Suraksha Salary Account for MSMEs launched by Airtel Payments Bank

Airtel Payments Bank announced the launch of ‘Suraksha Salary Account’ which is an innovative salary account for the Micro, Small and Medium Enterprises (MSME). Airtel Payments Bank made this announcement as India begins to open up following the COVID-19 lockdown. The account offers free dual insurance benefit of Fixed Allowance on Hospitalisation and Personal Accident Cover to the account holder.

Suraksha Salary Account enables businesses to disburse salaries in a convenient manner and also maintain records digitally for future references and tax processes. Initially, the product will be available only to new to bank customers. It will be soon made available to the existing customers who wishes to operate their salary accounts with Airtel Payments Bank.

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. 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 innovative account construct, MSMEs and other organisations will be able to make cashless payments and also provide a financial security blanket to their employees. Suraksha Salary account offers a wide range of benefits including Hospicash Insurance, Personal Accidental insurance cover, Zero Minimum Balance and more. 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/day up to a maximum of 10 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 upto Rs 50,000 and deposits of upto Rs 20,000 in one month. The account holder also gets two free card-less 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.