Airtel Payments Bank hiked interest rate on deposits over Rs. 1 lakh from May 1, 2021

From May 1, 2021, Airtel Payments Bank has raised the interest rate on savings account deposits of over Rs. 1 lakh to 6% per annum. The balance up to Rs 1 lakh will get a 2.5 percent annual interest rate. The Reserve Bank of India recently approved a Rs 2 lakh day-end deposit cap for account holders. This comes after Airtel Payments Bank became the first payments bank to enforce the Reserve Bank of India's (RBI)-mandated enhanced day-end savings cap of Rs 2 lakh. Airtel Payments Bank is a one-stop center for a variety of traditional banking matters, such as huge queues and complicated procedures for opening a savings account. Opening a savings account with Airtel Payments Bank is a paperless operation that requires just a matter of seconds.

A savings account with Airtel Payments Bank also comes with a slew of benefits, including cash deposit/withdrawal at any of the bank's 5 Lac+ branches nationwide, money transfers, mobile/DTH recharges, utility bill payments, online/offline shopping, as well as more. You can visit your nearest banking point to open or manage your Airtel Payments Bank Savings bank account. You can also use My Airtel App to manage your Airtel Payments Bank account. The bank operates a Rewards123 digital savings account, which provides customers more benefit when they transact online using the account. Customers with an Airtel number linked to their savings account can also use Airtel Safe Pay. With only a Secure KEY, one can deposit cash at any Airtel Payments Banking Point. And one can also withdraw cash from any Airtel Payments Bank Banking Point using the Aadhaar biometric authentication process.

Anubrata Biswas, Managing Director and Chief Executive Officer, 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 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."
He also added that "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."

Benefits to open a savings account with Airtel Payments Bank

You will get a slew of perks when you open Airtel Payments Bank, including:

• High interest rate
• No need to maintain a minimum account balance.
• Virtual Debit Card
• Easy access to the nearest banking spot for cash withdrawals and deposits.
• Using the Airtel Thanks App, you can pay your utility bills and send money to your friends.
• Make cash withdrawals without a card at more than 1 lakh ATMs around the nation.

How to open an Airtel Payments Bank account using Video-KYC method?

You can now open a savings account using the Airtel Thanks app and complete the KYC process via a video interaction anytime anywhere. When going through the Video KYC method, the customer must ensure that he is in a location with the best data connectivity. Please remember to bring your PAN card with you. You must fill out your details on the Airtel Thanks App as part of the Video KYC operation. Following the completion of all necessary fields, the bank representative will conduct simple checks through video interaction. You will be guided through the procedure by the agent. After the Video KYC is completed, you will be given a full-fledged bank account by Airtel Payments Bank. If the Video KYC procedure could not be finished, you should either restart it or wait for a reply from the bank if your account is open. The Video-KYC process is available from 10 a.m. to 9 p.m., six days a week. To know the process follow the below given three simple steps:

• Open the Airtel Thanks App in your mobile and click on the 'Video KYC' option.
• Now add your personal details along with your Aadhaar and PAN specifics.
• Complete a video conferencing with a Bank representative any time between 10 a.m. and 9.00 p.m,6 days a week. Before you call, make sure you have your original PAN card with you. Once your account is ready, you will get your account details as well as a digital debit card.