Airtel Payments Bank offers talktime equal to deposits to first-time customers
- UK billionaire Sanjeev Gupta to form listed company with Atlantis Resources
- Exit polls give BJP clear majority in Gujarat
- Chemical industries, aluminum smelters mulling coal imports as power takes priority
- Bank of England holds interest rate at 0.5%
- Disney buys Fox assets in $52 billion split of Rupert Murdoch realm
Mumbai: 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. The bank is offering 7.25% interest rates on savings account, which is higher than what commercial banks (4-6%) are offering.
The talktime can be used to make calls all over India.
Airtel became the first payment bank to start operations last week, starting from Rajasthan with 10,000 retail outlets. The bank plans to expand its reach to 1 lakh merchants by the end of the year, according to the statement issued last week.
As per the Reserve Bank of India (RBI) guidelines issued in November 2014, a payment bank cannot accept more than Rs1 lakh in deposits per customer.
The bank was the first applicant to receive the final licence from the RBI in April.
Kotak Mahindra Bank holds 19.9% stake in the Airtel Payments Bank.