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This Savings Account Can Give You Returns Up To 6% More Than SBI: Here’s How

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Airtel Payments Bank introduced a 6 percent p.a. interest rate on savings account deposits of over Rs. 1 lakh in May this year for the convenience of new investors who are seeking to open a savings account as their first step towards their personal financial journey and want to get good interest rates on their deposit balance. And also by following the Reserve Bank of India's (RBI) instructions, Airtel Payments Bank became the first payments bank to introduce the higher day-end savings limit of Rs 2 lakh.

 

Airtel Payments Bank Savings Account Interest Rates
 

Airtel Payments Bank Savings Account Interest Rates

Opening a savings account with Airtel Payments Bank is completely a digital process through a video-based KYC process from the Airtel Thanks app and you will get over 5 Lac banking points to manage your accounts, complimentary personal accident insurance cover of Rs. 1 Lac, no minimum balance requirement, free Virtual Debit Card, and a plethora of services including easy cash deposit/withdrawal facility at more than 1 Lac ATMs in the country, money transfer service, mobile/DTH recharges, utility bill payments, online/offline shopping, and a multitude of facilities.

Apart from the aforementioned perks, Airtel Payments Bank offers an annual interest rate of 2.5 percent for end-of-day balances up to 1 lakh and 6% for balances over 1 lakh and up to 2 lakhs. Customers can earn considerably better returns if we compare these interest rates to the State Bank of India's (SBI) savings account interest rates.

SBI is now giving a 2.70 percent interest rate on deposit accounts with balances up to Rs. 1 lakh and a 2.75 percent interest rate on deposits with balances beyond Rs. 1 lakh. Apart from these rates, SBI is presently offering a fixed deposit interest rate of 5.40 percent, which implies that customers who establish a savings account with Airtel Payments Bank would receive higher interest rates on their deposits than customers who open a savings account or fixed deposit account with SBI. With effect from May 1, 2021, Airtel Payments Bank is offering the below-framed interest rates on savings accounts.

Rs 1-2 lakhs6% p.a.
Upto Rs 1 lakh 2.5% p.a.
Source: airtel.in

Service charges of Airtel Payments Bank savings account

Service charges of Airtel Payments Bank savings account

The service charges for Airtel Payments Bank Savings Bank Accounts are listed below.

ServiceFee/Charges (Rs)
Account Opening Rs. 50
Cash Deposit / Load Cash (Internet banking, Mobile App) Free
Cash Deposit / Load Cash (Banking Points) For amounts Rs.0 - Rs.25,000: Free. Rs.25,000 - Rs.50,000: 0.5% of the deposit amount. Beyond Rs.50,000: 0.75% of the deposit amount
Cash Withdrawal Rs.0 - Rs.10,000 (cumulative transactions per month): Free. Beyond Rs.10,000: 0.65% of withdrawal amount
Cardless Cash withdrawal via IMT ( app only) Self-withdrawal and Send money to Others: Free
Cash Withdrawal via AEPS 2 Transactions/Day(max), 10 Transactions/Month or Rs 50,000 Cash Withdrawal per Month ( Whichever is Minimum), Rs. 10,000 per transaction(Max)
Payment for IRCTC Train Booking (via Airtel Thanks App) 1.8% of the ticket fare (exclusive of GST)
Funds Transfer Charges
Within Airtel Payments Bank (Internet banking, Mobile App & USSD) Free
From Airtel Payments Bank to another Bank (Internet banking, Mobile App & USSD)-IMPS 1% of amount transferred
From Airtel Payments Bank to another Bank (Internet banking, Mobile App & USSD) - NEFT Free
Source: airtel.in

