Bharti Airtel Ltd has launched its pan India payments bank.
The bank will be operating nationally across 29 states with a network of 250,000 banking points through Airtel retail stores.
A pilot payment bank program was launched by Airtel across 10,000 Airtel retail outlets in Rajasthan in November 2016.
Airtel Payments bank will allow customers to transact more easily with other banks, and Airtel will offer 7.25 percent interest on the deposits in the payments bank accounts.
Users of Airtel Money will be given the option of transferring their balance from the wallet into their Airtel payments bank accounts.
The bank will support account opening with Aadhar based e-KYC.
The customers’ mobile numbers will be their bank account numbers.
Customers to get one minute of talk-time for every rupee deposited at the time of opening the account.
No fees for Airtel to Airtel money transfers will be charged.
No processing fee for digital transactions via Airtel Payments Bank will be charged.
