2 payment banks promising 5% to 6% interest rates on savings accounts
A payment bank accepts demand deposits and provides funds transfer and other banking services, but does not provide credit facilities such as loans or credit cards. According to the RBI, payment banks are the next step in financial inclusion as they offer small savings accounts and payment/remittance services to migrant workers, low-income households, small businesses, to other organizations in the informal sector and to other individuals. Last year, the RBI decided to increase the maximum end-of-day balance by ₹1,000,000 ₹2 lakh per individual account to better serve their customers, which included MSMEs, small traders and traders. Customers in this category can check out the savings accounts of Airtel Payments Bank and NSDL Payments Bank which offer their customers an interest rate ranging from 5% to 6%, which is much higher than the standard rate. savings from major banks like SBI, ICICI, HDFC, etc. .