In January 2017, Airtel Payments Bank came out to be the first Payments Bank in India. Payments Bank is conceptualized by Reserve Bank of India (RBI). It is dedicated towards bringing India on a firm foundation of cashless transactions. It is going to cover all the 29 states and is now operational.
Below are some queries and their answers to help you understand a lot about it.
Airtel Payments Bank FAQ
Question: What is Payments Bank?
Answer: A Payments Bank is just like a regular bank, serving all your digital transactions without offering any credit facility. Means, you can open an account, deposit funds, withdraw money with Payments Bank ATM card and make digital transactions.
Question: What is the deposit limit of a Payments Bank?
Answer: Deposit limit for now is Rs. 1 lakh per customer. It may be further exceeded.
Question: Is this an authentic platform?
Answer: It is brought into action and licensed by Reserve Bank of India. Any entity capable to run such a platform, first has to come clear on all the regulations set by RBI and then it is granted a license.
Question: When will Payments Banking start?
Answer: Airtel Payments Bank, the very first Payments Bank platform in India has commenced its nationwide operation on January 12 2017. It is now live and operational throughout India.
Question: How does Airtel Payments Bank differ from a traditional bank?
Answer: It doesn’t differ from a normal bank at a wider point. The only difference is a Payments Bank unlike a normal bank can’t give you loans and credit card facility.
Question: Who can open an Airtel Payments bank account?
Answer: Anyone with an Aadhaar card and a mobile number can open an an Airtel Payments bank account.
Question: I don’t have an Airtel number; will I be able open an account?
Answer: Yes, it is not mandatory to have an Airtel connection number.
Question: What is the complete process to open an Airtel Payments bank account?
Answer: You can go to any Airtel retail store with your Aadhaar card and a mobile number.
Question: Do I have to take other document along with Adhaar card?
Answer: It is going to be a paperless process, which means it is a matter of minutes through electronic procedures.
Question: How can I deposit and withdraw money at an Airtel Payments bank?
Answer: You can easily reach out to Airtel retail outlets, which will also function as banking points.
Question: Will I be provided with a debit card?
Answer: Yes, Payments bank will offer debit cards with a flexibility to use in the all the ATM machines pan India.
Question: Will I be offered interest on my deposit?
Answer: Yes, Airtel Payments bank offers Interest rate of 7.25 % p.a.
Question: Does it enable me to transfer money?
Answer: You can transfer money to any bank in India. (Free money transfer from Airtel-to-Airtel numbers within Airtel Payments Bank)
Question: Can I transfer money from my Airtel Payments Bank to another bank?
Answer: Yes, you can transfer money from your Airtel Payments Bank to another bank by using their mobile number (number linked to their bank accounts). Money then will be transferred through UPI platform. If their mobile number is not linked with their bank account, the transaction will be cancelled.
Question: How does it differ from the usual banking ecosystem?
Answer: The whole proposal and the further implementation are dedicated towards rural and non-banking sectors of India. Through Airtel’s vast networking, this can turn the inactive population of India, into an active part of financial sector.
Question: Does Airtel Payments Bank have an app?
Answer: You can manage Airtel Payments Bank account using the MyAirtel app available on the Google Play Store as well as Apple App Store.
Download MyAirtel app for Android from Google Play Store here.
Download MyAirtel app for iOS from Apple App Store here.