On April 9, 2021, Airtel Payments Bank announced its new savings account ‘Rewards123’ which offers benefits and value to customers when they transact digitally using the bank account.
Annual Fee: ‘Rewards123’ could be availed by the customers at an annual fee of Rs 299
Benefits of ‘Rewards123’ account:
- Consistent rewards for each month along with Annual Cashback Rewards of Rs.960
- Unlimited Deposits with Auto-Sweep Facility (Sweep account opened in Partnership with Suryoday Small Finance Bank, which enables the customers to save more than 1L with Airtel Payments Bank.)
- Other benefits include zero minimum balance and free Platinum Online Mastercard Debit Card.
- Customers can easily open or upgrade to Rewards123 through the Airtel Thanks app using Video KYC.
About Payments Bank:
- A committee headed by Nachiket Mor recommended setting up ‘Payments Bank’ to serve the lower-income groups and small businesses.
- There are two kinds of banking licences that are granted by the Reserve Bank of India – universal bank licence and differentiated bank licence.
- Payments bank comes under a differentiated bank licence since it cannot offer all the services that a commercial bank offers.
Recent Related News:
On November 9, 2020, Airtel Payments Bank, India’s first payments bank partnered with Bharti AXA General Insurance Co Ltd to offer ‘Smart Drive Private Car Insurance, comprehensive car insurance for its customers.
About Airtel Payments Bank:
- 1st Payment Bank
Establishment – January 2017, by Bharti Airtel
Headquarters – New Delhi
MD and CEO – Anubrata Biswas