If you’ve been wondering what’s the easiest way to open a bank account in India, here’s some good news. AirTel, the leading mobile network in India has launched its payment bank offer in India. Currently under pilot testing in Rajasthan, this is India’s first of its kind mobile banking payment option, and the easiest to get.
What is AirTel Pay?
Think of it just like a bank account but tied to your mobile number. Here’s what it does. Your AirTel mobile number is used as your bank account and you can save money in the account, just like any other bank account. It gives you even a 7.25% interest rate for domestic savings. Of course, you can transfer money to other accounts, and other bank accounts. So, essentially this is the easiest way to open a bank account in India today.
How to open a bank account with AirTel Pay?
Easy. Just go to your local AirTel office with your Aadhar card. You will get an AirTel Pay account with your mobile number. Of course, this isn’t available in all cities now but will be available soon as it is launched.
Features of AirTel Pay bank account
- Easily open a bank account (with or without an AirTel number)
- Only Aadhar card required to open an account
- Airtel number would be the bank account number for Airtel customers. For non-AirTel customers, a unique number would be given
- Interest of 7.25% for domestic savings
- Transfer money to any bank account using AirTel Pay (AirTel to AirTel is free)
- Free accidental insurance policy worth Rs 1 lakh with every new bank account opened
- Airtel customers can access banking services via Airtel Money app, via USSD by dialing *400# and by IVR (calling 400). Non-Airtel customers can access banking services by calling 8800688006.
- Money can deposited and withdrawn from any Airtel outlet, across the country (across Rajasthan as of now)
- Payments Bank by Airtel is fully digital and paperless as of now, which means there won’t be any ATM or check book issued
I think this is a great initiative by AirTel to help and support Indian Govt’s decision to go cashless. However we got to wait and see how effective and scalable this project is in the future.
Sources – Trak