7.25% for savings accounts; plan is to have 600,000 banking points by year-end
Bharti Enterprises chairman Sunil Bharti Mittal launched India’s first payments bank – Airtel Payments Bank – giving a 7.25% interest on savings accounts, which makes it the highest interest rate on offer.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
Besides the lucrative interest rate, the bank also offers personal accidental insurance of Rs1 lakh with every savings account and free talktime equaling the amount deposited in the payments bank-saving account.
The fully digital and paperless bank aims to take basic banking services to the doorstep of every Indian by leveraging Airtel’s vast retail network, an official statement said.
With the launch, over 250,000 Airtel retail stores across the country would double up as banking points. The plan is to scale up to 600,000 banking points by the end of the year.
Bharti Enterprises chairman Sunil Bharti Mittal launched India’s first payments bank – Airtel Payments Bank – giving a 7.25% interest on savings accounts, which makes it the highest interest rate on offer.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
Besides the lucrative interest rate, the bank also offers personal accidental insurance of Rs1 lakh with every savings account and free talktime equaling the amount deposited in the payments bank-saving account.
The fully digital and paperless bank aims to take basic banking services to the doorstep of every Indian by leveraging Airtel’s vast retail network, an official statement said.
With the launch, over 250,000 Airtel retail stores across the country would double up as banking points. The plan is to scale up to 600,000 banking points by the end of the year.
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