The banking sector has witnessed a lot of chaos since Prime Minister Narendra Modi announced demonetisation. But that hasn’t stopped Airtel from trying its luck. Airtel just rolled out India’s first payments bank- Airtel Payment Bank- in Rajasthan. According to a release by the telecom giant, over 10,000 Airtel retail outlets across Rajasthan will now function as banking points and offer banking services to their customers.
According to a release by the telecom giant, over 10,000 Airtel retail outlets across Rajasthan will now function as banking points and offer banking services to their customers.
“People across Rajasthan will now be able to open bank accounts at Airtel retail outlets, which will also act as Airtel banking points and offer a wide range of banking services to its customers. Airtel Bank plans to expand its merchant network in Rajasthan to 100,000 by the end of the year,” the company wrote in a release.
Airtel said that its pilot launch in Rajasthan is aimed at testing ‘systems and processes’ ahead of a pan-India launch.
Here’s what you need to know about Airtel banks:
Who can open an Airtel payment bank account?
Anyone (even non-Airtel customers) can open an Airtel payment bank account. If you already have an Airtel number will be your Airtel payment bank account number.
Does Airtel payment bank offer ATM card facility?
Airtel Bank does not offer ATM card facility at present. However, customers can deposit or withdraw cash at any Airtel retail outlets, which will also function as Airtel banking points.
What are the offers provided by Airtel payment bank?
For starters, Airtel bank will provide an interest rate of 7.25% per annum on deposits in savings accounts, which is the highest in the country. With every saving account, Airtel bank will also be providing a personal accidental insurance of Rs 1 Lakh. Also, the bank is offering free money transfer from Airtel to Airtel numbers within Airtel Bank.
How can I access services/ check account balance of my Airtel payment bank?
Airtel payment bank’s services can be accessed by both Airtel customers and non-Airtel customers.
Airtel customers can access the services on their mobile phones through:
a) Airtel Money app
b) through USSD by dialing *400#
c) using IVR by dialing 400
Non-Airtel customers can access Airtel Bank’s services by dialing 8800688006.
How can I transfer money from Airtel Bank to family and friends?
Customers can access money transfer services using the Airtel Money app or through USSD by dialing *400#.