This new payments bank is a subsidiary of famous telecom company Bharti Airtel. According to them if you deposit Rs 1 then company will give you 1 Minute of free call. However, this free call is only available for Airtel to Airtel network. So, if someone opens an account in Airtel's Payment Bank and deposit Rs 1000 for the first time, he/she will get 1000 minutes of Airtel to Airtel calls. This free minutes can be used all over India and validity for same is 30 days.
The other feature is that you will earn a whopping 7.25% interest on your saving account with Insurance worth Rs 1 Lakh per account. At this time this interest rate is higher in the market.
Why Airtel Payments Bank Offer is UselessHere i am going to give you some drawbacks of this payment bank offer, so that you can understand is this bank is worth getting our support?
1. Re. 1 = 1 minute Talktime.:It is clear that you will be getting a 1 minute for depositing 1 Re in your account. when I first heard about this offer, it was not clear that Its for the first time or for every month just like interest rates. So, after researching I found that The offer depends on 2 factors:
- First time deposit made into the account
- One month validity from the date of deposit.
2. How many minutes are there in a month?So, to get maximum benefit from this offer people will try to deposit maximum, right? Yes, some people are investing huge sum to get more free minutes. Do you know how many minutes are there in a month? It's 43,200 minutes. This means that you can't use this offer completely. Put 1 lakh in your account and get 1 lakh free minutes, but tell me can you use 1 Lakh minutes when 43,200 minutes are there in 1 month? It;s still a waste offer.
3. How much a common man talks in a day?On an average a person talks 4 to 6 hours in a day. Well 6 hours in a day is pretty much. So, there will be approx 7200 to 10,800 minutes, which are utilized in a month. It means if you are going to enjoy this offer, you can't get benefits beyond 11,000 Rs. So what is the need of such offer if you can't use it?
4. Free minutes are only Airtel to Airtel.The Company is now introducing everywhere that this offer will give you free minutes. You can make free calls only to Airtel customers. Do you know guys, there is another TVC is running now a days in which they are advertising about Free Airtel To Airtel calls? one more, do you know about "Har Ek Friend Zaroori Hota Hai scheme" in which you can do free Airtel to Airtel calls which is since 2011 in the market. SO, what's the new in this Payment Bank Offer?
ConclusionFrom point 1. we can say that this is a one time offer valid for 1 month. From 2nd point we can say that in the extreme case only you can use 43,200 minutes in a month. From the 3rd point we can say an extreme user can make a maximum of 10,800 minutes and we all know that no one is free to talk this much and for the entire month. From last point its clear that this offer is for only Airtel to Airtel numbers and Free Airtel to Airtel calls are there since 2011, so, there is nothing new and this offer is totally wasted. When everybody can do free Airtel to Airtel calls, then what's the use of this Payment Bank offer?
In Fact, my experience says that Airtel can never give you anything for free. Do you remember Airtel's Free 4G internet at Rs 1449?.
Rest you all are smart enough to think who is right and who is wrong.