One minute talk time for each Rupee in Airtel Payments Bank

Airtel Payments Bank on Friday announced additional benefits of depositing cash in their newly opened Payments Bank.

 “For every Rupee deposited in a Airtel Payments Bank savings account, customers will get one minute of talk time on their Airtel mobile number,” the company said.

“We are confident that this additional benefit along with the industry-best interest rate on deposits will encourage customers to open accounts with us and give a big boost to customer acquisition,” Shashi Arora, MD & CEO, Airtel Payments Bank said.

The company said any customer opening a savings account with Airtel Payments Bank, will get one minute of talk time  on his/her Airtel mobile for every Rupee deposited, however this will be applicable only for Airtel to Airtel mobile calling.

“For e.g. if a customer opens an account with a deposit of Rs 1000 then he/she will get 1000 minutes of free talk time on his/her Airtel mobile number. The talk time can be used for calling all over India. This benefit is applicable on first time deposits only,” the company said.

Airtel Payments Bank, which opened on November 23 in the state of Rajasthan on a pilot basis, offered interest rate of 7.25% on savings accounts deposits.

The company said that a customer’s Airtel mobile number will be his/her bank account number.

The company said that it has plans to expand its merchant network in Rajasthan to 100,000 by the end of the year, giving a big boost to digital payments ecosystem.

Customers would require their Aadhar number to open an e-KYC based account with the bank and the customer’s mobile number would become his/her bank account number, the company said.

The company also said that they will be providing personal accident insurance cover of Rs 1 lakh with every savings account and easy deposits and withdrawal facility across Airtel’s retail outlets.

Any customer, including non-Airtel customers can open a savings account with Airtel Payments Bank by visiting a designated Airtel retail outlet in his/her neighbourhood, the company added.