If you are looking at high savings bank interest rate in the country, you may not have to look beyond the payment banks. Airtel Savings Bank account offers an interest of 7.25 per cent per annum, which is the best in the country. So, while you get 4 per cent interest in the normal savings account of any public sector bank and the big private banks like ICICI Bank and HDFC Bank, you get 7.25 per cent here. Airtel payment Bank is a payment bank and hence it cannot operate like a regular bank. So, let us see what a payment bank is and do not assume that you will get all services, especially loans and credit cards. Check Airtel Payment Bank IFSC Codes here
Most of the banking through mobile
Most of the transactions are done through mobile and there could also be a withdrawal charges that are applicable. These are not full fledged banks. So, you might not even see branches of these banks. You need to acquaint yourself with the charges that would be applicable or else you could find yourself at the receiving end, even though you earn high interest rates.
Cannot issue credit cards
Such payment banks cannot issue credit cards, so do not expect Airtel Bank to issue credit cards to you. The debit cards can be issued and you could use them to withdraw money at any ATM as you currently do.they are might be levies and charges like other banks beyond a certain level of withdrawals. You need to check with the respective payment banks on the charges, which may differ and also change from time to time.
Cannot loan money
Payment banks cannot loan money to customers, so do not expect them to grant you a loan. The deposits in these accounts are also restricted to just Rs 1 lakh per customer. You need to keep in mind these things before you open an account.
How many payment banks are there in the country?
11 payment banks were granted licences by the Reserve Bank of India. Some of these include PAY TM, Reliance Industries, Aditya Birla Nuvo, Bharti Airtel and Vodafone. These are just among the many that were granted the license.
Here is how you can open an Airtel Savings Bank Account:
In the very first process you log onto:Airtelbank You will see a get started icon, which you need to click.
You need to enter your mobile number and the onetime password that will be generated on your mobile number.
Once you complete this process you have to fill in more details like your address, telephone number etc., after which you are done. You have to comply with know your customer requirements, as is always the case.
Thereafter, you will have your account opened and a confirmation of the same.
Packed with goodies
The bank offers free money transfer from Airtel to Airtel numbers within Airtel Bank. There is some amount of mobile airtime that is also allotted for opening an account. The bank also covers you with Personal Accidental Insurance of Rs 1 lakh with every Savings Account Airtel Bank.