Airtel Payments Bank crosses 100,000 savings accounts mark in Madhya Pradesh

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Airtel Payments Bank, India’s first payments bank, has opened over one lakh (100,000) savings accounts in Madhya Pradesh. Approximately 70% of these accounts have been opened in rural areas, thereby, contributing to financial inclusion in the State.

Airtel Payments Bank, a fully digital and paperless bank, aims to take basic banking services to the doorstep of every Indian by leveraging Airtel’s vast retail network. In Madhya Pradesh, over 30,000 neighborhood Airtel retail stores also function as banking points, and customers can open savings accounts, deposit and withdraw cash across any of these banking points. Majority of these banking points across the State are in rural areas, helping in extending the reach of services to unbanked regions.

Airtel payments Bank’s bouquet of innovative and convenient services include:

· 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.
· The customer’s 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.
· One minute of Airtel mobile talktime for every Rupee deposited at the time of opening a savings account.
· Money transfer to any bank account in India (Free money transfer from Airtel-to-Airtel numbers within Airtel Payments Bank).

· Free Personal Accidental Insurance of Rs. 1 Lac with every Savings Account.
· Easy deposit and withdrawal facility across a wide network of Airtel retail outlets.
· USSD and IVR in 12 languages for non-smartphone customers.
· An online debit card in partnership with MasterCard.
· A nationwide digital payments ecosystem with over one million merchants

Airtel Payments Bank’s services can be accessed by customers on their feature phones as well through USSD by dialing *400#; or via a simple IVR by dialing 400. Both the USSD & IVR options are available in 12 local languages.

Customers can also access services by dialing 8800688006 in addition to visits to any designated Airtel retail outlet to access services (and not just the outlet where they have opened the account).


Telecomdrive Bureau
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