Airtel Payments Bank today announced the launch of 'Suraksha Salary Account,' which is an innovative salary account for Micro, Small and Medium Enterprises (MSME). Airtel Payments Bank made this announcement as India begins to open up following the COVID-19 lockdown. The payments bank company also stated that there are over 60 million units in India's MSME sector which accounts for 29% of India's GDP. Suraksha Salary account provides wide-range of benefits- free Hospicash Insurance, free Accidental Insurance, Zero Minimum Balance and more.
Airtel Payments Bank Suraksha Salary Account: Benefits Detailed
As mentioned above, there are more than 60 million in Indian MSME sector. These units employ a large number of the informal labour force who are not eligible for social and healthcare benefits as part of their salaries. The lack of any financial protection makes them highly vulnerable, particularly in current times.
Suraksha Salary account has been designed specifically for this consumer cohort, says Airtel Payments Bank. Through this account construct, MSMEs and other organisations will be able to make cashless payments and also provide a financial security blanket to their employees. Benefits of Suraksha Salary Account are as follows:
- Free Hospicash Insurance: In the event of hospitalisation, the account holder would be entitled to a fixed cover of Rs 400 per day up to a maximum of ten days. The policy will cover COVID-19 as well and mitigate the impact on the account holder due to potential loss of pay and savings during hospitalisation.
- Free Accidental Insurance: The account holder also gets free of charge group accidental cover of Rs 1 lakh. This ensures added financial protection for the family.
- Zero Minimum Balance: The account has no minimum balance condition.
- Easy Withdrawals: The account holder can make convenient cash withdrawals at Airtel Payments Bank’s 500,000 banking points across India. Customers can also make cash deposits and transfer money at these points.
- Zero charges on cash transactions: There are no charges on cash withdrawals of up to Rs 50,000 and deposits of up to Rs 20,000 in one month. The account holder also gets two free cardless cash withdrawal via IMT at ATMs across the country.
- Free bank to bank money transfers across India: the account holder can make online money transfers to any bank across India.
Anubrata Biswas, MD and CEO, Airtel Payments Bank said, “We are delighted to launch Suraksha Salary Account to serve the specific needs of the people employed in India’s MSME segment. Our research reflected how lack of protection makes the workforce susceptible to financial setbacks, particularly in case of illness. With this consumer insight, we developed the Suraksha Salary Account to enable MSMEs to offer financial protection and formal banking experience to their employees. This innovative account is an important addition to our existing portfolio of customised products that are aimed at driving financial inclusion in the country.”
To begin with, the product will be available only to new to bank customers. It will be soon made available to the existing customers who wish to operate their salary accounts with Airtel Payments Bank.