Who doesn’t want to earn more on their savings account money? After all, idle funds lying in a savings account fetch an interest that is hardly able to beat inflation. However, given an opportunity, smart individuals want to keep their money in high-yielding assets without having to compromise on safety and liquidity.
Airtel Payments Bank, a full-fledged digital bank with new-age features and exciting value-propositions, has all the right facets to cater to the needs of a new-age customer. From easy and quick access to funds to transferring money to friends and family to even making payments when you shop around for your favourite goodies, an Airtel Payments Bank savings account can be an all-encompassing financial instrument in your life.
Prevailing interest rate scenario
Interest rates on traditional savings accounts are at rock-bottom, and it has remained a plain-vanilla bank account for several years now. The average savings bank interest rate is around 3%, even lower with some banks. Also, the fixed deposit interest rates are lying low in most traditional banks, while the average annual returns of most market-linked short duration debt funds are currently around 4%.
Get higher interest income
In such a low interest rate environment, Airtel Payments Bank offers not only a higher rate of interest on the savings account balance but also helps you save more when you spend and shop. With Airtel Payments Bank, you can earn a higher rate of interest of up to 6% on your savings account balance. In doing so, you effectively earn more on your idle funds and let them grow over the years.
Airtel Payments Bank offers an annual interest rate of 2.5% up to Rs 1 lakh end of the day balance and 6% above Rs 1 lakh and up to Rs 2 lakhs of end of the day balance.
A quick back-of-the-envelope calculation shows how much additional can an Airtel Payments Bank savings account offers:
Opening a zero-balance Airtel Payments Bank account even for a non-Airtel customer is possible from the comfort of one’s home with Aadhaar-based e-KYC formalities that get completed in a jiffy. Airtel Payments Bank is entirely paperless and makes available banking points for easy cash deposit and withdrawal facilities as well.
Enriching banking experience
There’s more with an Airtel Payments Bank savings account! Be it shopping, money transfer, bill payments, FASTag recharge, you get to earn on every transaction. There’s all the more savings if you upgrade to Rewards123 to unlock a consistent rewards program.
Airtel Payments Bank – a one-stop banking solution
Airtel Payments Bank is a one-stop solution that frees you from unending traditional banking problems, such as endless queues or lengthy paperwork to open a savings account. And, once the Airtel Payments Bank account is opened, do not forget to enable Airtel Safe Pay – making all your digital financial transactions safe and secure for complete peace of mind. Opening a savings account with Airtel Payments Bank can be the one smart financial decision that can go a long way in your endeavour to achieve financial independence!