Payments Banks are different than traditional banks as they come with some additional features. There are three payment banks currently running in India which are – Indian Post Payments Bank, Airtel Payments Bank, and Paytm Payments Bank. With some similarities, there are also some unique features that each bank has. The Reserve Bank of India conceptualized these kinds of banks, and they can be functional only after getting the needed license. Here are some of the unique features of Airtel Payments Bank:
- Deposition of up to 1 Lakh – Airtel Payments Bank has a limit of 1 lakh on the deposits, and a user cannot exceed this limit. You can deposit the amount partially or fully at one time. This limit protects the interest of customers.
- No account maintenance fees – Like most payments banks, there is no need to maintain an account balance. To open an account in Airtel Payments Bank, you only need a first-time deposit of Rs. 100.
- The interest rate of 7.25% – Airtel Payments Bank offers an interest rate of 7.25 percent on the deposits made by the users. This makes it unique as popular digital wallets do not offer any interest in the deposition.
- Accidental insurance of 1 lakh – Another benefit of having an account in Airtel payments bank is that it offers accidental insurance of up to 1 Lakh. No other apps offer such benefits in this segment.
- Free talk time – To encourage people to deposit money in Airtel Payments Bank, the company offers one minute of Airtel-to-Airtel free talk time for every Rupee that a user deposits and withdraws from his account.
- Security – All the transactions done using Airtel payments Bank are secure as they need two-step verification. The OTP verification makes the transaction highly secure, with no chances of fraud and scams.
- Attractive offers – Airtel Payments Bank offers great discounts and cashback to its users on making payments using Airtel Payment Bank. There are many offers and cashback that you can take benefit from making payments for online recharge of mobile, DTH, utility bills, etc.
- Mobile number is your account number – We all know how difficult it is to remember the long account number. With Airtel Payments Bank, you don’t need to keep a record of your account number as your mobile number itself will be your account number. It may not be a huge benefit, but for the people living in rural and semi-urban areas, this is a huge benefit.
Airtel Payments Bank offers ease of making payments. By opening an account with Airtel Payments Bank, you can conveniently pay online bill payment and all your utility bills, including gas bills, electricity bills, water supply bills, DTH recharge, mobile recharge, and many more. The interest rate offered to its customers is also high when compared to other traditional banks. It is the same as the fixed deposit rate, which is 7.25%. The virtual card offered by the Airtel Payment bank is also great as it reduces the cost of physical debit card and at the same time provide the ease of using the debit card for making online and offline purchases.