Airtel Payments Bank offers 6% interest on deposits of over Rs 1 lakh

Airtel Payments Bank on Monday announced its customers will get an increased interest rate of 6 per cent per annum on savings account deposit of over Rs 1 lakh.

The move follows Airtel Payments Bank becoming the first payments bank to implement an enhanced day-end savings limit of Rs 2 lakh, as per the Reserve Bank of India (RBI) guidelines, the company said in a statement.

Airtel Payments Bank has over 5.5 crore engaged users across its operations, the statement added.

The interest rate is at 2.5 per cent per annum for a deposit up to Rs 1 lakh.

Announcing the higher interest rate on savings account deposits of over Rs 1 lakh, Anubrata Biswas, CEO of Airtel Payments Bank, said,