The largest and well known Indian telecom company Airtel has been launched Airtel payment Bank on January 12, 2017. It is now available across 29 states of India. Honorable Finance Minister Arun Jaitley and Sunil Bharti Mittal chairman of the company launched Airtel Payment Bank on Thursday.
In this payment bank, consumer’s mobile number will make its bank account number. From all telecom companies, Airtel is the first to start its Payment Bank. It is also the India’s first company to start a payment bank; a few days ago RBI gave approval to Paytm for opening its payment bank.
Airtel Payment Bank is offering 7.25 % interest to its customers on deposits. There are around 2,50,000 Airtel retail stores that will function like banking points in the country.
The company will not charge any fee for digital transactions via Airtel Payments. You can easily transfer your money to other bank accounts. Company is not offering any debit or credit card, if you want to withdraw money you have to go to Airtel retail stores. But the company is offering MasterCard powered debit card which can be used online.
The whole banking process can be carried out digitally by an app ( Android and iOS both), but if any consumer does not have the smartphone or internet connection, he/she can use the USSD code for transactions.
