Airtel launches first payment banking service in India, to pay 7.25% interest on deposits



Airtel on Wednesday launched India’s first direct payments bank, which would provide 7.25% per annum interest on deposits.

Aiming to test systems and processes ahead of a large-scale pan-Indian launch, Airtel Payments Bank has deployed a pilot of its banking services in Rajasthan, a company statement said on Wednesday. Airtel Payments Bank is a subsidiary of Bharti Airtel.

He advises that the account can be opened with an Aadhaar based paperless e-KYC, with no additional documents required and that the customer’s Airtel mobile number would be their bank account number. The company intends to give an interest rate of 7.25% per annum on deposits in savings accounts.

“Customers in cities and towns in Rajasthan will now be able to open bank accounts at Airtel outlets, which will also function as Airtel banking points and offer a range of basic and convenient banking services. Airtel Bank will start the pilot project with bank points at 10,000 Airtel outlets, “the statement added.

He adds that additional benefits such as money transfer to any bank account in India (free money transfer from Airtel to Airtel numbers within Airtel Bank), personal accident insurance of Rs 1 lakh with each savings account, a deposit and withdrawal facility on a large network of Airtel outlets will be made available to customers.

It also claims that the company will have a network of over 100,000 merchants (stores) across Rajasthan accepting digital payments from Airtel Payments Bank, providing customers with the ability to purchase cashless goods / services using their bank accounts / wallets, contributing to government initiative. financial inclusion and banking for all.

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