On June 15, 2020 Airtel Payments Bank launched ‘Suraksha Salary Account’ for the micro, small and medium enterprises (MSMEs). The account will enable the MSMEs & other organisations to make cashless payments & provide financial security to their employees.
Gist about ‘Suraksha Salary Account’:
Payroll & maintenance of records- The account will facilitate the businesses to payroll in a smooth & convenient way and also to maintain records digitally for future references and tax processes.
Availability- The product is now only available to new bank customers. It will soon be available to existing customers who want to operate their salary accounts with Airtel Payments Bank.
No minimum balance-The account does not require minimum balance.
Cash withdrawal at bank’s banking points– Account holders can make cash withdrawal at Airtel Payments Bank’s 500,000 banking points across India. Customers can make cash deposits and transfer money at these points.
No charge for certain amount of withdrawal & deposit– There is no charge for cash withdrawal up to Rs 50,000 and deposit up to Rs 20,000 in a month.
2 free cardless cash withdrawal– The account holder gets 2 free cardless cash withdrawal by Instant Money Transfer(IMT) at Automated Teller Machines (ATMs )across the country.
Group accidental cover– The account holder gets free of charge group accidental cover of Rs 1 lakh, which ensures additional financial protection for the family.
Insurance Covers– The account includes Hospicash Insurance and Personal Accidental insurance cover.
Hospicash Insurance– Upon hospitalization the account holder is given a fixed cover of Rs.400 per day for a maximum of 10 days. The policy will cover COVID-19 & will also reduce the account holder’s impact on the loss of pay and savings during hospitalization.
Note– India’s MSME sector has over 60 million units and accounts for 29% of India’s GDP.
About Airtel Payments Bank:
Headquarters– New Delhi
Managing Director(MD) & Chief Executive Officer(CEO)– Anubrata Biswas