new Delhi. Payments Banks are like a traditional bank with exceptions. Payments Banks Banks operate on a small scale and do not take any credit risk. They are differentiated and are not Universal Banks. In other words, it can handle most of the financial tasks except loans or credit cards. Also, there is a limit of depositing Rs 2 lakh in such banks. Payments banks are given a differentiated bank license by the RBI, which prevents them from lending.
There are currently 6 payments banks in India. Two of these are Airtel Payments Bank Ltd. That is, APBL (Airtel Payments Bank Ltd.) and Paytm Payments Bank Ltd. ie PPBL (Paytm Payments Bank Ltd.) have been able to reach people on a large scale.
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airtel payments bank interest rates
Airtel Payments Bank offers 6 per cent annual interest on deposits above Rs 1 lakh in savings account, while 2.5 per cent for deposits below Rs 1 lakh. Account in Airtel Payments Bank can be opened using Aadhaar based e-KYC. For this only the Aadhaar number of the customer is needed. A customer can digitally open an Airtel Payments Bank account with a video call using the Airtel Thanks App in a matter of minutes.
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Paytm Payments Bank Interest Rates
Paytm Payments Bank pays interest at the rate of 2.5% per annum on the savings account. Paytm Payments Bank also offers FDs in partnership with IndusInd Bank. Interest can be up to 5.5 percent on Paytm Payment Bank FD account.
Tags: airtel, Bank, Paytm
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