Updated: June 15, 2020 6:10:18 pm
Airtel Payments Bank today announced the launch of ‘Suraksha Salary Account’, an innovative salary account for MSMEs. With this initiative, Airtel Payments Bank wants to help businesses disburse salaries to employees in a seamlessly convenient manner and also maintain records digitally for future references and tax processes.
Suraksha Salary account, Airtel explains, has been designed specifically for informal labour force who are not eligible for social and healthcare benefits as part of their salaries. Through Suraksha Salary account MSMEs and other organisations will be able to make cashless payments to these labours and also provide a financial security blanket to them.
As per Airtel Payments Bank, the 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. Some of the benefits include free Hospicash, free accidental insurance, zero minimum balance and easy withdrawals and more.
Under the Suraksha Salary account, the labours will get free Hospicash Insurance. This means in the event of hospitalization the account holder will be entitled to a fixed cover of Rs 400/day up to a maximum of 10 days. Airtel has explained that 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 hospitalization.
The account holder will also get free group accidental cover of Rs 1 lakh. This ensures added financial protection for the family. Additionally, all Suraksha Salary account doesn’t have any minimum balance condition. It will also allow the account holder to make convenient cash withdrawals at Airtel Payments Bank’s 500,000 banking points across India. The company highlighted that the customers can also make cash deposits and transfer money at these points.
Another benefit of a Suraksha Salary account will be the account holder will not be charged for cash transactions upto Rs 50,000 and deposits of upto Rs 20,000 in one month. The account holder will also get two free cardless cash withdrawal via IMT at ATMs across the country. It will also allow free bank to bank money transfers across India.
Commenting on the introduction of the Suraksha Salary account 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.”
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