Airtel launched its first payments bank in the country. The company has rolled out the service in all the 29 states of the country.
Airtel Payments Bank is a fully digital and paperless bank.
It aims to take basic banking services to the doorstep of every Indian by leveraging Airtel's vast retail network.
Airtel retail stores across the country will also function as banking points.
Customers will be able to open savings accounts, deposit and withdraw cash across any of these banking points.
No processing fee is to be charged for customers and merchant partners for digital transactions.
Accounts can be opened on Aadhaar based e-KYC and the Airtel mobile number will be the bank account number.
The account holders can keep maximum of Rs 1 lakh in their accounts which will fetch an annual interest rate of 7.25 % on deposits, while the company will charge 0.65% fees on withdrawals.
Know More on Airtel- Industry: Telecommunications
- Founded: 7 July 1995
- Founder: Sunil Bharti Mittal
- Chairman and MD: Sunil Bharti Mittal
- Products: Fixed line and mobile telephony, broadband and fixed-line internet services, digital television and IPTV
- Revenue: ₹966.021 billion (US$14 billion) (2016)