Airtel Payments Bank savings account cash withdrawal and deposit limit

Airtel Payments Bank savings account cash withdrawal and deposit limit

DescriptionLimits
Minimum Cash Deposit Amount 10
Minimum Cash Withdrawal Amount 10
Minimum Amount for Funds Transfer (Mobile App) 10
Maximum Cash Withdrawal per transaction 25,000
Maximum Savings Account Balance 2,00,000 (*terms and conditions apply)
Maximum Money can be added using same Debit Card per transaction 25,000
Maximum number of transactions allowed per month 10,000
For customers where cumulative load in last 60 days is greater than INR 50,000 2,000 per transaction using Net Banking or Debit Card
Money Transfer To Airtel Payments Bank Account/Other Account (per day) 15
Online Transactions using MasterCard (Per Day) 15
Maximum Amount that can be added by Non-PAN SBA A/c holders (Per Month) 10,000
Maximum Amount that can be sent by SBA A/c holders without adding beneficiary (Per Month) 10,000
Source: airtel.in

Airtel Payments Bank Instant Money Transfer/Cardless Cash Withdrawal Limit

Airtel Payments Bank Instant Money Transfer/Cardless Cash Withdrawal Limit

DescriptionLimits
Per transaction Limit Monthly Limit ( per sender)
IMT from App Self withdrawal 10000 75000
IMT from App send money to Others 10000 75000
Limits on the receiver end : Self : Rs 1,00,000, Others : Rs 25 ,000
Source: airtel.in

