering the OTP you will be successfully registered for using Airtel app for transferring money. A successful registration message will be displayed on the screen. You can avail additional discounts through various e-stores displayed below using your Airtel money. Now can download the app and make use of payments bank. There is only one app from Airtel which provides you with all the facilities including mobile summary related to calls and data usage, wallets and payments bank for making a transaction. You may also watch: [jwplayer jKhpEbCi] Make sure you are adding money to the payments bank to earn interest. Adding money in 'My Airtel's' account will not give you any interest because it is a wallet. You need to further validate your payments bank section in the app using your Aadhaar number, PAN card and nominee name before you add money and earn interest over it. You may also watch: [jwplayer 7nLewzFj] After confirming your details in payments bank, you need to add money to your account which is free of cost. You can send money to any person, merchants user, and banks that will not apply any additional charges when transferring money up to Rs.10000 per day. An additional charge of 0.5% will be levied if transactions are made over and above Rs.10000 during a day. However, there is no capping or additional charges levied for making transactions between Airtel's Payments Bank. It's free. For doing an instant transfer of money, Airtel Payments Bank is using IMPS platform and charges are levied as per the RBI rules for using their IMPS facility. Prepaid users who are opening the account for the first time will get free minutes. You need to add money to your account and get additional free minutes with the same denomination, subject to a maximum capping of Rs.500. For example, if you have added Rs.200 for the first time to your payments bank account, you will get 200 free minutes. If Rs.500 is added for the first time to your payments bank account, you will get 500 free minutes. But, if you add Rs.700 for the first time to your payments bank account, you will still get 500 free minutes. The validity of free minutes will be one month and the offer is valid up to 31st March 2017, according to sources. For biometric verification, you need to visit the nearest banking point (Airtel stores).