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. These units employ large number of 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 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.
· 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. 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.
· 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 uptoRs 50,000 and deposits of uptoRs 20,000 in one month. The account holder also gets two free cardless 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.