Airtel Payments Bank launches salary account for MSMEs

Mumbai, Jun 15 (KNN) Airtel Payments Bank on Monday launched a new salary account for Micro, Small and Medium Enterprises (MSME) named 'Suraksha Salary'.

The Suraksha Salary account will enable MSMEs and other organisations to make cashless payments and provide a financial security blanket to their employees and also provide financial security blanket to their employees.

The product will be available only to new bank customers for now. It will be soon made available to existing customers who wish to operate their salary accounts with Airtel Payments Bank.

“We are delighted to launch the Suraksha Salary Account to serve the specific needs of the people employed in India’s MSME segment. Our research reflected how lack of protection makes the workforce susceptible to financial setbacks, particularly in case of illness,'' said Anubrata Biswas, MD and CEO, Airtel Payments Bank.

''With this consumer insight, we developed the Suraksha Salary Account to enable MSMEs to offer financial protection and formal banking experience to their employees. This innovative account is an important addition to our existing portfolio of customized products that are aimed at driving financial inclusion in the country,” he added.

The account has no minimum balance condition. It offers no charges on cash withdrawals of upto Rs 50,000 and deposits of upto Rs 20,000 in one month. The account holder can make online money transfers to any bank across India.