With A Deposit Limit Of Rs 1 Lakh, Airtel Payment Banks Are Alive & Kicking - Read On!

Picture credits: Business insider

Finance Minister Arun Jaitley recently launched Airtel’s Payment Bank and it’s taking the city for a swirl. A joint venture between the phone network Bharti Airtel Ltd and Kotak Mahindra Bank Ltd has led to the launch of these Airtel Payment Banks. 

In the pilot phase of the payment bank, they’ve already added 1 million customers! Woohoo! A payment bank is slightly different from the usual banks, as these allow customers to only open savings accounts and that too with a deposit limit of only Rs 1 lakh tops! The main point here is that at any given time the customers can only operate one single account with Airtel Payment Bank. 

Major Drawback | Although there ain’t any charges on cash deposits, in case of withdrawals, the customer will have to pay Rs 5-25 if the amount ranges between Rs 10-4,000 and if it exceeds this, then they’ll have to pay 0.65% of the withdrawal amount. Let us explain - on a cash withdrawal of Rs 10,000 the customer will have to pay Rs 65 as withdrawal charges. Transfers within Airtel Payments Bank are free of cost, but if you transfer it to another bank, then a total of 0.5% of the total amount is charged to the customer!

So though there’s a major charge being charged on the withdrawn amount, lets see how things pan out for Airtel Payment Banks now! 

Sourced via The Financial Express