Airtel Payments Bank review
Make contactless payments and bank transfers with this digital bank account.
Airtel Payments Bank provides all the essential banking services at your fingertips. From bank transfers to ticket bookings, you can seamlessly complete every bank transaction using your smartphone.
In this review of the Airtel Payments Bank account, we break down all of its features, costs and limits to find out if this account is the right one for you.
₹25
Account Service
₹500
Average Monthly Balance (AMB)
₹0 p.a.
Physical Debit Card
Details
| Product Name | Airtel Rewards123 |
|---|---|
| Annual Account Service | ₹299 |
| Average Monthly Balance (AMB) | ₹500 |
| Fund Transfer | N/A |
What is the Airtel Payments Bank?
Airtel Payments Bank is India’s first payments bank with the aim to make banking easier and more streamlined. The account provides all essential banking services like money transfers, cash withdrawals and online transactions among other useful services. For example, with Airtel Money Wallet, you can seamlessly make contactless payments using your phone to stores that support UPI payments.
In this review of Airtel Payments Bank, we break down all of its features, costs and limits to find out if this account is the right one for you.
What are the account options?
Apart from the normal savings bank account, Airtel Payments Bank currently offers only one other account type:
Rewards123
The following are the additional benefits and costs associated with the Rewards123 savings account:
- The account comes with an annual charge of ₹299
- 1% cashback on depositing ₹1000 via UPI
- 2% cashback on online purchases made with your debit card
- Free Platinum Online Mastercard Debit Card
How do payments work with Airtel Payments Bank?
Airtel Payments Bank is a completely digital savings account and e-wallet that lets you avail most banking services on your smartphone. Its suite of services includes peer-to-peer bank transfers, online transactions, bill payments and travel bookings.
Since signing up is a completely online process, all you need is a working Airtel mobile number, an Aadhar card and PAN card. Complete your KYC online and start spending using the Airtel Money Wallet linked to your Airtel Payments account.
Key features
The Airtel Payments Bank account comes equipped with a lot of features and benefits, including:
- Zero balance account. There is no minimum balance requirement with the Airtel Payments Bank account.
- Virtual debit card. The account comes with a virtual debit card at no extra charge.
- Contactless payment options. You can use the scan and pay option in the Airtel Payments app to make contactless payments at your local stores.
- Exciting annual interest rates. Earn interest rates of up to 6% with the Airtel Payments Bank account.
- Unlimited deposits. You can deposit any amount at any time using the various money transfer options available.
- Video KYC. Complete your KYC via video call with an Airtel employee from the comfort of your home.
- Safe Pay. Avail an extra layer of security with an added third factor authentication for every payment made via the Airtel Payments app.
Fees and limits
There are a few different costs, fees and limits associated with the Airtel Payments Bank account, including:
- Account opening charges. There is a charge of ₹50 to open an Airtel Payments Bank Savings account.
- Transaction fees apply for ATM withdrawals. Once you exceed ₹10,000 per month in ATM withdrawals, you will be charged a fee equal to 0.65% of the amount withdrawn.
- Bank transfers to other banks are chargeable. Bank transfers to accounts held with other banks will be charged a transaction fee equal to 1% of the amount transferred.
Pros and cons
Pros
- Zero balance account. You don’t need to maintain a minimum balance with this account.
- Competitive interest rates. The account offers interest rates of up to 6%.
- Unlimited deposits. There is no limit to the number of deposits you can make with this account.
Cons
- Limited rewards. Cashback and rewards are only available with the Rewards123 account.
- Hidden charges. There are hidden charges and fees associated with the account.
- Bad customer service. The Airtel Payments Bank customer service is very unresponsive.
Customer reviews for Airtel Payments Bank
Airtel Payments Bank scores 1.78 over 5 based on 1,400+ votes on MouthShut.com.
| User ratings | # of reviews | What do customers say |
|---|---|---|
| 1.78 / 5 | 1,479 |
|
*Note: Information provided is based on the reviews and rating on MouthShut.com (11 August 2021).
Verdict
The Airtel Payments Bank account is a completely digital bank account that can be opened online. Although they offer plenty of useful features like contactless payments and a zero balance account, it comes with a lot of hidden charges and limits that make this savings account less desirable. Also, their FASTag service does not work well. Their customer service does not help resolve these issues and is well-known for being extremely unresponsive.
Furthermore, the cashback and rewards are only available if you opt for the Rewards123 account. Make sure to read the terms and conditions carefully to ensure that this is the right savings account for you.
How to sign up for the Airtel Payments Bank account
Eligibility criteria
- You must have an original PAN and Aadhaar number
- You should have a functioning Airtel mobile number
- Your Aadhaar must be linked to a valid mobile number
- You must be at least 18 years of age
- You should be applying for account opening from India
Sign-up process
You can sign up for the Airtel Payments Bank account by following these simple steps:
- Download and open the Airtel Thanks app
- Click on the Bank option at the bottom navigation bar
- Enter the required information like name, date of birth, email ID, etc.
- Complete your Video KYC process
- Create your mPIN to secure your account
- Add money to your account and start spending