Following the government’s decision of abolishing Rs 1,000 and Rs 500 currency notes in India, Airtel has announced its own banking services via its retail outlets. The Airtel Payments Bank has been officially rolled out beginning with the state of Rajasthan. With this pilot launch Airtel is testing systems and processes ahead of a full scale pan-Indian launch.
According to the company, customers in towns and villages across Rajasthan will be able to open bank accounts at Airtel retail outlets. These will also act as Airtel banking points and offer basic and easy to use banking services.
Airtel Payments Bank will commence the pilot with banking points at 10,000 Airtel retail outlets.
Shops and sellers across Rajasthan will accept digital payments from Airtel Bank on the day of the launch. Customers will be able to perform cashless transactions via their mobile phones quickly. Airtel Bank will be a fully digital and paperless bank. It will offer bank account opening services and cash deposit & withdrawal facilities.
The services offered by Airtel Payments Bank include:
- Digital Banking: Quick and paperless account opening using Aadhaar based e-KYC. This requires no documents at all, only the customer’s Aadhaar number is needed
- Customer’s Airtel mobile number will be his/her bank account number
- Interest rate of 7.25 percent p.a. on deposits in savings accounts
- Money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel Bank)
- Personal Accidental Insurance of Rs 1 Lac with every Savings Account
- Easy deposit and withdrawal facility across a wide network of Airtel retail outlets
Airtel Bank plans to expand its merchant network in Rajasthan to 100,000 by the end of the year, giving a big boost to digital payments ecosystem.