India

Airtel Payments Bank Launches Suraksha Salary Account For MSMEs

As India opens after Covid-19 lockdown, Airtel Payments Bank today launched a new salary account for micro, small and medium enterprises (MSMEs).

The Suraksha Salary account will enable MSMEs and other organizations to make cashless payments and provide a financial security blanket to their employees.

“Suraksha Salary account also offers a wide range of benefits including Hospicash Insurance, and Personal Accidental insurance cover gave the low penetration of insurance in India,” Airtel Payments Bank said in a statement.

The account has no minimum balance condition. It offers 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. 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 customized 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,” the bank said, adding that it will be soon made available to the existing customers.

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