Airtel Payments Bank is a fully digital and paperless bank, aims to provide basic banking services to every citizen of India. There are so many commercial banks functioning in India but Payments Banks is new model of banks form to provide banking facilities to rural areas. Having bank account is the first step towards financial inclusion, which is an important development priority. The main difference between payment banks and commercial banks is payments banks cannot issue loans and credit cards to customer but we can deposit money up to 1 lakh where as commercial banks offers loans with some interest rate.
Payments banks can issue services like ATM cards, debit cards, net-banking and mobile-banking. Airtel has launched India's first live payments bank. India Post Payments Bank(IPPB) is the second entity to receive payments bank permit after Bharti Airtel and Paytm is the third such service to be launched in the country.
Airtel Bank offers Internet banking facility, online airtel bill payments and interest rate on airtel saving accounts.
At present Airtel Payments Bank offers interest rate of 7.25% p.a. on savings accounts deposits, the highest in India. Most public-sector banks offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
Transaction Charges :
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Payments banks can issue services like ATM cards, debit cards, net-banking and mobile-banking. Airtel has launched India's first live payments bank. India Post Payments Bank(IPPB) is the second entity to receive payments bank permit after Bharti Airtel and Paytm is the third such service to be launched in the country.
What are the payments banks in India approved by RBI ?
- Aditya Birla Nuvo Ltd (Idea payment bank)
- Airtel M Commerce Services Ltd (Airtel Payment Bank)
- Cholamandalam Distribution Services Ltd
- Department of Posts ( India Post Payments Bank (IPPB))
- Fino PayTech Ltd
- National Securities Depository Ltd
- Reliance Industries Ltd
- Dilip Shantilal Shanghvi
- Vijay Shekhar Sharma (PayTm)
- Vodafone m-pesa Ltd
- Tech Mahindra Ltd
Read How to Transfer Money from Credit card to Bank account Instantly
About Airtel Payment Bank :
Airtel M-Commerce Services Limited, a subsidiary of Bharti Airtel Limited, has been renamed as Airtel Payments Bank Limited after receiving necessary approvals from Reserve Bank of India. Airtel Payments Bank Ltd launched on 23rd November 2016 and became the first to launch a payments bank service in India.Airtel Bank offers Internet banking facility, online airtel bill payments and interest rate on airtel saving accounts.
At present Airtel Payments Bank offers interest rate of 7.25% p.a. on savings accounts deposits, the highest in India. Most public-sector banks offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
How to open Airtel Bank Account :
👉Anyone with an Aadhaar card can open a Savings Account with Airtel payments bank.your mobile number is your account number
👉You can open an account by downloading My Airtel App or by simply visiting airtel website
👉You can open an account by downloading My Airtel App or by simply visiting airtel website
👉Click on Get Started and enter your mobile number. After that verify your number by entering OTP code and click on proceed button.
👉After OTP verification it will ask you to submit your Full Name, DOB and set MPIN number for security.
👉After OTP verification it will ask you to submit your Full Name, DOB and set MPIN number for security.
👉Account created
How to get debit card :
- After completion of account creation, you will get Virtual Debit card for online shopping.
- For Savings bank account click on View profile and Apply for savings account.
- Now you can add money to bank account but without Bio-Metric verification you can't transfer that money from your bank account
- For Bio-Metric verification you need to visit the nearest banking point or Airtel retail store.
Transaction Charges :
Read How to Transfer Money from Credit card to Bank account Instantly
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