Airtel Payments Bank launches Suraksha Salary Account for small and medium enterprises

With this account, Airtel states that MSMEs and other organisations will be able to make cashless payments while delivering financial security to their employees.

Airtel (Airtel/Facebook)

Businesses across the world ,small and medium enterprises in particular, have been hit by the Covid-19 lockdown and India is no exception here. And since the country is opening up after the lockdown, Airtel is announcing ‘Suraksha Salary Account' - a salary account for the Micro, Small and Medium Enterprises (MSME).

With this account, Airtel states that MSMEs and other organisations will be able to make cashless payments while delivering financial security to their employees. “Suraksha Salary account offers a wide range of benefits including Hospicash Insurance and Personal Accidental insurance cover given the low penetration of insurance in India,” adds the Airtel.

There are some benefits that come with this account as well.

Free Hospicash Insurance: In the event of hospitalization, the account holder would be entitled to a fixed cover of ₹400/day up to a maximum of 10 days. The policy is said to cover Covid-19 as well.

Free Accidental Insurance: The account holder also gets free group accidental cover of ₹1 lakh..

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 upto ₹50,000 and deposits of upto ₹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.

“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 customized products that are aimed at driving financial inclusion in the country,” said Anubrata Biswas, MD and CEO, Airtel Payments Bank.