7.25% interest on savings account: Five other things to know about Bharti Airtel's payments bank

Country's largest telco Bharti Airtel has launched its first payment bank's pilot services in Rajasthan. Airtel will commence the pilot project with banking points at 10,000 retail outlets. Airtel Bank is a fully digital and paperless bank.

On April 11, 2016, Airtel Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India (RBI). It intends to bring banking services to the doorstep of every citizen of the country. It plans to leverage Bharti Airtel 's extensive national distribution network of over 1.5 million retail outlets, with deep penetration in rural areas.

We look at six things to know about the country's first payments bank.

• Digital Banking: Quick and paperless account opening using Aadhaar based e-KYC. This requires no documents at all, only the customer's Aadhaar number is needed
• Customer's Airtel mobile number will be his/her bank account number
• Interest rate of 7.25% per annum on deposits in savings accounts
• Money transfer to any bank account in India. (Free money transfer from Airtel to Airtel numbers within Airtel Bank)
• Personal Accidental Insurance of Rs. 1 lakh with every savings account
• Easy deposit and withdrawal facility across a wide network of Airtel retail outlets