Airtel has launched its Payments Bank recently. To become a customer of this bank, you do not need to go anywhere or submit any kind of documents. It is a paperless approach, using Aadhaar-based e-KYC.
Anybody who is an Airtel user, having an Aadhaar card, PAN card and carrying a smartphone with Internet connectivity can become a member of Airtel’s Payments Bank and earn an interest of 7.25% per Annum by depositing a maximum of Rs.1 lakh.
Steps to open an Airtel Payments Bank account:
New users need to login www. airtel.in/money from their phone or using a computer. Your account is initially created at Airtel money website. Who are already a member of Airtel money and are using the wallet for making the transaction, only needs to update their app to use the payments bank facility.
Once you have opened the website, you need to click on registration and then enter all the credentials.Your mobile number will be your account number for the Payments Bank. You need to create mPIN for security purpose. Do not disclose your mPIN to others. After entering the details click on the submit button and generate OTP. It is a one-time password used for authenticating and verifying the user.
After entering the OTP you will be successfully registered for using Airtel app for transferring money. A successful registration message will be displayed on the screen. You can avail additional discounts through various e-stores displayed below using your Airtel money.
Now you can download the app and make use of payments bank. There is only one app from Airtel which provides you with all the facilities including mobile summary related to calls and data usage, wallets and payments bank for making a transaction.
Make sure you are adding money to the payments bank to earn interest. Adding money in ‘My Airtel’s’ account will not give you any interest because it is a wallet.
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