Airtel Payment Bank New Account Open And Offers 7.25% Interest on Deposits All Time Custumer

Airtel Payment Bank – India’s First Ever Payment Bank launched today across 29 states in India. Finance Minister Arun Jaitley, formally launched the bank. As an introductory offer Airtel Payment Bank Customers will get a Interest Rate of 7.25%, the highest in India.

Customer’s Airtel mobile number will be his/her bank account number. Money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel Payments Bank)

Free personal accident insurance cover of Rs 1 lakh would come with every account opened. All the 250,000 Airtel retail stores that that will function as banking points around the country for easy deposit and withdrawal of money. Airtel is not offering any Debit card/Cheque – if you want to withdraw cash, you will need to go to your nearest Airtel retail store.

Payment Banks are barred from any kind of lending activity, which means that the only way to generate returns is through cross-selling products through the payments bank network. Payments banks, as defined by the RBI, are entities that will primarily facilitate digital transactions. These entities can accept deposits, capped at Rs 1 lakh. These funds must largely be invested in government securities. Airtel Payment Bank makes money while the customer does cash withdrawal or tranferring to non Airtel Payments Banks. See the following list of charges.