Airtel Payments Bank Offers 6% Interest on Deposits Over 1 Lakh

Airtel Payments Bank on Monday announced that its customers will get an interest rate of 6% per annum on savings account deposit of over Rs. 1 lakh.

Airtel Payments Bank Brings Lucrative New Scheme

The bank became the first payments bank to implement a enhanced day-end savings limit of Rs. 2 Lakh, as per RBI mandate. Thus, this move follows in the immediate aftermath of that. The statement further said that the bank has over 5.5 crore engaged users across its operations. Incidentally, for any deposits under 1 Lakh, users can avail an interest rate of 2.5% per annum.

This new interest rate is important for the bank's catalog of banking solutions. Customers can open an account with the bank via the Airtel Thanks app within minutes. Users can open an account via a video call from within the app.

Announcing the higher interest rate, Anubrata Biswas, CEO, said, "RBI's increased savings deposit ceiling is a major milestone for payments banks as this was a key ask from customers". Biswas added that with an "attractive" interest rate, the Bharti Airtel subsidiary is making banking proposition even more rewarding.

Biswas pointed out some of the features of their banking solution. He said that "our unmatched footprint of 5,00,000 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", Biswas said.

The bank offers a digital savings account, Rewards123, which offers more value to customers when they transact digitally using the account.