2 payments banks promising 5% to 6% interest rates on savings accounts
Payment banks, according to the RBI, are the next step in financial inclusion since they offer small savings accounts and payments/remittance services to migrant workers, low-income households, small companies, other unorganised sector organisations, and other individuals.
A payment bank accepts demand deposits, and provides remittance services and other banking services, but does not provide credit facilities such as loans or credit cards. Payment banks, according to the RBI, are the next step in financial inclusion since they offer small savings accounts and payments/remittance services to migrant workers, low-income households, small companies, other unorganised sector organisations, and other individuals. Last year, the RBI decided to increase the maximum balance at the end of the day from ₹1 lakh to ₹2 lakh per individual account in order to better serve their customers, which included MSMEs, small traders, and merchants. Customers from that category can look at savings accounts of Airtel Payments Bank and NSDL Payments Bank that offer their customers an interest rate ranging from 5% to 6% which is much higher than the savings account rate of leading banks like SBI, ICICI, HDFC etc.
NSDL Payments Bank
Jiffy Advantage Savings Account, Classic Savings Account, Premium Savings Account, and BSBD Account are the four types of savings accounts offered by NSDL Payments Bank. Jiffy Advantage Savings Account is a digital, zero balance savings account that includes a free virtual debit card from RuPay or VISA, as well as a quarterly interest rate of up to 5% on the balance in your account. The maximum daily amount allowed on this account is ₹95,000, with an annual credit limit of Rs. 1,95,000/-.
This type of account may be opened online using the NSDL Jiffy App and will have a monthly debit transaction limit of ₹50,000. Jiffy Classic Savings Account is a digital savings account with the same features as Jiffy Advantage Savings Account but with a lower average monthly balance requirement of Rs. 10,000/-. Jiffy Premium Savings Account has an average monthly balance requirement of Rs. 25,000/- and BSBDA is a zero-balance account offered under PMJDY (Pradhan Mantri Jan Dhan Yojana) that can be created solely at NSDL Payments Bank branches and pays 2.5 per cent interest yearly on savings account balances.
NSDL Payments Bank provides a 2.5 per cent annual interest rate on balances up to 1 lac and a 5 per cent annual interest rate on balances above 1 lac on Jiffy Advantage Savings Account, Jiffy Classic Savings Account, and Jiffy Premium Savings Account.
Airtel Payments Bank
Airtel Payments Bank pays a 2.5 per cent annual interest rate on savings account balances up to ₹1 lakh and a 6 per cent annual interest rate on savings account balances between ₹1-2 lakhs. Based on these rates, Airtel Payments Bank is the only payments bank that pays a 6% interest rate, which is much higher than the rates offered by leading banks like SBI, HDFC, ICICI, Axis Bank, and other public and private sector banks. Customers can establish an Airtel Payments Bank account with a video chat from the Airtel Thanks app in just a few minutes. The bank provides a Rewards123 digital savings account that can be created from the convenience of your own home. Airtel Payments Bank has around 55 million active users throughout its services, and Airtel customers with an Airtel number linked to their savings account may utilise Airtel Safe Pay for safe digital payment.
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