Airtel Payments Bank Domestic Remittance (App & Portal) Charges

Airtel Payments Bank Domestic Remittance (App & Portal) Charges

From (Rs)To (Rs)Charges (Rs)
0 1 0
2 9 1
10 100 1
101 1,000 10
1,001 1,100 11
1,101 1,200 12
1,201 1,300 13
1,301 1,400 14
1,401 1,500 15
1,501 1,600 16
1,601 1,700 17
1,701 1,800 18
1,801 1,900 19
1,901 2,000 20
2,001 2,100 21
2,101 2,200 22
2,201 2,300 23
2,301 2,400 24
24,01 2,500 25
2,501 2,600 26
2,601 2,700 27
2,701 2,800 28
2,801 2,900 29
2,901 3,000 30
3,001 3,100 31
3,101 3,200 32
3,201 3,300 33
3,301 3,400 34
3,401 3,500 35
3,501 3,600 36
3,601 3,700 37
3,701 3,800 38
3,801 3,900 39
3,901 4,000 40
4,001 4,100 41
4,101 4,200 42
4,201 4,300 43
4,301 4,400 44
4,401 4,500 45
4,501 4,600 46
4,601 4,700 47
4,701 4,800 48
4,801 4,900 49
4,901 5,000 50
5,001 5,100 51
5,101 5,200 52
5,201 5,300 53
5,301 5,400 54
5,401 5,500 55
5,501 5,600 56
5,601 5,700 57
5,701 5,800 58
5,801 5,900 59
5,901 6,000 60
6,001 6,100 61
6,101 6,200 62
6,201 6,300 63
6,301 6,400 64
6,401 6,500 65
6,501 6,600 66
6,601 6,700 67
6,701 6,800 68
6,801 6,900 69
6,901 7,000 70
7,001 7,100 71
7,101 7,200 72
7,201 7,300 73
7,301 7,400 74
7,401 7,500 75
7,501 7,600 76
7,601 7,700 77
7,701 7,800 78
7,801 7,900 79
7,901 8,000 80
8,001 8,100 81
8,101 8,200 82
8,201 8,300 83
8,301 8,400 84
8,401 8,500 85
8,501 8,600 86
8,601 8,700 87
8,701 8,800 88
8,801 8,900 89
8,901 9,000 90
9,001 9,100 91
9,101 9,200 92
9,201 9,300 93
9,301 9,400 94
9,401 9,500 95
9,501 9,600 96
9,601 9,700 97
9,701 9,800 98
9,801 9,900 99
9,901 10,000 100
10,001 10,100 101
10,101 10,200 102
10,201 10,300 103
10,301 10,400 104
10,401 10,500 105
10,501 10,600 106
10,601 10,700 107
10,701 10,800 108
10,801 10,900 109
10,901 11,900 110
11,001 11,100 111
11,101 11,200 112
11,201 11,300 113
11,301 11,400 114
11,401 11,500 115
11,501 11,600 116
11,601 11,700 117
11,701 11,800 118
11,801 11,900 119
11,901 12,000 120
12,001 12,100 121
12,101 12,200 122
12,201 12,300 123
12,301 12,400 124
12,401 12,500 125
12,501 12,600 126
12,601 12,700 127
12,701 12,800 128
12,801 12,900 129
12,901 13,000 130
13,001 13,100 131
13,101 13,200 132
13,201 13,300 133
13,301 13,400 134
13,401 13,500 135
13,501 13,600 136
13,601 13,700 137
13,701 13,800 138
13,801 13,900 139
13,901 14,000 140
14,001 14,100 141
14,101 14,200 142
14,201 14,300 143
14,301 14,400 144
14,401 14,500 145
14,501 14,600 146
14,601 14,700 147
14,701 14,800 148
14,801 14,900 149
14,901 15,000 150
15,001 15,100 151
15,101 15,200 152
15,201 15,300 153
15,301 15,400 154
15,401 15,500 155
15,501 15,600 156
15,601 15,700 157
15,701 15,800 158
15,801 15,900 159
15,901 16,000 160
16,001 16,100 161
16,101 16,200 162
16,201 16,300 163
16,301 16,400 164
16,401 16,500 165
16,501 16,600 166
16,601 16,700 167
16,701 16,800 168
16,801 16,900 169
16,901 17,000 170
17,001 17,100 171
17,101 17,200 172
17,201 17,300 173
17,301 17,400 174
17,401 17,500 175
17,501 17,600 176
17,601 17,700 177
17,701 17,800 178
17,801 17,900 179
17,901 18,000 180
18,001 18,100 181
18,101 18,200 182
18,201 18,300 183
18,301 18,400 184
18,401 18,500 185
18,501 18,600 186
18,601 18,700 187
18,701 18,800 188
18,801 18,900 189
18,901 19,000 190
19,001 19,100 191
19,101 19,200 192
19,201 19,300 193
19,301 19,400 194
19,401 19,500 195
19,501 19,600 196
19,601 19,700 197
19,701 19,800 198
19,801 19,900 199
19,901 20,000 200
20,001 20,100 201
20,101 20,200 202
20,201 20,300 203
20,301 20,400 204
20,401 20,500 205
20,501 20,600 206
20,601 20,700 207
20,701 20,800 208
20,801 20,900 209
20,901 21,000 210
21,001 21,100 211
21,101 21,200 212
21,201 21,300 213
21,301 21,400 214
21,401 21,500 215
21,501 21,600 216
21,601 21,700 217
21,701 21,800 218
21,801 21,900 219
21,901 22,000 220
22,001 22,100 221
22,101 22,200 222
22,201 22,300 223
22,301 22,400 224
22,401 22,500 225
22,501 22,600 226
22,601 22,700 227
22,701 22,800 228
22,801 22,900 229
22,901 23,000 230
23,001 23,100 231
23,101 23,200 232
23,201 23,300 233
23,301 23,400 234
23,401 23,500 235
23,501 23,600 236
23,601 23,700 237
23,701 23,800 238
23,801 23,900 239
23,901 24,000 240
24,001 24,100 241
24,101 24,200 242
24,201 24,300 243
24,301 24,400 244
24,401 24,500 245
24,501 24,600 246
24,601 24,700 247
24,701 24,800 248
24,801 24,900 249
24,901 25,000 250
The maximum amount per sender is Rs 25,000 per month, Source: airtel.in

Airtel Payments Bank IMPS Charges

Airtel Payments Bank IMPS Charges

Airtel Payments Bank Service Charges have been imposed on all IMPS Outgoing Transactions via B2B Portal commencing from March 18, 2021.

IMPS SlabCharges
Upto Rs 25000 Rs 2.5 +GST
Above Rs 25000 upto Rs 200000 Rs 8 +GST
Source: airtel.in

Story first published: Tuesday, October 12, 2021, 14:52 [IST]
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