Airtel money interest rate (Airtel payments bank)

Airtel Payments Bank is a joint venture between Kotak Mahindra Bank and Bharti Airtel where you get an interest rate of 7.25% on your savings account with the bank. Airtel Money interest rate is quite beneficial as compared to the commercial banks where you get only 4%-6% interest rate on savings account.

Opening an Airtel Payments Saving account

It is extremely easy to open a savings account with Airtel Payments Bank. Follow the steps below to know the entire process.

Opening an account at a retail store:

1. You need not be an existing Airtel subscriber to open an account
2. Anyone with an Aadhaar card can open Airtel Payments Bank account
3. Head to your nearest Airtel retail outlet with your Aadhaar card and the account will be opened within minutes without any paper formalities
4. Your Airtel mobile number will be your savings account number

Opening an account online:

1. Go the official website of Airtel, i.e. www.airtel.in
2. Click on Bank With Us
3. Click on Get an Account on the next page
4. Enter your mobile number and click on Go
5. You will receive an OPT on this registered mobile number. Enter the OTP in the field and click on Proceed
6. Enter your respective details on the next page
7. Click on Create Account
8. Click on Register, enter your mobile number and a new password on the following page
9. You will be sent an OTP to be filled in on the next page
10. Enter the mPin which you used while creating the account
11. You will be directed to your Airtel Payments Bank account

Features of Airtel Payments Bank account

The Airtel Payments Bank account is primarily a savings account which lets you transfer and withdraw money like all other bank accounts. However, unlike other banks, in Airtel Payments Bank you cannot deposit more than INR 1 lakh and neither can you avail loans as of now.

But apart from that, there are many advantages of having a savings account with Airtel Payments Bank and some of them include:

• Deposits and withdrawal can be made to and from your savings account at any Airtel retail outlet, as the stores function as Airtel banking points
• Account balance can be checked through USSD, Airtel Money App, or IVR call from the phone
• You can transfer money to anyone from Airtel Money app on your phone or by dialling *400#
• Charges from INR 5 to INR 25 will be levied on withdrawing less than INR 4000 while on withdrawing amount above INR 4000, the charges are 0.65% of the withdrawal amount
• Funds transferred from Payments Bank to another bank will be charged at 0.5%-1% of the transferred amount
• There is no fee on transactions less than INR 1000
• You incur no charges when transferring money through UPI

The primary objective of the RBI in launching Payments Bank which offers high Airtel money interest rate on savings account is to promote financial inclusions in the remote and rural areas.