Earlier, RBI had announced the names of the 11 companies that received a payments bank license. Following on the same, finally, on Wednesday, Airtel launched India's first live payments bank in Rajasthan.
After the launch, Airtel has become to be known as Airtel Payments Bank Limited or just Airtel Bank and will be offering a range of basic, convenient banking services.
However, the pilot project launched in Rajasthan will be aimed at testing systems and processes ahead of a full-scale launch across Indian states. While it might be just a test run for Airtel, as for customers in towns and villages across Rajasthan, they will now be able to open bank accounts at Airtel retail outlets, which will be acting as Airtel banking points.
As such, Airtel Bank will be commencing the pilot with banking points at 10,000 Airtel retail outlets. And if it goes smoothly, Airtel will be expanding its merchant network in Rajasthan to 100,000 by the end of the year, which will inevitably give a big boost to digital payments ecosystem.
While this news might help and bring joy to the people of Rajasthan, especially during the current state that India is in economically, a question might arise. How does one open an Airtel payments bank account?
Below are few tips that might answer your questions and help you clear your doubts.
The Requirement to Open Airtel Payments Bank Account
Well, anyone with an Aadhaar card can open a Savings Account with Airtel Payments bank. Besides, you can open an account even if you are not an Airtel mobile subscriber.
Know the Process
To open an Airtel Bank account, you need to find a designated Airtel retail outlet in your area and go there along with your Aadhaar number.
As reported by Business Standard, the account will be opened through a paperless process within minutes through Aadhaar-based paperless electronic know-your-customer process.
Debit/Credit Card Facility
As of now, Airtel bank will not be offering an ATM/debit/credit card facility. People can deposit and withdraw cash by visiting any the designated Airtel retail outlets, which will function as Airtel banking points.
Checking Account Balance
Since all the banking services will be delivered digitally, people can check their account balance and access other services using the Airtel Money app, USSD or IVR over their mobile phone.
People can access money transfer services on their Airtel Money app or through USSD by dialling *400#.
A key highlight, money transfers made from one Airtel number to another within the bank will be free.
The Interest Rate
Airtel bank will be offering one of the highest interest rates than any lender. The company has promised to offer interest rate of 7.25% a year on deposits in the savings accounts.