With three players launching their payments bank services, consumers now have more choice for their banking needs.
Going by the rate of interest being offered for deposits, Airtel seems to be the most aggressive. The telecom operator’s payments bank provides the highest interest raṭe on deposits at 7.2 per cent, followed by India Post at 5.5 per cent and Paytm at 4 per cent. Most of traditional banks offer about 4-5 per cent interest on deposits.
However, there are other differentiators and benefits that make each player’s offerings unique. Paytm, the latest to enter the payments bank space, is the first to offer zero balance-zero digital transaction charge accounts. It is also offering cashbacks to woo customers to open an account. On cash withdrawal, Paytm offers five free transactions in non-metro cities and three in the metros. It will chaṛge about ₹20 each on every subsequent transaction.
via The 3 payment banks have plans for your money | Business Line
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