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

Published: Tuesday, October 12, 2021, 14:52 [IST]

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

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 lakhs	6% p.a.
Upto Rs 1 lakh	2.5% p.a.
Source: airtel.in

Service charges of Airtel Payments Bank savings account

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

Service	Fee/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

Description	Limits
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

Description	Limits
	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

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