Here's my review :
Converting wallet to savings acc is very important if you want 7.25% interest. You need to go to a airtel store/recharge shop who support airtel payment banking point (easy to find in maps/ probably your nearest airtel recharge shop can do it) and deposit atleast 100 rs to open savings acc (which will be credited in your savings acc minus 50 rs security deposit.) outlet took 5 mins max, needed my fingerprint, aadhaar, and PAN with OTP on my no and bam! acc open. so fast!
Now, 5 important things :
1. > yes, 7.25% is interesting but at the same time, understand this that this is a savings account but essentially a mobile wallet, if you have a FD you will think twice in breaking it , but a savings acc where airtel payment bank acceptance will be in every local shop nearby you, you might feel irresistible in not spending money from your airtel payment bank.
2. > If you want the best benefits, put 82,000 in your airtel bank only, not more than 82 and not less too. 82k will earn you 500 rs interest every month in your account. Even though airtel says it's 7.25% and they will be crediting the interest every month( not quaterly/yearly - confirmed by airtel CC by dialing 400 from your airtel no) , the max interest cap from airtel's side is 500 rs. so 82k will give you approximately 500 rs. so even if you deposit 1L or 99k , you will still earn 500 rs interest as a cap from airtel.
3.> you get airtel bharti axa accidental insurance for 1 year. T&C says you have to make a payment/transfer money or make atleast 1 activity from your airtel payment bank every month to keep it alive, otherwise you will lose this insurance if you keep this acc as FD.
4. > You can't put more than 25k from debit card on your bank online, however you can give cash to nearest banking points, Put more than 25k from online route will get your card declined.
5. > Airtel will not give physical card.