Airtel Payments Bank has recently increased the interest rate of 6% per annum on savings account deposits of over Rs. 1 lakh from May 1, 2021. The amount up to Rs. 1 lakh will get 2.5% per annum.
Anubrata Biswas, MD and CEO, Airtel Payments Bank, remarked, “RBI’s increased savings deposit ceiling is a major milestone for payments banks as this was a key ask from customers. With an attractive 6% p.a. rate of interest on deposit sums in excess of one lakh, we are making our banking proposition even more rewarding.”