Payments Bank in India

[source: http://economictimes.indiatimes.com/definition/payments-banks]

Payments banks is a new model of banks conceptualized by the Reserve Bank of India (RBI). These banks can accept a restricted deposit, which is currently limited to ₹1 lakh per customer and may be increased further. These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks. Payments banks can issue services like ATM cards, debit cards, net-banking and mobile-banking. Airtel has launched India's first live payments bank. Paytm is the second such service to be launched in the country. India Post Payments Bank is the third entity to receive payments bank permit after Bharti Airtel and Paytm. Aditya Birla group earned payments bank permit on 3 March 2017. [source: https://en.wikipedia.org/wiki/Payments_bank]

Kotak - 811 & Mobile Banking

With the best-in-class Kotak Mobile Banking App, banking is not just about financial transactions. You can open a Kotak 811 savings account without any paperwork, or even without stepping out of your home. This amazing app lets you download a Kotak 811 savings account on your phone. All you need is your Aadhaar number, PAN and you’ll be done in less than 5 minutes.

Your 811 account offers you:

• Up to 6%* interest p.a.
• Zero balance account
• A Virtual Debit Card to shop online
• Free online transfers

And that's JUST the account. There's so much more you can do (more than 100 features!) with our best-in-class app mobile banking app:

• Transfer funds easily & on the go, without having to register a beneficiary
• Track all your Banking Transactions all in one place
• Shop within our app on Flipkart, PVR, goibibo and more with the benefit of seamless payment
• Recharge your mobile & DTH subscriptions with ease
• Use mVisa or mobilePay for your offline/instore payments
• Purchase and redeem Mutual Funds and keep track of your investments
• Regenerate your Debit and Credit card PINs
• Switch your Debit Cards on and off if you need to
• Pay your bills, open a Term Deposit

My Airtel-Recharge, Bill, Bank

India’s first Payments bank is now part of the all new My Airtel App. The My Airtel App is now not just the fastest & most secure way to recharge your Mobile & DTH accounts, pay postpaid & broadband bills but also lets you manage your Airtel Payments Bank Savings and Wallet account as well as send and receive money.

Airtel Payments Bank Account Offers:

- Your mobile number becomes your bank account number
- You earn a high interest rate of 7.25% p.a. on your savings balance
- Free personal accident insurance of Rs. 1 lac
- Talk-time equivalent to the money deposited at the time of account opening
- Account opening, cash deposit and cash withdrawal at any of our Banking Points
- Pay bills and do recharges conveniently
- Easy money transfer from your phone
- Cashless payments at a vast network of our merchants
- Option to pay at over 1 lac ecommerce sites using the online debit card