What is Airtel Payment Bank Account ? How to open it ?

There is one stop solution: you can open Airtel Payment bank account by clicking below link through Gromo promotional offer and it is completely free.

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Below are the detailed information about airtel payment bank

Airtel Payments Bank is a digital bank in India that operates under a payments bank license. It allows customers to open a bank account using their Airtel mobile number, which acts as the account number. This bank offers a range of services such as savings accounts, money transfers, and bill payments. Customers can deposit and withdraw cash at designated Airtel retail outlets, which act as banking points. The bank also offers an online debit card and a mobile app called Airtel Thanks, which enables users to manage their accounts and make payments conveniently. As a payments bank, Airtel Payments Bank cannot offer loans or credit cards, but it does provide a secure and accessible banking experience, especially for those who have limited access to traditional banking services.

Click Here to Signup for Airtel Payment Bank

Opening an account with Airtel Payments Bank is a straightforward process that can be completed online or at a designated Airtel retail outlet. To begin online, you can download the Airtel Thanks app from the Google Play Store or Apple App Store. Once installed, you can navigate to the banking section within the app and select the option to open a new savings account. The process will guide you through entering your Aadhaar Card and PAN Card details to complete the eKYC process. Alternatively, if you prefer to open an account offline, you can visit your nearest Airtel banking point. Here, you will need to provide your Aadhaar card and an active mobile number. For those who do not wish to use Aadhaar, there is an option to open a non-Aadhaar-based account by visiting a bank branch and filling out the necessary account opening form. Once your identity is verified through an OTP sent to your registered mobile number, your account will be activated, and you can start using the banking services offered by Airtel Payments Bank.

Click Here to Signup for Airtel Payment Bank

What is the Features and Benefits of Opening Airtel Payment Bank Account?

Airtel Payments Bank offers a variety of features and benefits designed to provide a convenient and efficient banking experience. Key features include the ability to operate the account entirely through a mobile app, making it a mobile-only bank. This is particularly beneficial for users who are always on the go and prefer to manage their finances digitally. The bank offers an attractive interest rate of 6% on the money deposited in the savings account, which is competitive compared to traditional savings accounts. 

Additionally, customers enjoy the security of a free personal accident insurance cover of up to Rs 1 lakh, adding an extra layer of protection to their financial planning. A unique benefit that Airtel Payments Bank provides is equivalent talk time for every rupee deposited, which can be a significant advantage for Airtel mobile users. The process of opening an account is instant and can be done using your Aadhaar Card, simplifying the enrollment process.

The bank also emphasizes convenience with features like minimal documentation for account opening, making it hassle-free for new customers. The Airtel Thanks app or USSD codes enable account access anytime, anywhere, further enhancing the user-friendly aspect of the bank. For savings, the bank encourages financial growth by offering interest on deposits, which can help increase your savings over time.

Quick transactions are another cornerstone of Airtel Payments Bank's services, with instant money transfers, bill payments, and mobile recharges available at your fingertips. This is complemented by cashback offers and rewards on transactions, providing additional value to customers. The bank's focus on financial inclusion means it aims to reach the unbanked population, fostering financial inclusion across India. This is achieved by using Airtel’s widespread network to reach even remote areas, enabling individuals to open accounts, make payments, and access insurance services with ease.

For those concerned about security, Airtel Payments Bank employs robust security measures to ensure the safety of funds and transactions. The bank also offers educational initiatives aimed at enhancing financial literacy and empowerment, contributing to the overall well-being of its customers. By blending telecommunications with banking, Airtel Payments Bank provides seamless financial solutions and acts as a bridge connecting people to essential financial services.

Fees and other charges

Airtel Payments Bank has structured its fees and charges to cater to a wide range of banking services. For account opening, there is no charge, encouraging easy access to banking services. When it comes to loading money into the account, there are no fees for transactions through debit card, net banking, or UPI, while a nominal charge of 2.18% is applied for credit card loads. Payments at merchants and using the virtual card are free of charge, promoting cashless transactions. However, a service fee of 1.8% of the ticket fare is levied for IRCTC train bookings made through the Airtel Thanks App.

Transferring money from wallet to wallet within Airtel Payments Bank is free, but transferring from a full KYC wallet to a bank account incurs a 3% transaction fee. If a transaction fails, the total amount, including charges, is reversed. For wallet maintenance, a fee of Rs. 20 is charged if there has been no transaction for 6 months, with a subsequent Rs. 10 fee for each month of inactivity thereafter. However, if a minimum transaction of Rs. 50 is made during the month, a cashback equivalent to the charged amount is initiated.

The savings account offers an interest rate of up to 7% on balances above INR 1 lakh, which is competitive compared to traditional banks. There are no minimum balance requirements, making it accessible for all income groups. Other charges include an annual subscription fee of Rs. 100 plus GST, which will be waived off starting 1st July 2024, and an account maintenance charge of Rs. 42 plus GST per quarter, which will also be discontinued from the same date.

Cash deposits and withdrawals are free up to certain limits, after which a percentage of the transaction amount is charged. For example, cash deposits at banking points are free for amounts up to Rs. 25,000, with a 0.5% charge for amounts between Rs. 25,000 and Rs. 50,000, and a 0.75% charge beyond Rs. 50,000. Cash withdrawals are free for cumulative transactions up to Rs. 10,000 per month, and a 0.65% fee is applied for amounts beyond that.

Cardless cash withdrawal via IMT is free, and the bank offers two free AEPS transactions per day, with a monthly limit of 10 transactions or Rs. 50,000, whichever is less, and a maximum of Rs. 10,000 per transaction. It's important to note that these fees and charges are subject to change, and customers should refer to the latest schedule of charges provided by Airtel Payments Bank for the most current information.

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