Airtel by launching its Airtel Payments Bank, completely revolutionized the traditional banking system in India. Being the first payment bank to receive a payments bank license from the Reserve Bank of India, the platform is doing wonders by offering some outstanding services to its users. The Airtel Payments Banks users are blessed enough to open their account which is a zero balance based without going anywhere, simply through the official app. Moreover, the cost of opening an account with a traditional bank is way more than what Airtel Payment Bank costs which also comes with some extensive features.
Overview of Airtel Payment Bank
Airtel Payment Bank is the division of Bharti Airtel Limited and, the first bank in quite a while to get a Payments bank license from the Reserve Bank of India. The objective is to make banking administrations effectively open to advance a culture of financial consideration in India. The bank will offer types of assistance by using a broad organization and client base of Bharti Airtel. The objective of the bank as the principal bank in the nation is to give each Indian an honest, effective and reliable financial climate.
To promote safe digital payments, Airtel Payment Bank introduced UPI-enabled digital payments in September 2017. Before making a UPI payment, users must link their bank accounts on BHIM. To facilitate transactions involving UPI-based payments and transfers, clients have no obligation to provide their bank account information.
Making payments with the “Airtel Thanks App” is possible with Airtel Money, a digital wallet from Airtel Payment Bank. It also offers digitally onboarded savings accounts by video KYC standards.
Top Features of Airtel Payment Bank:
Here are some of the key features:
- Open a savings account with zero balance by sitting at home: Well, you heard that right as you can open a savings account with Airtel Payment Bank simply by not going anywhere but by staying at your home. The thing required for the whole process is just registration for a new account by visiting the Airtel Thanks app or its official website, whatever suits you. Users of Airtel Payments Bank are not required to keep a minimum balance. With Airtel Payments Bank, you get to open a savings account with zero balance and if you keep funds in the account, you are blessed enough to receive an interest of up to 6% on your savings amount.
- Airtel SafePay: Making payments online worries many individuals. Clients of Airtel Payment Bank shouldn’t need to manage that any longer. With the Airtel plans for Airtel SafePay, its users seem happy for an extra degree of protection to the 2FA mechanism that guarantees the security of their funds. Interestingly, no other bank or payment wallet has integrated this system into theirs. Airtel SafePay is simply a feature of the service and users are not charged any extra for it.
- Airtel Payments Bank on WhatsApp: Customers can also use Airtel Payments Bank via WhatsApp. You can access banking via WhatsApp. You can do a lot more than just pay your utility bills and recharge your phone by signing up for WhatsApp banking with Airtel Payment Bank. Save the number 8800688006 on your device and send a hi message to begin using WhatsApp banking.
- Make Fixed Deposits, Buy Gold, and More: There are numerous ways that Airtel Payment Bank can assist you. For instance, you can use Digi Gold to invest in digital gold and begin with just Rs 1. You can also use Airtel Payments Bank to purchase and sell gold. Customers can also create fixed deposits with APB ranging from Rs 500 to Rs 1,90,000. In order to guarantee improved cash management, Airtel also collaborated with Axis Bank to digitize the final mile cash collection.
Documents For Open Airtel Payment Bank
These documents are needed to open an Airtel bank account:
- Aadhaar Card
- PAN Card
- Aadhaar Registered Mobile Number
- Email ID
- Live Photo
To open an Airtel Payment Bank account
- On your smartphone, first download the Airtel Thanks app. You may easily get Airtel Thank and it is accessible with both Apple and Android smartphones.
- Create an Airtel Thanks account successfully by entering your mobile number and confirming the OTP.
- Open the app after it has been successfully created, then select the Pay tab at the bottom of the screen.
- You need to scroll down to click the Payment Settings option.
- After clicking on it, the Airtel Payment Bank settings will be shown on a new page. Next to it, there will also be a link button.
- After clicking the Link button, another will open. Provide your personal information, including your name, phone number, identity proof, and other documents to complete the account creation process.
Is Airtel Payments Bank better than the traditional banks?
Traditional banks can be quite inefficient and regularly have long lines and crowds. The quantity of documentation is also large. It takes many document-based verifications before you can open a basic savings account. In these banks, almost every process is carried out and may require a long time. Dealing with bank authorities can often be challenging. When you use Airtel Payment Bank, Your whole banking system is digitalized and requires very little human interaction.
Reasons To Open Airtel Payments Bank
Find out down here!
- Managing your Airtel Payment Bank both offline and online is quite simple.
- Airtel Payments Bank is very accessible and convenient with over 5 lakh banking locations nationwide.
- Here, you can also receive a complimentary personal accident insurance policy, up to ₹1 lakh in coverage.
- You have the greatest amount of financial flexibility because there are no minimum balance requirements.
- You will get a virtual debit card by opening an Airtel Payments Bank digital savings bank account.
- You will receive several discounts, cashback rewards, offers, and much more.
The Airtel Payment Bank is now categorized as a scheduled bank. It is on the list of the Reserve Bank of India. It is one of the Indian digital banks with the quickest rate of growth. At the moment, there are around 115 million active users on it. Furthermore, Airtel Payment Bank operates entirely online and requires no additional paperwork to start an account.