Bharti Airtel and Axis Bank have announced a partnership enabling customers to open no-frills savings account on Airtel Money platform.
With the partnership, no-frills savings account of Axis Bank will be opened for customers on the Airtel Money platform called ‘airtel money Super Account powered by Axis Bank’ offering customers banking transactions including cash deposit, money transfer and withdrawal. These accounts will provide convenient, safe and secure savings avenue to Financial Inclusion customers’ paying them savings account interest and also enabling them to make remittances.
To begin with, savings and remittance solutions will be provided in the top four remittance corridors involving Delhi and Mumbai on the sending side and Bihar and East UP on the receiving side. Thereafter these services may be extended to other remittance corridors in the country. Gradually other banking products and services like micro Recurring Deposits, micro Fixed Deposits, small loans and micro-insurance products will also be provided through this platform.
The ‘airtel money Super Account poweredby Axis Bank’ offers the following key features:
- A no-frills account of Axis Bank on the Airtel Money platform
- Cash Deposit / Withdrawal from authorised ‘airtel money – Axis Bank’ outlets
- Remittance of funds to other ‘airtel money Super Accounts’
- Remittance to other bank accounts through NEFT (to be enabled soon)
- Savings bank interest on balances
The focused target segment of the ‘airtel money Super Account powered by Axis Bank’ will be remittance corridors and unbanked areas, where there is greater need of easy money transfers and savings, which will be possible with this account and the need for other financial products like deposits, insurance, loans etc. that will get enabled soon. Going forward, the mobile platform can also facilitate other micro-payments. Such collaboration between India’s leading mobile and banking services providers represents a model partnership meant for making the idea of inclusive banking a reality for customers in India.
Airtel is also in talks with banks to expand the Airtel Money to an open-wallet service, enabling consumers to withdraw the money (right now, you can only use the money for electronic transactions).