Source: News Bharati English02 Dec 2016 16:00:45

Mumbai, December 2: Airtel Payments Bank on Friday said that first time customers will receive talktime equivalent to the money deposited in the savings account on their Airtel number. If a customer opens an account with a deposit of Rs 500 then he/she will get 500 minutes of free talk time on his/her Airtel mobile number.

The talk time can be used for Airtel to Airtel calling all over India for 30 days. This benefit will be applicable on first time deposits only. A customer can deposit maximum Rs. 1 lakh in the payment bank account as per the Reserve Bank of India guidelines. The bank is offering 7.25% interest rates on savings account, which is higher than what commercial banks 4-6% is offering.

On November 23, Airtel Payments Bank launched a pilot project in Rajasthan, luring customers with the offer of a hefty interest rate of 7.25 per cent on savings accounts.

The bank allows anyone to open a bank account with their unique identification or Aadhaar number but Airtel subscribers get the additional benefit of having their phone number be their bank account number as well. Airtel Payment Bank claimed last week that it managed to get 10,000 customers within the first two days of launch. Most of these customers came from semi-urban or rural areas.

Airtel is the first entity to launch the payments bank while nine other licensees are expected to enter the fray soon. The company is offering a personal accidental insurance of Rs 1 lakh to each subscriber in addition to the savings account.

The bank functions in a digital mode and operates without any branch or office through a network of retailers which are present across the country, the company said. Airtel added that it plans to bring on-board one lakh merchants across Rajasthan who will accept digital payments through its platform.