Is Airtel Payment Bank Safe or Not: Check Now

Is Airtel Payment Bank safe or not? if are searching for this then you are not a single person. Many of us are searching for this.

It was early 2017 when I started using Airtel Payment Bank. At that time I also search for this to ensure the safety of my money. But as time passes, I started using it regularly and till the date, I haven’t faced any safety issues.

Let’s find out in this article-

What is Airtel Payment Bank?

Airtel’s payment bank is the first of its kind in India. It has been launched with a vision to bring financial services to the doorstep of every Indian. The Airtel Payment Bank will offer a range of digital banking products and services, including savings accounts, fixed deposits, remittances, and payments.

Airtel Payment Bank, allows you to open a saving account through the paperless process within a minute. If you are willing to take a personal loan from Airtel Payment Bank you must have savings account in it.

Features of Airtel Payment Bank Account

• Open a Savings Bank account at any of our 5 lakh+ banking points
• Get free personal accident insurance cover of Rs 1 Lakh
• Earn up to a 6.0% rate of interest
• Get an online debit card
• Deposit cash at any Banking Point in your vicinity
• Withdraw cash through our banking points or select bank ATMs
• Buy third-party insurance products
• Transfer money to any bank account in India through IMPS or UPI
• Recharge prepaid mobiles/DTH and pay utility bills (electricity, water, gas, postpaid, etc.)
• Book bus and train tickets

Benefits of the Airtel Payment Bank

There are many benefits of Airtel Payment Bank considering the services provided by the bank. A few are mentioned below –

• Free Insurance of Rs. 1 Lakh with auto-renewal
• Easy to pay and recharge
• No extra charges for making payments to anyone
• Virtual Debit Card for online shopping.

Is Airtel Payment Bank Safe?

According to the report the bank has been the subject of criticism and scrutiny due to its lack of proper regulatory approval from the Reserve Bank of India. But On 5 January 2022, it was granted the scheduled bank status by the Reserve Bank of India under second schedule of RBI Act, 1934.

Payment Bank License

On 11 April 2016, Airtel Payment Bank became the first company to receive a Payments Bank license from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949.

Airtel Safe Pay

Adding more security in payment, Airtel has introduced ”Airtel Safe Pay” feature which provides an extra layer of protection. But it is available only for Airtel users.

My Opinion

I have been using Airtel Payment Bank Since 2017 and till date, I haven’t faced any security issues. Also, it has multiple banking points in different cities which offer banking services. So I can say that Airtel Payment Bank is safe to use. There is no need to worry about it as RBI keeps eye on the bank.

Also, read

How to Apply for Personal Loan in Airtel Payment Bank?

Airtel Payment Bank Account Opening

Well, if you are willing to open Airtel Payment Bank account you must have a valid Aadhaar Card and a mobile number. There are two options by which you can open a savings account. These are-

1. Visiting the nearest banking point
2. Airtel Thanks App

Airtel Payment Bank Customer Number

There are two customer care numbers of Airtel Payment Bank. These are –

• For Airtel users — 400
• For non-airtel users —- 8800688006

Conclusion

Well, that’s it for this post. Here we have discussed that is Airtel Payment Bank safe or not? We have mentioned some safety features which will build some trust for users. Now it’s up to you whether you trust it or not.

If you have anything else to say to us, please comment with your queries we’ll reply as soon as possible.

Frequently Asked Question

1. Is airtel payment bank approved by rbi?

Yes, on 5 January 2022, it was granted the scheduled bank status by the Reserve Bank of India under the second schedule of the RBI Act, 1934.

2. Is airtel bank safe?

Yes, it is safe to use. It has a Safe Pay feature which adds an extra layer of protection.

3. What is the airtel payment bank minimum balance?

Airtel payment bank minimum balance is zero.

5. How to open Airtel payment bank account?

There are two ways to open Airtel Payment Bank account –
1. By visiting the nearest banking point.
2. By using the Airtel Thanks app.

6. Is airtel payment bank free?

No, there are some hidden charges like message service and annual subscriptions for saving accounts.