Airtel Launches Payments Bank : All you need to know

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.\r\n

What are payments Bank? 

\r\nPayments 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.\r\n

What are limitations of Airtel Payments Bank? 

\r\nAirtel 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.\r\n\r\nAirtel payments bank limits\r\n

Can I transfer Money to any Airtel Payments Bank user without any charges? 

\r\nYes, 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.\r\n

Can I transfer money to any Real Traditional Bank account / Savings account / Current account? 

\r\nYes, you can. But this attracts charges.  You need to pay as per the existing charges as given in Image below.  airtel-payments-bank-charges\r\n\r\nThese charges might change as PayTM has plans to launch Payments Bank soon and competition will surely play its part.\r\n

Can I use Airtel Payments if I don’t have Airtel Mobile Number? 

\r\nYes, 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.\r\n

How much time its takes to open an Airtel Payments Account? 

\r\nIt 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.\r\n

What documents are required to open an Airtel Payments Bank account? 

\r\nYou 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.\r\n

Where can one open this account? 

\r\nYou need to walk to Airtel store for this. At present only stores is Rajasthan have this facility.\r\n

Do we get free Talktime / Minutes if we deposit money in Airtel Payments Bank?

\r\nYes, 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.\r\n\r\nBut this is a promotional offer and you can get this benefit with your first deposit only.\r\n

Do we get Insurance cover with each Airtel Payments Bank account? 

\r\nYes, Airtel is offering a personal accidental Insurance cover of Rs 1 lac with every savings account. Insurance is provided by Bharti AXA.\r\n

Can we have more than one account? 

\r\nNo, You can not hold more than one account in Airtel Payments bank.\r\n

Will I get any Debit card or ATM card on my Airtel Payments bank account? 

\r\nNo. 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.\r\n

How much interest Airtel will offer?

\r\nAirtel 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.\r\n

Will there be any charge to access Airtel Payments Bank via USSD or IVR?

\r\nNo, It will be all free. You can access via *400# or via IVR by dialing 400.\r\n

What happens to the existing Airtel money accounts? 

\r\nAll 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.\r\n\r\n \r\n\r\nIf there are more questions in your mind, ask in the comments section and I will include them here.  

Leave a Reply

Your email address will not be published. Required fields are marked *