Over 15,000 neighborhood Airtel retail outlets in towns and villages across Andhra Pradesh and Telangana will also act as banking points and offer convenient banking services to customers.
Interest rate of 7.25% p.a. on savings account deposits; Personal Accidental Insurance of Rs. 1 Lac with every Savings Account
Customers to get one minute of Airtel mobile talk time for every Rupee deposited
Plans to develop a pan-India network of over 3 Million merchants to offer customers the convenience of cashless purchase of goods or services by using their mobile phones.
Hyderabad, December 14, 2016: Airtel Payments Bank Limited, the first payments bank in India to go LIVE, today extended its footprint to South India by rolling out pilot services in Andhra Pradesh and Telangana. This follows its successful pilot roll out in Rajasthan, where over 100,000 customers opened savings accounts in less than two weeks of commencement of services.
Airtel Payments 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 neighborhood Airtel retailers. In Andhra Pradesh and Telangana, Airtel Payments Bank is rolling out pilot services across 8,000 Airtel retail outlets in Andhra Pradesh and 7,000 outlets in Telangana, which also acts as banking points. 70 % of these banking points are in rural areas, thereby driving financial inclusion and reaching unbanked/underbanked areas.
Customers will now be able to open bank accounts at any of the designated Airtel retail outlets and enjoy a host of convenient banking services. Customers opening a savings account with Airtel Payments Bank will also get one minute of Airtel mobile talk time for every Rupee deposited. For e.g. if a customer opens an account with a deposit of Rs 500 then he/she will get 500 minutes of free talk time for calls to anywhere in India on his/her Airtel mobile number
Shashi Arora, MD & CEO – Airtel Payments Bank said, “We are pleased to rollout our pilot services in Andhra Pradesh and Telangana and look forward to serving customers and contributing the financial inclusion vision of the two states. We have received an extremely positive response from customers in Rajasthan and would like to replicate the same in AP and Telangana before we rollout our services nationally.”
Airtel Payments Bank is a fully digital and paperless bank and customers can access services over their mobile phones, including all feature/basic mobile phones.