Airtel Payments Bank (Charges, Interest, Account Opening) & More Info

The smart and simple way of banking is here through ‘Airtel Payments Bank’. With this we can say that India is truly going digital. A telecom company ‘Bharti Airtel’ has launched its digital bank named Airtel Payments Bank and it is making news all over. The Airtel Payments Bank is a subsidiary of Airtel which was early known as Airtel M-Commerce Services Limited. Airtel Bank has become the first entity that has got a license from Reserve Bank of India (RBI) to launch a Payments Bank in India.

Airtel Payments Bank

As of now, Airtel Payment Bank doesn’t have any separate app. One can download the airtel Money app and enjoy the facilities provided by the Airtel Bank through this app.

Kotak Mahindra Bank limited has also welcomed the digital banking step of Airtel and has a stake in the bank.

For android users- https://play.google.com/store/apps/details?id=com.myairtelapp&referrer=

How to open an account?

After the launching of the Payments Bank by Airtel, many people are having many questions regarding the opening of Saving account in Airtel Bank.

  • One who is having the Aadhaar card can open their saving account in the Airtel Payments Bank.
  • No other document is required accept the Aadhaar card for account opening in the Airtel Payments Bank.
  • One can open an account by visiting any of the Airtel retail outlets nearby.
  • All the process for the opening of account in the Airtel Payments Bank is paperless.
  • And it just takes few minutes to open an account in Airtel Bank.
  • It is not necessary for you to be an airtel customer for the same.

Now you don’t have to wait for long to open saving account in the bank. Airtel Payments Bank has just reduced the hours of wait to few minutes.

Charges of Airtel Payments Bank

  • Account opening in Airtel Payments Banks is free of cost.
  • Cash deposition through internet banking, mobile app or banking points are also free.
  • Cash withdrawal charges in Airtel Bank depend on the amount of withdrawal if the withdrawal amount- Rs. 10 to Rs. 100 then the fee will Rs. 1.
  • The withdrawal amount is Rs. 100 to Rs. 500, then the charges will be Rs. 5, whereas if the withdrawal amount is in between Rs. 500 to Rs. 1000 then the fee will be Rs. 10.
  • Similarly, if the withdrawal cost is of Rs. 1000 to Rs. 2000 then the charges will be of Rs. 15 and if the withdrawal amount is Rs. 2000 to Rs. 3000 then the charge will be of Rs. 20. And if the withdrawal is in between Rs. 3000 to Rs. 4000 then the charges will be of Rs. 25 in Airtel Payments Bank.
  • Else if the withdrawal is more than of Rs. 4000 then 0.65% will be charged of the withdrawal amount.
  • Fund transfer within Airtel bank through internet banking, mobile app and bank points are also free.
  • Fund transfer up to Rs. 1000 from to another bank will be non-chargeable.
  • And fund transferred above Rs. 1000 from Airtel Payments Bank to another bank will be chargeable of 0.5% of an amount transferred.

Highlights of Airtel Payments Bank

  • For the very first time, one has to deposit a minimum amount of Rs. 100.
  • Minimum cash deposit, cash withdrawal and fund transfer amount is Rs. 10.
  • Maximum cash deposit limit at any bank point of Airtel is Rs. 49,990.
  • Maximum saving account balance of Airtel Bank is Rs. 1 Lakh.
  • Transaction limit of transfer through any mode from the Airtel Payments Bank is Rs. 1 Lakh.
  • Rs. 25000 is the maximum limit that can be added to the saving account of Airtel Payments Bank using debit cards.
  • An account holder can only do 10 total number of transfer transactions per day to a non- Airtel Bank Payments accounts, whereas the maximum number of transaction for a month is 25.
  • The rate of interest per year will be of 7.25%.

Payments Bank of Airtel has made it all simple for you to Bank anytime anywhere in your city.

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Gurjit Kaur

Gurjit Kaur is a young and vibrant writer, who is passionate about media. Having done her MBA in media management, Gurjit loves to weave words in simple yet an elegant form. Her love for Chandigarh and the belief that "content is king" makes her an author on Chandigarh Metro. You may reach Gurjit at hello@chandigarhmetro.com