Currently, the interest rate offered by payout banks on savings accounts is higher than that offered by larger and older banks. This can come in handy in a time like now when big banks are actually cutting interest rates on savings accounts.
Here is an overview of the interest rates offered on savings accounts by Airtel Payments Bank, Fino Payments Bank and India Post Payments Bank.
Airtel Payments Bank Savings Account Interest Rates
Airtel Payments Bank offers an annual interest rate of 6% on savings account deposits of more than Rs. 1 lakh and an annual interest rate of 2.5% on deposits of less than Rs. 1,000,000 .
Customers can open an Airtel Payments Bank account with a video call using the Airtel Thanks app in just a few minutes. Customers with an Airtel number linked to their savings account are the most secure method of making digital payments.
Fino Payments Bank Savings Account Interest Rates
Fino Payments Bank has partnered with Suryodaya Bank and launched a “swipe account” feature for its customers. Interest on Fino Payments Bank savings bank account balances up to Rs 2 lakhs will be 2.75% per annum.
Interest rates for swipe accounts are subject to change at the sole discretion of Fino Payments Bank and the partner bank. On EOD, any balance above Rs 2,00,000 would be transferred to the client’s swipe account with Partner Bank.
Interest on the balances of transit accounts opened with the partner bank. The interest rate offered is 4.5% per annum for an amount up to Rs 1 lakh. Above Rs 1 lakh and up to Rs 10 lakh – 6.25% per annum, and above Rs 10 lakh – 6% per annum. On the incremental amount for the slabs, applicable interest will be calculated.
India Post Payments Bank Savings Account Interest Rates
India Post Payments Bank (IPPB) is a division of India Post which is owned by the Department of Post, which is part of the Ministry of Communications, Government of India.
According to the IPPB website, for sales up to Rs 1 lakh, the rate will be 2.25% from 1 February 2022; for balances over Rs 1 lakh and up to Rs 2 lakh, the rate will be 2.50%.