Keeping your money idle in Savings account is not yielding returns, here I will give you ways where you can get 6% or more returns from your Savings account with a zero balance account.
As of now, in India, you have 3 banks which offer 6% or more interest rate on savings account deposits in addition to zero balance account.
- Digi Bank by DBS, Singapore
- Airtel Payment Bank
- Kotak Mahindra Bank
Here, I will review all the three Banks, and give you a brief on account opening procedure and features of the account.
Digi Bank by DBS, Singapore
Digi Bank is part of DBS group which is leading financial services group based in Singapore. In India, DBS bank launched an online-only model with Digi bank. Important to notice here is it is available only to Smartphone users as it is branchless, paperless bank.
- Digi bank has created a very simple model for opening an account. The procedure is exceptionally very simple.
- Download Digi Bank app from play store and install
- Click on Signup button located in the bottom
- Click on Let's start
- Enter your name as on Aadhaar card and leave the promotional code blank
- Enter mobile number, email address
- Enter your Aadhar number and Pan number for verification and click submit
- Now your Digi wallet is created and it is same as that of Paytm or Freecharge wallet
When you get a digit wallet, you can convert it into a Digi savings account by again following few simple steps. Again this procedure is extremely straightforward.
Digibank has a tie up with Cafe coffee day. You can walk down to closest CCD outlet with the reference number you received after the above 6 steps. CCD individuals will request that you give your index finger impression in an impression scanner and it barely takes 10–15 sec.
You also have another option where you can book an authorized agent to come to you and complete the verification procedure.
Once your impression is checked with your Aadhar database, your wallet is effectively changed over into a Digibank account.
There are various advantages like 7% interest rate on Savings account till 1 Lakh, Zero Balance account, Unlimited ATM withdrawals from any bank ATM in India, free NEFT exchanges and no surcharge on fuel transactions.
Also, you get introductory offers from Flipkart; get Rs 300 cashback on purchase of Rs 300, 15% cashback on Rs 750 spent on Flipkart and many more offers from Bookmyshow, Amazon etc
You don't need to make a call or visit the branch for client benefit for that they have inbuilt virtual aide in digit bank application made by a computerized reasoning framework, that works like Siri by Apple.
In days where banks are overcharging on atm withdrawals, NEFT, Digi bank provides a perfect solution for all our needs.
Airtel Payment Bank:
Airtel Payment Bank is the 100% subsidiary of Bharti Airtel. Bharti Airtel as a part of the pilot project launched the Payment Bank in Rajasthan in November and then in Andhra Pradesh, Telangana and Karnataka.
Airtel launched the bank in 20000 stores in Andhra Pradesh and Telangana, 14000 stores in Rajasthan and 15000 stores in Karnataka circle as a part of pilot project. The company in less than two weeks of the launch had succeeded to have 70% of accounts in rural areas of Rajasthan.
Features of Airtel Payment Bank:
- Digital Banking: Quick and paperless account opening using Aadhaar based e-KYC. This requires no documents at all, only the customer’s Aadhaar number is needed.
- Customer’s Airtel mobile number will be his/her bank account number.
- Interest rate of 7.25 % p.a. on deposits in savings accounts.
- Money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel Payments Bank).
- Personal Accidental Insurance of Rs. 1 Lac with every Savings Account.
- Easy deposit and withdrawal facility across a wide network of Airtel retail outlets.
- Any customer who opens an account with airtel payment bank can get assured free airtel to airtel talk time that can be used for national calling
Who can open an account with Airtel Payments Bank?
Anyone (non-Airtel customers also) with an Aadhaar card can open a Savings Account with Airtel Payments Bank.
How do I open an account with Airtel Payments Bank?
A Customer can open an account by visiting a designated Airtel retail outlet in his/her neighborhood. No documents are required. Only the customer’s Aadhaar number is needed for opening an account. The account will be opened through a paperless process within minutes through Aadhaar based e-KYC authentication.
Does Airtel Payments Bank offer ATM/Debit Card facility?
Airtel Payments Bank does not offer ATM/Debit Card facility, at present. Customers can deposit withdraw cash at any of the designated Airtel retail outlets, which will also function as Airtel Payments Banking points.
How does a customer check his/her account balance?
Airtel Payments Bank is a paperless bank. Customers can check their account balance, access other services using Airtel Money app, USSD or IVR over their mobile phones
How can one transfer money from Airtel Payments Bank to family and friends? Can I transfer money to any bank account in India?
Customers can access money transfer services using the Airtel Money app or through USSD by dialing *400#. Money transfers from one Airtel number to another Airtel number within the bank will be free.
Kotak Mahindra Bank
Kotak Mahindra Bank is the one of the India's leading financial and banking group. Kotak Mahindra Bank offers 6% interest on Savings account with "JIFI Neo"
Features of "JIFI Neo"
- Your essential banking account
- Earn up to 6% interest on your saving account balance*
- Get classic Debit Card for Rs. 199 P.A with enhanced daily purchase limit of Rs. 150000 and daily ATM cash withdrawal limit of Rs. 25,000.
- Free Online transfers (NEFT, RTGS, IMPS) - To help you Go Cashless!
- Get 1 free Cash deposit and 1 free cash withdrawal per month in your home branch
Of the three Banks which offers higher interest rates on Savings Account, Digi bank is the best one as it offers 7% rate of interest, free debit card, unlimited ATM withdrawals, every procedure can be done online as it is paperless and branchless bank, best customer service.
nice article.
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