Airtel Payments Bank hikes day-end balance by up to ₹2 lakh. 5 things to know for opening an account

You need to have an Aadhaar card and active mobile number to open Airtel Payments Bank account through the Aadhaar biometric authentication process.Premium
You need to have an Aadhaar card and active mobile number to open Airtel Payments Bank account through the Aadhaar biometric authentication process.
 2 min read . Updated: 19 Apr 2021, 12:27 PM IST Staff Writer

Airtel Payments Bank has increased the day-end balance by up to ₹2 lakh, in line with the Reserve Bank of India’s (RBI) guidelines. This means customers having an account with Airtel Payments Bank will be able to save more with this increased limit.

The bank's deposits are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) which is a wholly-owned subsidiary of the RBI.

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Anubrata Biswas, MD and CEO, Airtel Payments Bank, said, “The RBI’s decision to increase the balance limit is an endorsement of the role payments banks have in furthering financial and digital inclusion in India."

Requirements for opening an account

You need to have an Aadhaar card and active mobile number to open Airtel Payments Bank account through the Aadhaar biometric authentication process. You may also opt for a non-Aadhaar based account by visiting any of the bank branches and filling out the account opening form. This form has also been uploaded to the bank website. While onboarding you will also be asked to share your PAN details. If the same is not available, you need to submit form 60.

There are no charges to open an account. However, you may refer bank schedule of charges for Account Facilitation Charges being implemented while opening an account.

The benefit of payments bank account

With an Airtel Payments Bank account, you can deposit and withdraw money (you can withdraw money at any Airtel Payments Bank Banking Point through the Aadhaar biometric authentication process, with just a finger scan), transfer funds to other's Airtel Payments Bank Account and other bank accounts, recharge mobile and DTH, pay bills, book tickets, pay shops, make online payments, etc.

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How to transfer money

You can send/transfer money using any of the following modes:

> My Airtel App: Airtel Payments Bank section

> IVR: Dial 400 from registered mobile number (airtel customers) or 8800688006 (all customers)

>USSD: Dial *400# from registered mobile number

Charges

There are no charges while loading money through debit card or net banking. However, 1% of the transaction amount, applicable on loading wallet via credit card, based on transaction pattern of maximum (maximum is greater than 90% usage) spend only on the online card.

Besides, transferring money from your wallet(full KYC Only) to the bank, you will be charged 3% of the transaction amount.

How to raise a complaint

You can contact customer care from the registered mobile number at 400 (Airtel customers) or 8800688006 (all customers), or visit the nearest Airtel Payments Bank Banking Point.

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