10 things you should know about Airtel Payments Bank launched today

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January 12, 2017, 11:07 pm

Things to know about airtel payments bank

The Airtel Payments Bank, first of its kind virtual payment system, was launched in New Delhi on Thursday.

New Delhi: After successfully testing a pilot payments bank in Rajasthan, Airtel has officially rolled it out for mobile users across the country. The Airtel Payments Bank, first of its kind virtual payment system, was launched in New Delhi on Thursday in a glittering launching ceremony attended by the likes of Finance Minister Aurn Jaitely.

Airtel tested the payments bank by launching it from nearly 10,000 retail outlets of the company in Rajasthan in November. The company claimed that it received an overwhelming response in Rajasthan with nearly one million people opening accounts with the Airtel Payments Bank.

Now it’s available for mobile users in all 29 states.

Many consumers don’t know the difference between the Airtel Money wallet and Airtel Payments Bank. Here are five things you need to know about this virtual banking system:

  • Your mobile number will be your Airtel Payments Bank account number.
  • You can deposit money in your account with Airtel Payments Bank. Airtel will pay you an interest at the rate of 7.5%.
  • If you have some amount in your Airtel Money wallet, you can transfer it to your Airtel Payments Bank account without hassles.
  • You can open an Airtel Payments Bank account after submitting your Aadhaar based e-KYC.
  • On top of that, Airtel offers you one minute of talk time for every rupee you deposit in your account at the time of opening. So let’s say you opened the acccoutn with Rs 5,000, you will get 5000 minutes of talk time completely free of cost.
  • You can transfer your money to any bank in India.
  • You will also be able to transfer money from Airtel to Airtel free of charge.
  • You will get a virtual debit card for online payments. There will be no additional service or processing charges for online payments
  • If you want to withdraw cash, you will have to visit the nearest Airtel outlet.
  • You will be able to carry out transcations by downloading an app available on Android and iOS. If you don’t have a smartphone then you can use USSD and IVR.

First published: January 12, 2017