The bank account of Airtel Payment Bank with deposits of more than 1 lakh rupees will now get interest at the rate of 6 percent per annum.
Amidst the Corona crisis, Airtel Payments Bank has made a big announcement for its customers. The bank has decided to pay interest at the rate of 6 percent on deposit deposits up to Rs 1 lakh. Currently, up to 5.5 per cent interest is being received on one-year FD. Let us tell you that recently RBI has changed the rules related to payment bank. According to a new announcement, the deposit limit of the payment bank has been increased to Rs 2 lakh. Payment banks have been demanding to increase the limit for a long time. The government has recently increased the deposit insurance limit of deposits in banks to Rs 5 lakh. The payment banks had sought to increase the deposit limit on the same basis, which the RBI has accepted and increased it to Rs 2 lakh.
What are payment banks
Payment banks are like commercial banks. But they work on a small scale. These banks do the work of taking deposits, sending money, sending money from mobiles, making payments and issuing ATM cards, debit cards. These banks cannot give loans to anyone. These banks also cannot issue credit cards to anyone.
NBFCs, corporate business correspondents, mobile phone companies, super market chains, public sector bodies can open a payment bank for this, a minimum capital of Rs 100 crore is required.
It is very easy to open an account with these banks
Now anyone can open an Airtel Payments Bank account within a few minutes with a video call from the Airtel Thanks App. The bank opens a digital savings account – Rewards 123, which gives more value to customers when they use the account digitally.
In addition, customers who have an Airtel number linked to their savings account can also enable Airtel Safe Pay – India’s safest mode for making digital payments.
How and why became a payment bank
In the year 2013, the Reserve Bank formed a committee keeping in mind the small scale business and banking facilities for low income people in the country. Dr. Nachiket Mor was made the chairman of this committee. The convenience of banking reached as many people as possible and this committee was formed to enable the maximum number of people to be added to this link.
The committee filed its report in 2014. The report suggested the creation of a specialized bank or payment bank. By January 1, 2016, every citizen of the country should have a bank account of their own and to make this facility available exclusively to the people of the lower income group, it was suggested to constitute a payment bank.
