Getting a savings bank account is one of the first things we do when we start earning money. Long before we become financially independent or even get a job, a savings account is where we keep the money that we earn from internships or loving relatives.
It takes a lot for us to get interested in switching our banks, unless our job dictates it. But once in a decade, we come across an innovation that we just can’t ignore. Airtel payments bank, India's 1st payments bank, launched in early 2017 and already has 25 million+ customers.
What's driving these fast rates of adoption? The unique proposition that's offered to the customer.
Let's take a look at the five things you are missing if you don’t have an Airtel Payments Bank savings account:
1. Interest
You can get an interest of 7.25% per annum on every rupee you save. This is the highest interest rate offered in India by any bank so far .
2. Insurance
You can get a FREE personal accident insurance cover of Rs. 1 Lac with your Airtel Payments Bank savings account.
3. Convenience
To open an Airtel Payments Bank savings account, you need only visit your nearest Airtel recharge shop Banking point with your Aadhaar card, a hundred rupees and 3 minutes of your time .
4. UPI integration
Not only is Airtel Payments Bank India’s first payments bank, it is also the first of its kind to integrate UPI or unified payments interface into its digital platform. You can access UPI in the Payments Bank tab of the My Airtel App.
With Airtel Payments Bank UPI, you can:
• Get a personalised handle called virtual payment address (VPA) or UPI IDs such as viveksingh@airtel or 9810098100@airtel.
• Pay and receive money instantly 24/7, without sharing sensitive personal details such as bank account number or IFSC code.
• Link and access multiple bank accounts from one app.
• Pay bills for groceries, mobile, internet, entertainment, insurance premium, online shopping and utilities.
• Pay offline merchants with the Scan and pay feature.
• Wide acceptance across online and offline merchants.
5. Other benefits
With Airtel Payments Bank, get
• Transact securely with mpin
• Low minimum balance that doesn’t restrict your spending.
Now that you know how much better saving accounts can get, go ahead and make the most of India's first payments bank.
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