Interest rate is ok with Paytm Payments Bank which is about 4% whereas Airtel Payment Bank provide 7% of Interest rate. There are pros and cons about Paytm payments bank.
Pros:
1) Easier Transaction for payment
2) Huge offers provided rather than free account.
3) Wide range of Payment Merchant
Cons:
1) Low interest rate
2) No Physical Bank / Store available.
3) Hectic Verification process.
But Overall I will prefer Airtel Payment Bank.