Airtel has launched its Payments Bank in Rajasthan and will soon launch it nationwide. Many of us are still having so many doubts about the offerings of this new service. We even asked Airtel stores but even after the launch they are skeptical about its details. Let us clear some air.
Payments banks will be Virtual banks with facilities of Savings and Current account on board. They can not offer loans and Credit card. However, they can offer Debit card, Internet banking etc. Reserve Bank of India gave this idea to India a few years ago.
Airtel Payments Bank is not a full-fledged bank. Maximum deposit in a day can not go beyond Rs. 49,990. You can only do transactions of Rs 5,00,000 in a day. As per Payments Bank rules, Airtel can not offer any loans, credit or Credit cards via its Payments Bank. Below given are some other limits.
Yes, Any transfers within Airtel Payments bank will be Instant and free of cost. Though it can not exceed limits of Daily Transactions as stated in the previous point.
These charges might change as PayTM has plans to launch Payments Bank soon and competition will surely play its part.
Yes, Airtel says you can. However, it has some restrictions as of now. You might have to access Payments bank only via Airtel Money app as USSD code will not work from a number of any other operator.
It just takes 4-5 minutes to open an Airtel Payments bank account if Airtel is believed. The process of e-KYC has to credited for this.
You just need your aadhar card. You do not need to submit it there. It is all digital. They need only your aadhar number and you are done with formalities.
You need to walk to Airtel store for this. At present only stores is Rajasthan have this facility.
Yes, If you have an Airtel connection then you get 1 free Local and STD minutes of every Indian rupee you deposit. If you deposit Rs 5000, you get 5000 minutes of free talktime.
But this is a promotional offer and you can get this benefit with your first deposit only.
Yes, Airtel is offering a personal accidental Insurance cover of Rs 1 lac with every savings account. Insurance is provided by Bharti AXA.
No, You can not hold more than one account in Airtel Payments bank.
No. However, Airtel can offer debit or ATM card in future as RBI has allowed payments Bank to offer Debit cards. But since they are based on the idea of Digital India, it is unlikely to happen.
Airtel will offer Interest rate of 7.25 % per annum. However, there are no clear words over the question of how this amount will be credited. It may be credited quarterly.
No, It will be all free. You can access via *400# or via IVR by dialing 400.
All the existing Airtel money accounts with retailers i.e. Airtel Money Power account has been upgraded to Airtel Payments bank account. The other Airtel money accounts i.e. Express account needs to update e-KYC and move to Payments Bank facility.
If there are more questions in your mind, ask in the comments section and I will include them here.
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