Airtel Payments Bank launches Rewards123 savings account

Users who opt for the Rewards123 savings account will have to pay an annual fee of ₹299 to avail benefits offered by this savings account.

Airtel payments bank (REUTERS)

Airtel Payments Bank today announced a new type of savings bank account on its platform. The newly introduced bank account is called Rewards123. The company claims that its newly introduced saving account is designed to offer consistent value, with assured rewards on different types of digital transactions throughout the year.

Airtel Payments Bank says that its Rewards123 savings bank account will give multiple benefits to users with annual earnings of up to ₹960. In addition to that, users will get 1% cashback when they load ₹1,000 through UPI in their account. Users will get a maximum of ₹10 per month as a part of this benefit.

In addition to this, users will get a cashback of 2% on online shopping worth ₹1,000 or more using the platinum debit card that comes with the account. Users will get a maximum of ₹40 per month as a part of this scheme. Lastly, users will get a cashback of ₹30 cashback per month on payments for prepaid recharges, post-paid, broadband, landline, and DTH bill payments. Other benefits include zero minimum balance, free platinum online Mastercard Debit card and unlimited deposits with an auto-sweep facility.

Users can open or upgrade to Rewards123 savings account using the company's Airtel Thanks app. Users will have to do a Video KYC to upgrade their Airtel Payments Bank accounts. The company says that the process can be completed within a few minutes in the app from anywhere in the country. Users who opt for the Rewards123 savings account will have to pay an annual fee of ₹299 to avail benefits offered by this savings account.