This time, Airtel has officially launched the first payment bank for India i.e. Airtel Payment Bank during an event that took place in New Delhi. Here, Arun Jaitley, the Finance Minister of India launched the new bank formally. The newly formed bank would be live across 29 different states. In addition, according to the reports highlighted by Airtel Group, there would be more than 250,000 retail stores operating under Airtel, which would perform their functions as similar to any other banking point across the country.
What is So Special in the New Payment Bank
The newly launched Airtel Payment Bank is much more than simple Payment Wallet. This implies it helps in easy transactions with many other banks. In addition, Airtel gives interest on your deposited money, which one could not able to do with the existing money wallet. Along with this, Airtel Money users are able to get the option related to transfer of balance in their Airtel based payment bank account from their wallets.
Provides support to Opening Accounts
Airtel Payments Bank supports opening of accounts with e-KYC based on Aadhaar card. Here, mobile numbers of customers would act as bank account numbers, while users will be able to get talk time of one-minute for money they deposit when they go for opening of the account.
Gives Interest on Deposits in Accounts
Airtel Group would give an interest of 7.25 percent on made deposits in payment bank accounts. Individuals may transfer this interest amount to almost every bank operating across the country. In addition, Airtel would not want any fee for transferring of money and would not charge for any processing fee in case of digital transactions with the help of Airtel Payments Bank. Other than this, it provides a virtual debit card powered by MasterCard, which one can use online.
Lastly, users may carry out the entire banking procedure available at Airtel Payments Bank digitally by using an application available on both Android and iOS. Alternatively, individuals may use IVR and USSD for transaction, if they do not have Smartphone.