Airtel payments bank to be soon launched; here is all you need to know

What all Airtel payments bank will offer its customers?

According to a report, telecom services company, Airtel will soon launch its first payments bank. It has piped online marketplace Paytm to launch India’s first payments bank – Airtel payments bank. Notably, the company has chosen Rajasthan as a launch pad for its banking services.

According to a report, telecom services company, Airtel will soon launch its first payments bank. It has piped online marketplace Paytm to launch India’s first payments bank – Airtel payments bank. Notably, the company has chosen Rajasthan as a launch pad for its banking services.

Interestingly, Airtel Payments Bank rollout has come at a crucial point of time as currently India is facing cash crunch after announcement of demotisation by the PM.

To begin with, customers across Rajasthan will now be able to open bank accounts at 10,000 Airtel retail outlets, and soon the company will expand its services to 100,000 in Rajasthan by the end of the year, giving a big boost to digital payment ecosystem.Here are few things that you should know about Airtel Payments Bank

Here are few things that you should know about Airtel Payments Bank

• Airtel Payments Bank will offer quick and paperless account opening using Aadhar based e- KYC. No documents would be required except your Aadhar card number
• Customer’s Airtel account number will be his or her account number
• Money would get easily transferred in any account all across the India
• Interest rate would be 7.25 percent on deposits in saving accounts
• Every account holder would get personal accidental insurance of Rs. 1 Lakh with every saving account
• Deposit and withdrawal facility across a wide network of Airtel Retail outlets
• Last but not the least, non –airtel customers can also get their account open in Airtel Payments Bank via their Aadhaar card number

Currently, there is no debit card or ATM facility available. It will soon get started. At present, customers can deposit or withdraw cash at any of the designated Airtel retail outlets.

The step is really commendable and this point of time, it will surely help the people of India.