The myAirtel app offers Airtel users the ease and convenience of a savings account with its Airtel Payments Bank. Here’s a look at how it works.
Ever since you were growing up, you heard your elders talk about saving money. Later, when you started making your own income, you were given the same advice to save as much money as possible. It is a sage philosophy, to save money. Over time, the savings grows to a healthy sum that you can use for many financial needs.
But saving money at home is quite different from saving it in the bank. When you save money in the bank account, you are paid a quarterly savings account interest on it. This is an important feature to take on board in today’s times of high inflation and even higher living costs. It is quite expensive to maintain your standard of living today, and the adage ‘A Rupee saved is a Rupee earned’ has never been truer! The more money you save, the more savings account interest you earn.
So apart from money in the bank, it is important to have incremental savings elsewhere too. But what are the avenues for doing so? Airtel has answered this question with its superb ‘Airtel Payments Bank’ feature.
What is the Airtel Payments Bank?
Airtel devised this clever solution for its customers who wished to pay for bills and other commodities digitally, and who also set aside a certain balance of money in their e-wallets to do so. The Payments Bank is a mobile money wallet that doubles up as a savings account – the only one in the country to offer this functionality. There are several mobile wallets that help you pay your bills, but none of them offer savings interest. For all the money that is deposited in the Payments Bank, Airtel offers 4% savings interest, much like a savings bank account.
- As an Airtel user, you can get the Payments Bank advantage by downloading the myAirtel app on your phone and registering your Airtel phone number to set up the app.
- Your phone number is considered to be the savings account number for the Airtel Payments Bank. There is a short biometric verification process to complete, after which you can deposit money in it and start using it.
- You may deposit and withdraw cash from it, and also affect money transfers to other contacts in your phone book. It is easy to add beneficiary details in the app.
- The Payments Bank can also pay your phone and broadband bills, recharge your DTH and prepaid phone, and also pay utility bills.
- It also offers free personal accident insurance coverage up to Rs 1 lakh.