A payments bank accepts demand deposits, and provides remittance services and other banking services, but does not provide credit facilities such as loans or credit cards. According to RBI, payments banks are the next step in financial inclusion as they provide small savings accounts and payment/remittance services to migrant workers, low-income households, small companies, other unorganized sector organizations and other individuals. Last year, RBI decided to increase the maximum balance at the end of the day from from 1 lakh 2 lakh per person to better serve its customers, which included MSMEs, small traders and traders. Customers in that category can look at the savings accounts of Airtel Payments Bank and NSDL Payments Bank which offer interest rates ranging from 5% to 6% to their customers which is higher than the savings account rates of major banks like SBI, ICICI, HDFC etc. is quite high. ,
NSDL Payments 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 digital, zero balance savings account that includes a free virtual debit card from RuPay or Visa, along with 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 NSDL Jiffy app and will have monthly debit transaction limit 50,000 Jiffy Classic Savings Account is a digital savings account that has the same features as the Jiffy Advantage Savings Account but requires a lower average monthly balance of Rs. 10,000/-. The average monthly balance of Jiffy Premium Savings Account is Rs. 25,000/- and BSBDA is a zero-balance account offered under PMJDY (Pradhan Mantri Jan Dhan Yojana) which can be created only at NSDL Payments Bank branches and pays 2.5 per cent interest annually on the savings account balance. Is.
NSDL Payments Bank offers 2.5 percent p.a. interest rate on balances up to ₹ 1 Lakh and 5 percent p.a. on balances above ₹ 1 lakh on Jiffy Advantage Savings Account, Jiffy Classic Savings Account and Jiffy Premium Savings Account.
airtel payments bank
Airtel Payments Bank pays 2.5% p.a. interest rate on savings account balance 1 lakh and 6 percent annual interest rate on savings account balance between 1-2 lakhs. Based on these rates, Airtel Payments Bank is the only payments bank that pays 6% interest rate, which is higher than the rates offered by major banks like SBI, HDFC, ICICI, Axis Bank and other public and private sector banks. is quite high. Customers can set up an Airtel Payments Bank account with video chat from the Airtel Thanks app in a matter of minutes. The Bank offers a Rewards123 Digital Savings Account which can be created from the convenience of your own home. Airtel Payments Bank’s services have around 55 million active users, and Airtel customers who have an Airtel number linked to their savings account can use Airtel Safe Pay for secure digital payments.