Airtel Payments Bank launched its new 'Rewards123' savings account on Friday, which provides customers with perks and rewards. The Rewards123 Savings Account is built specifically that allows you to get access to a variety of perks when you save and transact digitally. To be eligible for the perks, you must be an active customer without any freeze on your account. Customers can register for 'Rewards123' for Rs 299 per year and get monthly cashback on prepaid recharges, postpaid, broadband, landline, DTH bill payments, load money benefits and shopping rewards. Zero minimum balance and free Platinum Online Mastercard Debit Card are also among the range of benefits of 'Rewards123' savings account. In a statement announcing the 'Rewards123' digital savings account, Airtel said that this is "designed to offer consistent value, with assured rewards on different types of digital transactions throughout the year". Customers can conveniently open or upgrade to Rewards123 using Video KYC via the Airtel Thanks app. The new savings bank account provides regular advantages of up to Rs 960 per year. As per the Airtel Payments Bank's website, here are some key takeaways about 'Rewards123' that you need to know about.
- Using the Airtel Thanks app, you can upgrade your Rewards123 account. You can see the upgrade to a Rewards123 account on the bank's web page by clicking on the View profile card, balance card, or banner. From there, you'll be directed to the pre-purchase section, where you can see the account's features and make payments. Your account will be upgraded with an effective payment, and you will be able to use all the account's features.
- If your annual subscription fee is paid, but your account is not upgraded, Airtel Payments Bank will refund your money within three working days.
- The insurance and cashback benefits included with the Bharosa savings account will be discontinued if you upgrade to Rewards123 savings account.
- The benefits are valid for 12 months after the account is opened. There is no system in place to roll on the benefits from month to month if you do not need them. The cashback benefits must be used within the same month respectively.
- When you use UPI to deposit money into your savings account, you will get a 1% cashback. The maximum cashback per month is Rs 10 and is valid on a minimum deposit of Rs 1000. The cashback can be availed once per month for 12 months.
- On payments/transactions made using your platinum online MasterCard debit card, you can earn 2% cashback. The maximum cashback you can get per month is Rs.40; you can do single transactions of Rs.1000 and get Rs.20 cashback. The transaction must be made using your Platinum Online Mastercard debit card to receive the cashback benefit.
- On Telco recharges/bill payments made through your Rewards123 account, you will get a guaranteed cashback of Rs.30. The maximum cashback that can be received every month is Rs.30, and it is only available for transactions of Rs.225 or more. This offer is available on transactions made on the Airtel Thanks app, the Airtel website, USSD, IVR, and assisted channels using the Rewards123 account.
- Customers with a savings account are eligible for Rewards123 account benefits. If you want to take advantage of these advantages, upgrade your wallet account to a savings account at your nearest Airtel Payments Bank banking site. You can also use the Airtel Thanks app's Video-KYC feature to update your account.
- If you close your Airtel Payments Bank account before your rewards123 subscription expires, you will not be repaid for the annual subscription fee you paid to open the account.
- You can renew your Rewards123 Account by paying the subscription charges and when your current account subscription is about to end, you can opt to upgrade your Rewards123 Account also which will be available on the app. If you do not renew, your account will be transferred to a standard savings account.
Benefits associated with Rewards123 account
- You will get Annual Cashback Rewards of Rs.960 every month.
- You will get 1% cashback maximum of up to Rs 10 per month on loading Rs.1000 through UPI
- For a minimum of Rs.1000 online transactions made with your debit card, you will get 2% cashback up to Rs.40 every month.
- On a minimum spend of Rs 225 on Mobility Prepaid, Postpaid, Broadband/Landline, DTH bill payment/recharges you will get a flat cashback of Rs 30.
- With the Auto-Sweep feature, you can make unlimited deposits to sweep accounts opened in Partnership with Suryoday Small Finance Bank by which you can save more than Rs 1 lakh with Airtel Payments Bank.
- By opening an account successfully you will get a Platinum Online Mastercard Debit Card free.
Airtel Payments Bank's MD and CEO, Nubrata Biswas stated that "Our research reflected that digitally ready, time sensitive consumers, seek consistent value during transactions, and are tired of surfing for the next best deal. With this insight, we developed Rewards123, a consistent value-driven proposition, which can be used safely as a separate account for digital transactions."
He also added that "This innovation is an important addition to our neo-banking proposition of simple, secure, and value-driven solutions, and will further India's mission of digital inclusion."