Airtel Payments Bank (Interest rate down to 4%!)

Sushubh

Administrator
Oct 29, 2004
413,823
12,769
Gurugram
>7% interest is cool. I opened a Yes Bank account for mom specifically for 6% interest!

I might end up getting an Aadhaar Card specifically for this purpose. I need a better mobile banking app.
 


Sushubh

Administrator
Oct 29, 2004
413,823
12,769
Gurugram
I would actually wait for Paytm. Airtel mobile apps are crap. My primary purpose would be to get access to a better banking app. Yes Bank recently overhauled their mobile app and the new app is another crapfest.
 

Sai

Regulars
Nov 6, 2008
2,312
200
Mangaluru, Karnataka
Paytm has temporarily withdrawn their payments bank application if the rumor is to be believed. Few very reliable Twitter accounts are saying so.

Paytm and others may have the capability to churn out apps with nice UI. But they lack in everything else. My bet for the best payments bank in India is on India Post. Their capabilities are endless. If they know how to utilize it properly. India's (or world's ?) largest banking + logistics network, insurances, added services, physical presence for rural population and lot of capital. They have everything. Only thing pending is their own ecommerce portal.
 


Sai

Regulars
Nov 6, 2008
2,312
200
Mangaluru, Karnataka
Wait for the full-scale rollout of their new software infrastructure. Will be done in 2017. One can not really run virtual banks. Rural people flock Post Offices almost everyday. They will blindly open account with IPPB as its govt bank. Airtel can forget getting customers in rural regions. Rural people do not trust their cellular service due to their backdoor balance deductions for prepaid customers. I don't think they will trust Airtel for keeping deposits.

I know its not easy to loot bank clients like they do for their cellular subscribers. But rural people will not understand it. Airtel is a chor company in their mind and any product associated with Airtel will remain as chor only.
 
Reactions: Saurabh Srivastava

Sushubh

Administrator
Oct 29, 2004
413,823
12,769
Gurugram
with 1 lakh rupee limit, these payment banks are not really an option for well someone like me. but it is still a good option for a backup account. deposit extra funds. benefit from high interest rate. use it for wallet transactions.
 

Sai

Regulars
Nov 6, 2008
2,312
200
Mangaluru, Karnataka
I plan to open one with India Post. Especially for low value shopping and bill payments. People will get account done with them just for paying electricity,telephone and water bills online.