The Reserve Bank of India has imposed a penalty of Rs 5 crore on Airtel Payments Bank for violating operating guidelines and Know Your Customer (KYC) norms. The fine was imposed after RBI scrutinised the bank’s documents relating to opening of accounts without any specific or clear consent from the customers.
their rate of interest is weird...
Domestic Savings Account
Daily Balance Rate of Interest
Daily Balance up to Rs. 1 Lac 6%*
Daily Balance of above Rs. 1 Lac and upto 2 lacs 7%**
Daily Balance of above Rs. 2 lacs and upto 5 lacs 5%**
Daily Balance of above Rs. 5 lacs 4%**
*Balances upto 1 lac will get 6% interest rates
**Any balances over and above 1 lac & upto 2 lacs will get 7% on the incremental amount, 2 lacs & upto 5 lacs will get 5% on the incremental amount & 4% on the remaining balances.