Airtel Payments Bank Savings Account Open Zero Balance

Introduction to the Airtel Payments Bank Savings Account – In the dynamic landscape of modern banking, Airtel Payments Bank emerges as a trailblazer, offering a streamlined approach to savings accounts. This digital banking solution, a subsidiary of Bharti Airtel, has redefined the financial landscape since its inception in 2016. This article provides an extensive exploration of the Airtel Payments Bank savings account, covering features, benefits, and the diverse range of options it presents to account holders.

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Table of Content

Overview

Airtel Payments Bank Savings Account

Airtel Payments Bank, a prominent player in India’s financial sector, operates as a payments bank, focusing on delivering essential banking services. These encompass savings accounts, debit cards, and efficient money transfer options. A subsidiary of Bharti Airtel, one of India’s largest telecommunications companies, the bank has been at the forefront of reshaping traditional banking norms.

Overview Table

FeatureDetails
Account TypeDigital Savings Account
Bank AffiliationAirtel Payments Bank, a subsidiary of Bharti Airtel
Account OpeningFree
Minimum Balance RequirementNone
Interest Rate2.5% per annum
Free Personal Accident InsuranceUp to ₹1 lakh coverage
Virtual Debit CardIncluded
Network of Banking PointsOver 5 lakh points nationwide
Money Transfer OptionsIMPS, NEFT
Mobile/DTH Recharges and Bill PaymentsAvailable for added convenience
Airtel Thanks BenefitsExclusive discounts, free data, and calling minutes on Airtel products and services
Fees for Cash Withdrawal from Non-Airtel ATMsApplicable fees

Airtel Payments Bank Savings Account

Key Features

  1. No Minimum Balance Requirement: Airtel Payments Bank sets itself apart by eliminating the need to maintain a minimum balance in the savings account. This user-friendly approach ensures that account holders have flexibility without the burden of balance constraints.
  2. Free Personal Accident Insurance: Account holders benefit from a complimentary personal accident insurance cover, providing financial security with coverage of up to ₹1 lakh. This feature enhances the overall value proposition of the savings account.
  3. Virtual Debit Card: Airtel Payments Bank offers a virtual debit card, empowering users for online transactions and payments. The inclusion of this feature adds a layer of convenience and security to digital financial activities.
  4. Competitive Interest Rate: The savings account offers an attractive annual interest rate of 2.5%. While not the highest in the market, it adds to the overall appeal for those seeking a balance between convenience and earnings.
  5. Wide Network of Banking Points: With over 5 lakh banking points across India, Airtel Payments Bank ensures accessibility for account holders. This extensive network facilitates easy deposit and withdrawal transactions, contributing to overall convenience.
  6. Money Transfers: Account holders can seamlessly transfer money to other bank accounts using IMPS (Immediate Payment Service) or NEFT (National Electronic Funds Transfer), providing versatility in fund management.
  7. Mobile/DTH Recharges and Utility Bill Payments: The savings account extends beyond traditional banking, allowing users to recharge mobile phones, and DTH services, and pay utility bills directly through the account. This multifaceted functionality positions Airtel Payments Bank as a comprehensive financial hub.
  8. Airtel Thanks Benefits: Account holders gain exclusive access to Airtel Thanks benefits, including discounts, free data, and calling minutes on Airtel products and services. This additional layer of perks enhances the overall value proposition.

Advantages And Considerations

While the Airtel Payments Bank savings account offers a range of advantages, it’s crucial to consider certain aspects:

  • Not a Full-Fledged Bank: Airtel Payments Bank operates as a payments bank, providing a limited set of services. It doesn’t offer the extensive services provided by traditional banks, such as loans, overdraft facilities, or cheque books.
  • Interest Rate Comparison: The interest rate on savings accounts, while competitive, may be lower than what traditional banks offer. Those seeking higher interest earnings might want to explore alternative options.
  • Fees and Charges: Airtel Payments Bank may impose certain fees, such as charges for cash withdrawals from non-Airtel ATMs. Account holders should be aware of these fees to make informed financial decisions.

How to Open Airtel Payments Bank Savings Account

Opening an Airtel Payments Bank Savings Account is a straightforward process that can be completed in a few easy steps:

  1. Download Airtel Thanks App: Download the Airtel Thanks app on your smartphone from the App Store or Google Play.
  2. Open the App: Once downloaded, open the app and navigate to the ‘Pay’ tab located at the bottom of the screen.
  3. Access Payment Settings: Scroll down to find the ‘Payment Settings’ option within the app.
  4. Navigate to Airtel Payments Bank Settings: Click on ‘Payment Settings,’ and a new page will open, displaying Airtel Payments Bank settings.
  5. Click on the Link Button: Look for the ‘Link’ button adjacent to Airtel Payments Bank settings. Click on it to initiate the account creation process.
  6. Enter Personal Details: On the newly opened screen, input your personal details such as name, phone number, and ID proof. Ensure accurate information entry.
  7. Complete the Form: Fill in the required details carefully. This includes providing necessary identification and supporting documentation.
  8. Create Your Account: After filling in all details, proceed to create your Airtel Payments Bank Savings Account. The account setup process is swift, and once completed, you gain immediate access to the array of features and services offered by Airtel Payments Bank.

