Airtel Payments Bank gives 6% p.a. interest on deposits over Rs. 1 lakh
Airtel Payments Bank today announced that it would provide its customers an increased interest rate of 6% p.a. on savings account deposits of over Rs. 1 lakh. This follows Airtel Payments Bank becoming the first payments bank to implement the enhanced day-end savings limit of Rs 2 lakh as per the Reserve Bank of India (RBI) guidelines.
It offers consistent value and assured rewards on different types of digital transactions throughout the year. The savings account will enable a user to earn up to Rs 960 through multiple rewards and benefits. Other benefits include zero minimum balance, free Platinum Online Mastercard Debit Card, and unlimited deposits with Auto-Sweep Facility.
Customers can easily open or upgrade to Rewards123 through the Airtel Thanks app using Video KYC. The process is simple and can be completed within few minutes on the app from anywhere in the country. Customers can get Rewards123 at an annual fee of INR 299 only and enjoy a wide range of benefits
Anubrata Biswas, MD, and CEO, Airtel Payments Bank, said, “RBI’s increased savings deposit ceiling is a major milestone for payments banks as this was a key ask from customers. With an attractive 6% p.a. rate of interest on deposit sums in excess of one lakh, we are making our banking proposition even more rewarding. Our unmatched footprint of 500,000 banking points and a global first secure and simple experience delivered digitally, Airtel Payments Bank offers a market leading proposition for both the urban digital and the rural underbanked customer.”
The new interest rate regime is an important addition to the Bank’s suite of simple, secure, and rewarding solutions. Customers can now open an Airtel Payments Bank account within few minutes with a video call from the Airtel Thanks app. The bank offers a digital savings account – Rewards123, which gives more value to customers when they transact digitally using the account. Furthermore, customers who have an Airtel number linked to their savings account can also enable Airtel Safe Pay – India’s safest mode for making digital payments.