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Airtel Bank offers 6% interest rate for deposits over ₹1 lakh

Our Bureau New Delhi | Updated on May 03, 2021

Airtel Payments Bank has over 55 million engaged users across its operations

Airtel Payments Bank on Monday said that its customers will get an increased interest rate of six per cent per annum on savings account deposits of over ₹1 lakh.

While the interest rate for deposits over ₹1 lakh to 2 lakh is six per cent, deposits up to ₹1 lakh is 2.5 per cent per annum (effective May 1), the company said in a statement.

This follows Airtel Payments Bank becoming the first payments bank to implement the enhanced day-end savings limit of ₹2 lakh as per the Reserve Bank of India (RBI) guidelines, it 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 six per cent per annum rate of interest on deposit sums in excess of one lakh, we are making our banking proposition even more rewarding,” Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank, said.

He said the company’s footprint of five-lakh banking points and a global first secure and simple experience delivered digitally, offers a market leading proposition for both the urban digital and the rural underbanked customer.

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, it said.

Furthermore, customers who have an Airtel number linked to their savings account can also enable Airtel Safe Pay - the safest mode for making digital payments, it added.

Airtel Payments Bank has over 55 million engaged users across its operations.

Published on May 03, 2021

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