Airtel Payments Bank increases interest on deposits over Rs. 1 lakh – Check details
Airtel Payments Bank has increased the interest rate of 6 per cent per annum on savings account deposits of over Rs. 1 lakh from May 1, 2021. The amount up to Rs 1 lakh will get 2.5 per cent per annum. The RBI has recently allowed a day-end savings limit of Rs 2 lakh for the account holders.
One 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.
With an Airtel Payments Bank account, one can deposit and withdraw cash, transfer funds to other’s Airtel Payments Bank Account and other bank accounts, recharge mobile & DTH, pay bills, book tickets, pay shops, make online payments and much more.
Anubrata Biswas, MD, and CEO, Airtel Payments Bank, says, “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.”
One can deposit cash at any Airtel Payments Banking Point with just a Secure KEY. SecureKEY is nothing but an OTP sent to customer’s mobile after the Banking Point clicks on Cash deposit and enters customer’s mobile number followed by the amount to be deposited. One can withdraw cash at any Airtel Payments Bank Banking Point through the Aadhaar biometric authentication process, with just a finger scan. The account holder is provided Rs 1 lakh insurance for death due to an accident.