Airtel Payments Bank Savings Account Interest Rate And Minimum Balance Required

Interest Rate:

  • The competitive interest rate of 2.5% per annum.
  • Applicable across different balance ranges.
  • Offers a reliable return on savings.

Minimum Balance Requirement:

  • Airtel Payments Bank Savings Account has no minimum balance requirement.
  • Account holders can enjoy the benefits without the need to maintain a specific balance.
  • This customer-friendly approach enhances accessibility and financial flexibility.

Charges And Fees

ServiceCharges (Rs.)
Account Opening0
Load Money – Debit Card/Net Banking/UPI0
Load Money – Credit Card2.18% of the load amount
Payment at Merchant0*
Payment using Virtual Card0
IRCTC Train Booking (via Airtel Thanks App)1.8% of the ticket fare (exclusive of GST)

Airtel Payments Bank Savings Account Limits

DescriptionLimits
Minimum Cash Deposit Amount10
Minimum Cash Withdrawal Amount10
Maximum Cash Withdrawal per transaction25,000
Maximum Cash Withdrawal in a month5,00,000
Maximum Savings Account Balance2,00,000* (*terms and conditions apply)
Maximum Money can be added using same Debit Card per transaction50,000
Maximum number of transactions allowed per month10,000

*Minimum amount for first cash deposit is 0, subject to changes.

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  1. Zero Minimum Balance: Airtel Payments Bank Savings Account comes with the convenience of no minimum balance requirement.
  2. Competitive Interest Rate: Earn a competitive interest rate of 2.5% per annum on your account balance.
  3. Free Personal Accident Insurance: Enjoy free personal accident insurance coverage of up to ₹1 lakh with your savings account.
  4. Virtual Debit Card: Access a virtual debit card for convenient online shopping and payments.
  5. Wide Network of Banking Points: Benefit from over 5 lakh banking points across the country for cash deposits and withdrawals.
  6. Easy Money Transfers: Seamlessly transfer money to other bank accounts using IMPS or NEFT.
  7. Mobile/DTH Recharges and Bill Payments: Conveniently recharge your mobile and DTH, and pay utility bills through your savings account.
  8. Exclusive Airtel Thanks Benefits: Access exclusive discounts, free data, and calling minutes on Airtel products and services.
  9. No Account Opening Charges: Open your Airtel Payments Bank Savings Account for free via the Airtel Thanks app.
  10. Airtel Payment Bank Customer Support: Reach customer support at Wecare@airtelbank.com or through the provided contact numbers for assistance.

Conclusion

Airtel Payments Bank savings account stands as a compelling choice for those seeking a digital banking experience with added flexibility and convenience. The elimination of minimum balance requirements, coupled with features like a virtual debit card and a widespread network, caters to the evolving needs of modern consumers. However, individuals should carefully weigh the considerations and compare offerings based on their unique financial preferences and requirements.

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FAQs: Airtel Payments Bank Savings Account

  1. How do I open an Airtel Payments Bank Savings Account?

    Download the Airtel Thanks app, navigate to the 'Pay' tab, access 'Payment Settings,' click on Airtel Payments Bank settings, and complete the account creation process.

  2. What is the interest rate offered on Airtel Payments Bank Savings Account?

    Airtel Payments Bank offers a competitive interest rate of 2.5% per annum, applicable across different balance ranges.

  3. Is there a minimum balance requirement for the Airtel Payments Bank Savings Account?

    No, there is no minimum balance requirement. Airtel Payments Bank allows account holders to enjoy the benefits without maintaining a specific balance.

  4. What are the charges for opening an Airtel Payments Bank Savings Account?

    Account opening is free of charge, making it convenient for users to start their digital banking journey.

  5. Are there fees for loading money into the account?

    Loading money through debit card, net banking, or UPI is free. However, for credit card transactions, a charge of 2.18% of the load amount applies.

  6. Can I transfer money to other bank accounts using Airtel Payments Bank?

    Yes, account holders can seamlessly transfer money to other bank accounts using IMPS or NEFT through the Airtel Payments Bank platform.

  7. How can I avail the free personal accident insurance cover?

    Airtel Payments Bank provides free personal accident insurance coverage of up to ₹1 lakh automatically to all savings account holders.

  8. How can I reach the customer Care Number for Airtel Payments Bank?

    For any queries or assistance, customers can contact Airtel Payments Bank customer support via email at Wecare@airtelbank.com or by calling 400 (for Airtel customers) / 8800688006 (for other operators).

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