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Airtel Payments Bank starts Suraksha salary account for MSME

To begin with, the product Airtel Payments Bank starts Suraksha salary account for MSME will only be available to new account bank customers. 

It will soon be available to existing customers who wish to manage their payroll accounts with Airtel Payments Bank.
Airtel Payments Bank starts Suraksha salary account for MSME

Airtel Payments Bank announced the launch of the "Suraksha Salary Account", which is an innovative salary account for micro, small and medium-sized enterprises (MSME). 


Airtel Payments Bank made this announcement when India starts to open after COVID-19 lockdown. The payment bank company also claimed that there are over 60 million units in India's MSME sector, which represents 29% of Indian GDP. 

The Suraksha Salary account offers a wide range of benefits: free Hospicash insurance, free accident insurance, zero minimum balance and more.


Suraksha Salary account from Airtel payment bank: detailed benefits

According to the recent survey report available online, there are over 60 million in the Indian MSME sector. These units employ a large number of the informal workforce who are not entitled to health care and social benefits as part of their wages. The lack of financial protection makes them extremely vulnerable, particularly in today's times.

The Suraksha Salary account was specially designed for this consumer cohort, says Airtel Payments Bank. Through the construction of this account, MSME and other organizations will be able to make cashless payments and also provide financial security coverage to their employees. 


The benefits of the Suraksha payroll account are as follows:

Free Hospicash insurance: In case of hospitalization, the account holder would be entitled to a fixed coverage of Rs 400 per day up to a maximum of ten days. The policy will also cover COVID-19 and mitigate the impact on the account holder due to possible payment losses and savings during hospitalization.


Free accident insurance: The account holder also gets free accidental group coverage of Rs 1 lakh. This guarantees additional financial protection for the family.


Minimum zero balance: The account does not have a minimum balance condition.


Easy withdrawals: The account holder can make physical cash withdrawals at Airtel Payments Bank's 500,000 banking locations across India. Customers can also make cash deposits and transfer money to these points.


Zero fees for cash transactions: There are no fees for cash withdrawals up to Rs 50,000 and deposits up to Rs 20,000 in one month. The account holder also gets two free card less cash withdrawals via IMT at ATMs across the country.


Free bank-to-bank money transfers across India - The account holder can make money transfers online to any bank in India.

Anubrata Biswas, MD and CEO of Airtel Payments Bank said: "We are delighted to launch the Suraksha Salary Account to meet the specific needs of people employed in the Indian MSME segment. Our research has reflected how the lack of protection causes the workforce is susceptible to financial setbacks, particularly in the event of illness. With this consumer vision, we have developed the Suraksha Salary Account to allow MSMEs to offer financial protection and formal banking experience to their employees. This innovative account is an addition important to our existing portfolio of customized products that aim to foster financial inclusion in the country. "

To begin with, the product will only be available to new bank customers. It will soon be available to existing customers who wish to manage their payroll accounts with Airtel Payments Bank.

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