Airtel Payments Bank is one of the leading digital banks that offer zero balance savings accounts to customers. With Airtel’s vast network presence, people can easily access basic banking facilities. This blog covers key aspects about opening a zero-balance savings account with Airtel Payments Bank including eligibility, documents required, account types and more.
Types of Airtel Payment Bank Zero Balance Account
Airtel payment bank offers two types of zero balance savings account:
| Accounts | Features |
| Basic Savings Account | No minimum balance requirement Rs. 1 lakh maximum balance Rs. 10,000 monthly withdrawal limits Airtel Payments Bank debit card Fast and easy digital transactions |
| App Only Savings Account | Cannot withdraw cash Entirely digital and paperless Hassle free experience of making online payments and recharges Safe and secure way to transact and pay bills sitting from home |
How to Open Airtel Payment Bank Zero Balance Account Online?
Opening an Airtel Payments Bank account online is simple and easy. Follow these steps:
- Visit the Airtel Payments Bank website or app and click ‘Open Account’
- Enter your basic details like name, mobile number and address
- Upload a selfie and other KYC documents for verification
- Choose the type of account – Basic Savings or App Only Savings
- Verify your identity through OTP received on your registered mobile number
- Set an MPIN to access your account securely
- Your account will be instantly activated post verification
- Start transacting on the go with a free debit card and internet banking
- Deposit funds, pay bills, recharge and transfer money digitally
With Airtel Payments Bank, you can open a savings account anytime, anywhere with just a few clicks without having to visit a bank branch.
How to Open Airtel Payment Bank Zero Balance Account Offline?
Opening an Airtel Payments Bank account offline is also quite easy for those who prefer face-to-face assistance over online mode.
You can walk into the nearest Airtel Payments Bank retail outlet to get started. An authorized officer will assist you with:
- Filling up the application form with your details
- Collecting your photo and identity proof documents
- Verifying all the documents provided
- Explaining the different account options and benefits
- Guiding you to choose your preferred account type
- Completing the registration process
Your account will be instantly activated. The officer will also provide information on using different payment features, transferring funds and more. You can avail all banking services both at the store or through digital platforms.
Airtel Payment Bank Zero Balance Account Interest Rates – 2024
While Airtel Payments Bank offers the flexibility of zero balance accounts, you may be wondering about the interest earned on your deposits. Given its nature as a payments bank, the interest rates are nominal compared to regular savings accounts.
| Balance | Interest |
| For balances up to Rs. 1 lakh in Basic Savings Account- | An interest of 2.5% per annum is provided. |
| On balances between Rs. 1-2 lakhs- | Interest drops to 2.25% per annum. |
- No interest is paid on balances over Rs. 2 lakhs.
- The App Only Savings Account does not earn any interest since it does not allow cash transactions or balances.
However, payments banks enable basic banking needs without restrictions of minimum balances. The focus is more on delivering a convenient digital banking experience through online transactions, bill payments, recharges and FASTag.
Fees and charges of Airtel Payment Bank Zero Balance Account
Along with the convenience of basic banking, it’s important to understand any costs associated with account maintenance and usage. Airtel Payments Bank keeps its fees low to attract more customers.
- No charges for account opening, monthly maintenance or cash deposits.
- ATM transactions, including withdrawals, are free at Airtel Payments Bank ATMs.
- Rs. 20+GST for each non-Airtel ATM transaction after 3 free transactions per month.
- Reissue of lost/damaged debit card has a fee of Rs. 100.
- Account statement print charges are Rs. 100 per statement per year.
- Transaction charges for other value-added services like FASTag may apply.
By minimizing regular bank fees, Airtel Payments Bank ensures its zero balance accounts remain truly free for general transactions through maintained balances.
Eligibility criteria to open Airtel Payment Bank Zero Balance Account
Opening a savings account with Airtel Payments Bank is simple. Here are the basic eligibility norms:
- You must be a resident Indian citizen of 18 years and above.
- You need a valid ID proof such as Aadhaar, PAN, Voter ID or Passport.
- For online account opening, your mobile number must be registered in India.
- Provide address and ID proofs like Aadhaar, Voter ID for verification.
- Selfie and other documents will be validated with your details.
- You agree to the bank’s terms, conditions for using services.
- Customer care support is available to help you setup the account.
Documents required to open Airtel Payment Bank Zero Balance Account
Opening an account with Airtel Payments Bank requires you to submit basic KYC documents for identity and address proof. The documents needed differ for online and offline account opening:
1. For online account:
- Valid mobile number registered in India
- Aadhaar card
- One address proof like voter ID
2. For offline account:
- Recent passport size photographs
- Any one of these identity proofs:
- Aadhaar card
- PAN card
- Voter ID
- One address proof like:
- Voter ID
- Passport
- Driving License
Airtel Payment Bank Zero Balance Account Welcome Kit
After successfully opening your account online or at a branch, Airtel Payments Bank sends a complimentary welcome kit with activation details.
The kit contains:
- Debit Card for cashless transactions at ATMs and online payments.
- User ID and MPIN details for net banking login access.
- Guide booklet explaining account features, bill payments, funds transfer and card usage.
- Helpline numbers to call customer care for any queries.
Airtel Payment Bank Zero Balance Account Helpline
For any assistance related to Airtel Payment Bank accounts and services, there are multiple contact channels available. Customers can call the toll-free number or write an email for queries, complaints and suggestions.
| Head office- | The Airtel Payment Bank head office is located at:- Bharti Crescent, 1, Nelson Mandela Road Vasant Kunj, Phase -II New Delhi DL IN 110070. |
| Toll Free Number: | 8800688006 or 400 |
| Email Address: | [email protected] |
Final Word
Airtel Payments Bank has simplified the process of opening a bank account and carrying out digital transactions for millions of Indians. With zero paperwork or minimum balance requirements, anyone can instantly start availing convenient banking services through their smartphones. The various payment and utility billing features offer great value to customers.
FAQs
Airtel Payments Bank is a real bank that is approved and regulated by the Reserve Bank of India. It allows users to perform banking transactions like depositing, withdrawing and transferring money safely and securely.
To apply for an Airtel Payments Bank account, you can visit the nearest retailer for paperwork. You need to submit KYC documents like address and identity proof. An account will be opened instantly and you can use it to carry out basic banking tasks.
Airtel Payments Bank ensures safety of customers’ money through secure digital infrastructure and processes. Your transactions data and money held in the wallet is protected. Airtel Payments Bank complies with RBI regulations for security and protecting customers.
Yes, Airtel Payments Bank is approved by the Reserve Bank of India to operate as a payments bank since 2017. RBI oversees its functions and has given the license to launch banking services to expand financial inclusion across India.
You can withdraw cash from your Airtel Payments Bank account at a designated retail outlet after completing the KYC process. Withdrawals are capped at a certain limit as per RBI guidelines for payments banks.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
