Airtel payments bank offers highest savings deposit rate

7.25% for savings accounts; plan is to have 600,000 banking points by year-end

Bharti Enterprises chairman Sunil Bharti Mittal launched India’s first payments bank – Airtel Payments Bank – giving a 7.25% interest on savings accounts, which makes it the highest interest rate on offer. 

Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%. 

Besides the lucrative interest rate, the bank also offers personal accidental insurance of Rs1 lakh with every savings account and free talktime equaling the amount deposited in the payments bank-saving account. 

The fully digital and paperless bank aims to take basic banking services to