Want to Open Savings Bank Account In Airtel Payment Bank Online? Airtel Payment Bank has been finally launched and it is India’s first Payment bank. You might be thinking what is Payment bank and how its different from normal bank account? In this article I will be sharing the process of Airtel Payment Bank savings account, current interest rates, account activation process and various other information.
What is Airtel Payment Bank Savings Account?
The concept of Payment bank is very simple. In simple terms it is like a normal savings account in bank only but there will be no branch like other banks. Your mobile number will become your savings account number and there will be no passbook, cheque book.
With the launch of Airtel Payment Bank, now anyone staying in any part of the country can open a savings account through his/her mobile number only without visiting any bank branch. Easily use all the features of a savings account through mobile phone only.
Features of Airtel Payment Bank Savings Account
- Your Airtel Mobile number also becomes your Account Number
- You can earn the highest interest of 7.25% on every rupee you deposit
- Get a chance to get free recharge minute or free talktime for every rupee that you have deposited (applicable on first cash deposit) eg: If you deposit Rs 500 you will get a credit of 500 minutes
- Free Personal Accident Insurance cover of Rs 1 lac
- Instant account opening in less than 3 minutes with just your Aadhaar card
- Easily send money from you Airtel payment bank savings account to your friends account & vice versa. Deposit or withdrawal at any of our 6 Lakh Banking Points (Airtel recharge outlets)
- Accepted at over 5 million outlets
- Get real time alerts for every transaction on your registered mobile number and email ID
What Are the Airtel payment bank charges on money transfer, cash withdrawal
Generally the there will be no charges for cash deposit up to the maximum limit. In fact you can transfer money to one airtel number to another Airtel number without any cost via Internet banking, mobile app or unstructured supplementary service data. But if you transfer money from your Airtel payment bank to another mobile network the you have to bear a charge of 0.5% of the amount transferred.
The customers have to pay Rs 5-25 if the amount is between Rs 10 and Rs4,000, according to the bank’s website. In case the withdrawal amount is above Rs4,000, customers have to pay 0.65% of the withdrawal amount.
Latest Interest Rate 2017 of Airtel Payment Bank Savings Account
Right now Airtel Payment Bank is offering the highest interest on savings account which is 7.25%. The reason is very simple, as there is no infrastructure cost involve in operating a Payment bank, the interest is very high which will definitely give Airtel Payment Bank a huge popularity or a good investment option in India.
Steps To open Bank Account In Airtel Payment Bank Online
The process of opening Airtel Payment Bank savings account in simply awesome. Follow the step by step guide below to open your first Airtel Payment Bank account.
First of all Download the My Airtel App from Google Playstore. You can also visit your nearest Airtel outlet to open a savings account with Airtel.
You can also visit Airtel website and register with your mobile number. You have to provide the OTP received in your mobile number and then only you can proceed for opening a bank account.
Airtel Payment Bank account is paperless banking process. That means you don’t have to provide any kind of document. Simply share the Aadhaar number and complete the Aadhaar based E-KYC authentication. You are done with your account.
How To Download Airtel payment bank app
You can easily download Airtel payment bank app from Google play-store or directly by visiting Airtel official website itself. Just follow the below link from your smartphone and easily get the Airtel payment bank app. Join a new journey with India’s first payment bank.
What is Airtel payment bank customer care number?
You can dial the normal Airtel customer care numbers and select the options carefully to get redirected to Airtel Payment bank customer care team. I did not find any dedicated toll free number specially for this service from Airtel. Besides that, you can note down the official address details of Airtel payment banks below.
1 Nelson Mandela Road,
Vasant Kunj, Phase II,
New Delhi – 110 070, India
airtel Center, Plot No. 16,
6th floor, Udyog Vihar, Ph-4,
If you are a non-Airtel customer, then also you can open a bank account with Airtel Payment Bank and get your Airtel payment bank login in instantly. If you are a Airtel customer, then your existing mobile number will not be automatically converted to Airtel payment bank savings account without your consent or approval. The concept is very new in India, so there will be many questions or doubts in coming days like what will happen if you change your mobile number etc. I will be updating these queries here time to time, but if you have some knowledge you can write a comment below and help our readers.