Airtel Payments Bank To Charge 0.65% Cash Withdrawal Fee

Airtel Payments Bank To Charge 0.65% Cash Withdrawal Fee
Airtel Payments Bank will charge 0.65 per cent fee on cash withdrawals but will not levy any processing charge on digital transactions from January 2017 to encourage cashless payments.
Airtel Payments Bank is offering interest rate of 7.25 per cent per annum on savings accounts.
New Delhi: Airtel Payments Bank will charge 0.65 per cent fee on cash withdrawals but will not levy any processing charge on digital transactions from January 2017 to encourage cashless payments.

“…in order to discourage cash withdrawals from Airtel Payments Bank accounts, a minimal cash withdrawal free (0.65 per cent per transaction) will be levied, thereby, encouraging customers to prefer digital payments for transactions.

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“Airtel Payments Bank will not charge any processing fee from its customers and merchants partners for digital transactions. The benefit of no added/hidden costs, will encourage both merchants and customers alike to adopt cashless payments,” Airtel Payments Bank said in a statement.

It has rolled out pilot services across Rajasthan and has opened over 100,000 savings accounts in less than two weeks of commencing services. It plans to shortly extend its pilot services to Andhra Pradesh, Telangana and Karnataka.

The bank is offering interest rate of 7.25 per cent per annum on savings accounts.

Airtel Payments Bank said it plans to develop a nationwide merchant ecosystem of over 3 million partners that will include small kirana stores, small shops and restaurants.

These merchant partners will accept digital payments for goods and services from Airtel Payments Bank customers over mobile phones, the statement said.

Customers will be encouraged and incentivised to open savings accounts with Airtel Payments Bank and make convenient digital payments using their mobile phones across a wide merchant base, in addition to earning a healthy interest rate on savings deposits, the statement said.

Airtel Payments Bank will also offer incentives in the form of surprise gifts to customers who use digital/cashless mode of payment.

“Every month, it will give away 100 minutes of free Airtel to Airtel mobile talk time to 100,000 of its customers (through a lucky draw), who use digital payments for transactions,” the statement said.

The bank said the initiatives to encourage digital transaction will start from January 2017.

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