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Over 10,000 customers opened savings accounts with Airtel Payments Bank, within the first two days of the first payments bank in India going live, the company said Sunday.
Majority of the accounts have been opened in semi-urban and rural areas, even as the payment banking arm of the country's leading mobile phone operator Bharti Airtel, offers the highest annual interest rate of 7.25% and insurance of Rs 1 lakh per account.
“We are very encouraged with the response from customers, in particular, from semi-urban and rural areas. We believe that this differentiated banking model will offer a lot of convenience to customers and are hopeful of onboarding more and more customers in the coming days," Shashi Arora, MD & CEO, Airtel Payments Bank said in a statement.
Airtel Bank rolled out pilot services across 10,000 Airtel retail outlets as pilot in Rajasthan, which also acts as banking points.
The payments bank will offer bank account opening services using e-KYC through Aadhar card, cash deposit and withdrawal facilities. An interest rate of 7.25 per cent on savings accounts will be given, which is the highest in India.
"We are offering the highest interest rate on savings account deposits in the country along with personal insurance of Rs 1 lakh and may look at sweetening the value proposition further and introduce more benefits in the coming days to accelerate the onboarding," Arora added.
Airtel Bank offers basic banking services to customers by leveraging Airtel’s retail network and taking basic banking services to the doorstep of customers via neighbourhood Airtel retailers.
The bank plans to have a network of 100,000 shops across Rajasthan by the end of the year. All these outlets will accept digital payments via Airtel Bank using a mobile phone. Airtel will not charge any processing fee from merchants for this facility.
Customers can check their account balance, access other services using Airtel Money app on smartphones, or through USSD or IVR on featurephones phones. Telcos have already waived charges for USSD transactions in the wake of demonetisation of higher currency notes and cash crunch in the market.
Airtel Payments Bank opens 10,000 savings accounts in two days - ET Telecom
Majority of the accounts have been opened in semi-urban and rural areas, even as the payment banking arm of the country's leading mobile phone operator Bharti Airtel, offers the highest annual interest rate of 7.25% and insurance of Rs 1 lakh per account.
“We are very encouraged with the response from customers, in particular, from semi-urban and rural areas. We believe that this differentiated banking model will offer a lot of convenience to customers and are hopeful of onboarding more and more customers in the coming days," Shashi Arora, MD & CEO, Airtel Payments Bank said in a statement.
Airtel Bank rolled out pilot services across 10,000 Airtel retail outlets as pilot in Rajasthan, which also acts as banking points.
The payments bank will offer bank account opening services using e-KYC through Aadhar card, cash deposit and withdrawal facilities. An interest rate of 7.25 per cent on savings accounts will be given, which is the highest in India.
"We are offering the highest interest rate on savings account deposits in the country along with personal insurance of Rs 1 lakh and may look at sweetening the value proposition further and introduce more benefits in the coming days to accelerate the onboarding," Arora added.
Airtel Bank offers basic banking services to customers by leveraging Airtel’s retail network and taking basic banking services to the doorstep of customers via neighbourhood Airtel retailers.
The bank plans to have a network of 100,000 shops across Rajasthan by the end of the year. All these outlets will accept digital payments via Airtel Bank using a mobile phone. Airtel will not charge any processing fee from merchants for this facility.
Customers can check their account balance, access other services using Airtel Money app on smartphones, or through USSD or IVR on featurephones phones. Telcos have already waived charges for USSD transactions in the wake of demonetisation of higher currency notes and cash crunch in the market.
Airtel Payments Bank opens 10,000 savings accounts in two days - ET Telecom
