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Airtel starts India’s first payments bank service, to pay 7.25% interest on deposits

Airtel starts India's first payments bank service, to pay 7.25% interest on depositsAirtel has launched India’s first live payments bank on Wednesday, which would provide an interest of 7.25% per annum on deposits.

 

Aimed at testing systems and processes ahead of a full-scale pan-Indian launch, Airtel Payments Bank has rolled out a pilot of its banking services in Rajasthan, a company statement said on Wednesday. Airtel Payments Bank is a subsidiary of Bharti Airtel.

 

It informs that account can be opened with Aadhaar based paperless e-KYC, with no extra documents required and customer’s Airtel mobile number would be his/her bank account number. The company intends to give an interest rate of 7.25% per annum on deposits in savings accounts.

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