Over 10,000 customers open savings accounts with Airtel Payments Bank within two days of going LIVE

Airtel Payments Bank (“Airtel Bank”), has confirmed that over 10,000 customers opened savings accounts with it, within the first two days of the pilot going LIVE in Rajasthan.

Majority of these accounts have been opened by customers in semi-urban and rural areas, underlining the massive potential for growth of banking services in these areas.

Airtel Bank offers basic banking services to customers by leveraging Airtel’s vast retail network and taking basic banking services to the doorstep of customers via neighbourhood Airtel retailers.

In Rajasthan, Airtel Bank has rolled out pilot services across 10,000 Airtel retail outlets, which also acts as banking points. Two-thirds of these banking points across Rajasthan are in rural areas. Airtel Bank plans to have a network of 100,000 merchants (shops) across Rajasthan by the end of the year. All these merchants will accept digital payments via Airtel Bank using a mobile phone. Airtel will not charge any processing fee from merchants for this facility.

Shashi Arora, MD & CEO, Airtel Payments Bank said, “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. 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.”

Airtel Bank is a fully digital and paperless bank. Airtel Banking points will offer bank account opening services and cash deposit & withdrawal facilities.

· Digital Banking: Quick and paperless account opening using Aadhaar based e-KYC. This requires no documents at all, only the customer’s Aadhaar number is needed

· Customer’s Airtel mobile number will be his/her bank account number

· Interest rate of 7.25 % p.a. on deposits in savings accounts, the highest in India

· Money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel Bank)

· Personal Accidental Insurance of Rs. 1 Lac with every Savings Account

· Easy deposit and withdrawal facility across a wide network of Airtel retail outlets

Any customer, including non-Airtel customers can open a savings account with Airtel Bank by visiting a designated Airtel retail outlet in his/her neighbourhood. No documents are required, only the customer’s. Aadhaar number is needed for opening an account. The account will be opened through a paperless process within minutes through Aadhaar based e-KYC authentication.