has launched India's first live payments bank
on Wednesday, which would provide an interest of 7.25% per annum on deposits.
It informs that account can be opened with Aadhaar based paperless e-KYC, with no extra documents required and customer's Airtel
mobile number would be his/her bank account number. The company intends to give an interest rate of 7.25% per annum on deposits in savings accounts.
"Customers in towns and villages across Rajasthan
will now be able to open bank accounts at Airtel
retail outlets, which will also act as Airtel banking
points and offer a range of basic, convenient banking
Bank will commence the pilot with banking
points at 10,000 Airtel
retail outlets," the statement added.
It adds that extra benefits like money transfer to any bank account in India
(Free money transfer from Airtel
numbers within Airtel
Bank), personal accidental insurance of Rs 1 lakh with every savings account, easy deposit and withdrawal facility across a wide network of Airtel
retail outlets, will be availed to the customers.
It also claims that the company will have a network of over 100,000 merchants (shops) across Rajasthan
accepting digital payments from Airtel
Payments Bank, offering customers the convenience of cashless purchase of goods/services using their bank accounts/ wallets, contributing to the government’s initiative of financial inclusion and banking