Airtel Payments Bank
Airtel Payments Bank has announced an interest rate of 6% per annum on savings account deposits of over Rs. 1 lakh from 3 May 2021. As a result of this initiative, Airtel Payments Bank became first payments bank to adopt Reserve Bank of India’s (RBI) higher end-of-day savings cap of Rs 2 lakh.
In an official statement, Airtel Payments Bank last year upon its launch said “Customers can now open an Airtel Payments Bank account in minutes with a video call from the Airtel Thanks app. digital savings – Rewards123, which gives more value to customers when making digital transactions using the account.Additionally, customers who have an Airtel number linked to their savings account can also activate Airtel Safe Pay – India’s safest way to make digital payments.Airtel Payments Bank Savings Account interest rates as of May 1, 2021 are shown below.
|Balance slabs||Interest rate|
|Rs 1-2 lakhs||6% per year|
|Up to Rs 1 lakh||2.5% per year|
Indian Postal Payments Bank (IPPB)
Ordinary Savings Account, Digital Savings Account and Basic Savings Account are the three types of savings accounts offered by India Post Payments Bank, a division of India Post administered by the Department of Post, a department under the government’s Ministry of Communications. from India.
Although each of these accounts has its own set of benefits, the IPPB gives a similar interest rate on each of them. The IPPB offers an annual interest rate of 2.25% on digital savings accounts with a maximum annual cumulative deposit of Rs. 2,000,000.
The IPPB offers an interest rate of 2.25% per annum on deposit balances up to INR 1 lakh and 2.50% per annum on deposit balances above INR 1 lakh and up to 2 INR lakh on ordinary and basic savings accounts. These interest rates are payable on a quarterly basis and are effective from February 1, 2022.
Fino Payments Bank
Fino Payments Bank offers a variety of savings accounts with different features. Shubh Savings Account, Pratham Savings Account, Saral Savings Account, Suvidha Account, Bhavishya Savings Account, Jan Savings Account and Aarambh Savings Account are some of the available accounts . By choosing the sweep account facility over the Shubh savings account, the payment bank grants an interest rate of up to 6.25% per annum.
Suryoday Small Finance Bank, a partner bank, offers a sweep account for amounts exceeding two lakh rupees. On the Pratham Savings Account, Saral Savings Account, Fino Payments Bank offers interest up to 6.25% per annum on daily end-of-day balances with a swipe account facility.
The payment bank grants an interest rate of 2.75% per annum on Suvidha and Bhavishya savings accounts from 1 May 2021, on savings bank account balances up to Rs 2 lakhs. Fino Payments Bank offers 2.75% pa on balances up to INR 2 lakhs, as well as up to 6.25% pa if you choose the Sweep account option. The payment bank now offers an excellent interest rate of up to 6.25% on Aarambh savings accounts with swipe facility.
NSDL Payment Bank
The National Securities Depository Limited (NSDL) payment bank offers a variety of savings accounts. Advantage Savings Account, Classic Savings Account, Premium Savings Account and BSBD Account are all available through NSDL Payout Bank. Customers who maintain a balance in their savings account will benefit from a quarterly interest rate of up to 5% per annum. Interest on balances greater than Rs 2 lacs held in a linked account with a partner bank would be determined in accordance with the guidelines of the partner bank. The interest rates on NSDL payment bank savings accounts are mentioned below.
|Balance slabs||Interest rate|
|Annual interest on balance up to Rs 1 Lac||2.50%|
|Annual interest on the balance above Rs 1 Lac||5%|