Airtel Payments Bank rolls out 'Suraksha salary account' for MSMEs

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," the bank said.

Airtel Payments Bank on Monday launched 'Suraksha Salary Account', designed specifically for Micro, Small and Medium Enterprises (MSME). India's MSME sector has over 60 million units and accounts for 29 per cent 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, and lack of any financial protection makes them vulnerable, particularly in the current times, Airtel Payments Bank said.

“Suraksha Salary Account has been desig-ned 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,” it said. 

The account offers benefits such as Hospicash Insurance and personal accidental insurance cover, keeping in mind the low penetration of insurance in India.

The account has no minimum balance condition. Account holders will be able to make cash withdrawals at Airtel Payments Bank's 500,000 banking points across India.

Customers will also be able to make cash deposits and transfer money at these points.

"There are no charges on cash withdrawals of up to Rs 50,000 and deposits of up to Rs 20,000 in one month," the statement said.