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. .

NSDL Payment 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. The Jiffy Advantage Savings Account is a zero-balance digital savings account that includes a free virtual debit card from RuPay or VISA, and a quarterly interest rate of up to 5% on your account balance. 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 can be opened online using the NSDL Jiffy app and will have a monthly debit transaction limit of 50,000. The Jiffy Classic Savings Account is a digital savings account with the same features as the Jiffy Advantage Savings Account, but with an average monthly balance of less than Rs. 10,000/-. Jiffy Premium Savings Account has an average monthly required balance of Rs. 25,000/- and BSBDA is a zero balance account offered under PMJDY (Pradhan Mantri Jan Dhan Yojana) which can be created only at branches of NSDL Payments Bank and pays 2.5% interest per annum on savings account balances.

NSDL Payments Bank offers an annual interest rate of 2.5% on balances up to 1 lac and an annual interest rate of 5% on balances greater than 1 lac on the Jiffy Advantage Savings Account, the Jiffy Classic Savings Account and the Jiffy Premium Savings Account.

Airtel Payments Bank

Airtel Payments Bank pays an annual interest rate of 2.5% on savings account balances up to 1 lakh and an annual interest rate of 6% on savings account balances between 1-2,000,000. Based on these rates, Airtel Payments Bank is the only payment bank to charge an interest rate of 6%, which is well above the rates offered by major banks such as SBI, HDFC , ICICI, Axis Bank and other public and private sector banks. Customers can create an Airtel Payments Bank account with video chat from the Airtel Thanks app in just a few minutes. The bank offers a Rewards123 digital savings account that can be set up from the comfort of your own home. Airtel Payments Bank has approximately 55 million active users across its services, and Airtel customers with an Airtel number linked to their savings account can use Airtel Safe Pay for secure digital payment.

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