Airtel Payments Bank launches Suraksha Salary Account solution for India’s MSMEs

Bhubaneswar: As India begins to open up following the COVID-19 lockdown, Airtel Payments Bank today announced the launch of ‘Suraksha Salary Account’ – an innovative salary account for the Micro, Small and Medium Enterprises (MSME). India’s MSME sector has over 60 Mn units and accounts for 29% of India’s GDP. The lack of any financial protection makes them highly vulnerable, particularly in the current times. Suraksha Salary account has been designed specifically for this consumer cohort. 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 and Personal Accidental insurance cover given the low penetration of insurance in India. In its FREE Hospicash Insurance In the event of hospitalization, the account holder would be entitled to a fixed cover of Rs 400/day up to a maximum of 10 days. While under its FREE Accidental Insurance the account holder also gets free of charge group accidental cover of Rs 1 lakh. Besides these the account Holders also avail facilities such as: Zero Minimum Balance, Easy Withdrawals, Zero charges on cash transactions and FREE bank to bank money transfers across India . To begin with 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.
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.”