Airtel Payments Bank has launched of Face Authentication-based savings bank account opening for customers.
The Unique Identification Authority of India (UIDAI) has recently developed a mobile application that handles authentication; as a result, the business correspondent no longer requires anything more than a smartphone to open an account.Anubrata Biswas, MD & CEO of Airtel Payments Bank, "This KYC facility uses AI/ML based Face Authentication RD Application, which helps in the prevention of fraudulent activities by cross-checking individual's photo with the image captured in Aadhaar and allows secure customer onboarding."
Previously, if a customer wanted to open an account with Airtel Payments Bank, he or she had to provide an Aadhaar-based OTP or fingerprint biometric authentication.
Airtel Payments Bank Saving Account
Interest rate
The payment bank offers an annual interest rate of 2.5% upto 1 lakh end of the day balance and 6% above 1 lakh and upto 2 lakhs of end of the day balance
Features of savings accouny
According to the Airtel Payments Bank website, below are the key features
Easy accessibility with over 5 Lac banking points Annual interest rate of 2.5% upto 1 lakh end of the day balance and 6% above 1 lakh and upto 2 lakhs of end of the day balance Free personal accident insurance cover of Rs. 1 Lac No minimum balance requirement Virtual Debit Card What is the difference between Airtel Payments Bank wallet and account?
According to the bank website, "With Airtel Payments Bank account, customer can earn interest on their account balance. Airtel Payments Bank account customer is eligible for Personal Accidental Insurance of Rs 1 Lac. Customer can also deposit or withdraw cash at any of our Banking Points and, at the same time, enjoy all the features of the wallet."
How many daily and monthly transactions are allowed from an Airtel Payments Bank account?
There is no daily limit. However, maximum of 10,000 transactions are allowed per account in a month.
This story originally appeared on: India Times - Author:Faqs of Insurances
