Airtel Payments Bank (6% interest on deposits over 1 lakh)

Sushubh

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Airtel Payments Bank to be launched today

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Sushubh

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The maximum savings account balance at the end of the day shall not exceed INR 1,00,000/-(Rupees One Lakh). In case the limit is exceeded, the balance in addition to one lakh rupees will not accrue interest.Bank reserves the right to close the savings account of such Customers who maintain balance of more than Rs.1,00,000 for a continuous period as determined by the Bank from time to time despite sms communication from the Bank to restrict the end of the day balance below or equal to Rs.1,00,000.
 

webie

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Just used the payments bank of airtel on iPhone. Smooth! No bugs, didn't expect this from airtel.

And online card is good too, did a transaction form online card to Paytm to fill 100 in paytm wallet.

How can I withdraw cash anyways btw if I don't have a physical card in the first place?

Good experience, but I am more looking forward to PayTM's implementation of this.
 


Sushubh

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i am guessing you would go to out of their partner outlet that would use fingerprint to verify your identity and let you withdraw cash. airtel is charging a fee for cash withdrawal so there's money to be made on each transaction for these partner stores.
 

mhsabir

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These stores would accept deposits too...

Airtel has done a Paytm, gone around the city & made shop owners signup for it. And all these shops are waiting for the equipment to arrive (fingerprint scanner etc) . Even Airtel Express shops have not got the facility yet.
 

Sushubh

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vodafone m-pesa has been doing this for years now. thousands of shops are partners where people can deposit and withdraw money from their m-pesa accounts.
 

webie

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Here's my review :

Converting wallet to savings acc is very important if you want 7.25% interest. You need to go to a airtel store/recharge shop who support airtel payment banking point (easy to find in maps/ probably your nearest airtel recharge shop can do it) and deposit atleast 100 rs to open savings acc (which will be credited in your savings acc minus 50 rs security deposit.) outlet took 5 mins max, needed my fingerprint, aadhaar, and PAN with OTP on my no and bam! acc open. so fast!

Now, 5 important things :

1. > yes, 7.25% is interesting but at the same time, understand this that this is a savings account but essentially a mobile wallet, if you have a FD you will think twice in breaking it , but a savings acc where airtel payment bank acceptance will be in every local shop nearby you, you might feel irresistible in not spending money from your airtel payment bank.

2. > If you want the best benefits, put 82,000 in your airtel bank only, not more than 82 and not less too. 82k will earn you 500 rs interest every month in your account. Even though airtel says it's 7.25% and they will be crediting the interest every month( not quaterly/yearly - confirmed by airtel CC by dialing 400 from your airtel no) , the max interest cap from airtel's side is 500 rs. so 82k will give you approximately 500 rs. so even if you deposit 1L or 99k , you will still earn 500 rs interest as a cap from airtel.

3.> you get airtel bharti axa accidental insurance for 1 year. T&C says you have to make a payment/transfer money or make atleast 1 activity from your airtel payment bank every month to keep it alive, otherwise you will lose this insurance if you keep this acc as FD.

4. > You can't put more than 25k from debit card on your bank online, however you can give cash to nearest banking points, Put more than 25k from online route will get your card declined.

5. > Airtel will not give physical card.