Airtel Payments Bank announces 6% interest on deposits over Rs 1 lakh

New Delhi: Airtel Payments Bank has said that its customers will get 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.

Airtel Payments Bank Savings Account Interest Rates from May 1, 2021

Rs 1-2 lakh: 6% p.a.

Upto Rs 1 lakh:  2.5% p.a.

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 company said.

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.

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

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.”