The country’s first mobile service provider-offered payments bank is a savings account that also helps you manage your finances.
It is said that love makes the world go round, but in times of high inflation and even higher living costs, it is safe to say that money rules the world. in terms of personal finances, saving money has become vital for all. Every person needs to stow away a bit of money for a rainy day, and they must save larger amounts for the future.
Saving money has become even more important after recent developments like the demonetisation of November 2016, followed by the GST promulgation, among others. But demonetisation had an unfortunate fallout on consumers – banks reduced interest rates on savings deposits. Thus, customers stand to get hardly any appreciation on their savings deposits in banks.
And so, Airtel devised a clever solution to the twin problems of paying for everything in cash, and also not getting anything much on their savings. The brand introduced the revolutionary Airtel Payments Bank. It is available to those who use the myAirtel app and it works to combine the features of a savings bank account with a digital payments interface. This is how it works:
- Download the myAirtel app.
- Register your 10-digit phone number on the app. Now you are set up to use the app for all its functionalities.
- It has the Airtel Payments Bank which becomes a savings account that offers a high rate of savings interest. Your phone number is the savings account number. The Payments Bank offers 4% interest rate,higher than that offered by any bank in the country. You can complete the process after finishing the biometric confirmation.
- You can then withdraw cash from it, do money transfers with contacts in your phone book, and add beneficiary details easily.
- You can use the Payments Bank to recharge your prepaid and DTH connections, pay phone, broadband and utility bills. The account also offers a free personal accident insurance cover up to Rs 1 lakh.
What else does the myAirtel app do?
Apart from offering the excellent Payments Bank, myAirtel is a one-stop digital payments platform for recharges and all bill payments. Using the myAirtel app proves to be cost-effective and quick. You need only your smartphone to transact, transfer money to your contacts, pay bills and do recharges. Plus, you don’t need to be an Airtel subscriber to use the app – even non-Airtel subscribers can do recharges and bill payments.
However, the Payments Bank is open for use by Airtel subscribers only.