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Bharti Airtel, country’s leading mobile phone operator, becomes country’s first to launch its payment bank

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Bharti Airtel, country’s leading mobile phone operator, becomes country’s first to launch its payment bank on Thursday after receiving a license from the Reserve Bank of India on April 11, 2016.

It was launched in the presence of Union finance minister Arun Jaitley and Bharti Group chairman Sunil Bharti Mittal. Airtel Payment Banks are fully digital and promotes paperless banking. Customers can access their accounts from mobile phones also.

Some key features of Airtel Payment Banks are :

  • Bank’s product portfolio includes payment banking services and mobile wallet services.
  • Any customer can open a savings account with the bank irrespective he/she is a non-Airtel customer.
  • Just an Aadhar card is required to open an account. The process of opening an account will be paperless through Aadhar based e-KYC authentication.
  • The services can be accessed by an Airtel Customer on phone through Airtel Money App, USSD by dialling *400# and IVR by dialling 400. USSD and IVR are available in English and Hindi both.
  • Airtel Payment Bank’s can be accessed by non-Airtel customers by dialling 8800688006.
  • Mobile number will be the account number for Airtel Customers.
  • Interest rate of 7.25% p.a.will be provided on deposits in savings accounts. Personal Accidental Insurance of Rs 1 Lakh will also be provided with every savings account.
  • No ATM/Debit card facility is provided at present. Customers can deposit or withdraw at any Airtel retail outlet, which will also function as Airtel Payments Banking points.

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