Within two weeks of launch, Airtel Payments Bank has gained one lakh savings bank accounts in the state of Uttar Pradesh, according to Bharti Airtel. Around 60% of these savings accounts are opened in rural areas. In Uttar Pradesh, around 12,000 Airtel retail outlets serve as Payments Banks.
Commenting on the milestone achieved in Uttar Pradesh, Shashi Arora, MD & CEO, Airtel Payments Bank said, “We are delighted with the response received from the customers in Uttar Pradesh and look forward to building on this momentum and serve even more customers in the days to come. Airtel Payments Bank is fully committed to taking its simple and convenient services deeper into the state and contribute towards financial inclusion and banking for all.”
Besides developing banking, Airtel is focusing on building a digital payment ecosystem in the country. The digital payment system helps people to make cashless payments to the merchants in exchange of goods and services. For the purpose, Airtel is inviting merchants to join its payments network.
Airtel Payments Bank revolutionized the banking system in the country by simplifying banking to the mass residing in the rural areas. The process of opening an account in Airtel Payments Bank is based on e-KYC (electronic know-your-customer) norms. The customer can use his Aadhaar number to open the account and would not require any additional physical documents for the purpose. The account number will be his/her Airtel mobile number.
Airtel is offering 7.25% interest per annum on deposits, which is said to be the highest in India. Airtel Payments Bank allows services such as deposit and withdrawal of cash, and money transfer to any bank accounts in India. The transactions via Airtel Payments Bank is free of transaction charges. For making payments to merchants (online and offline), Airtel Bank has introduced online debit cards (MasterCard).
As a launch offer, the customers who open an account in Airtel Bank will get one-minute talk time for the money deposited at the time of account. Also, the service provider gives one lakh free personal accident insurance with every savings accounts.
There are 250,000 Airtel retail stores that work as payments bank. The customer can avail the banking services from any store, and not limited to the store where he/she has opened the account. The service of Airtel Payments Bank is also available via feature phones or smartphones.