New Delhi: Airtel Payments Bank on Monday launched `Suraksha Salary Account`, an innovative salary account services for the Micro, Small and Medium Enterprises (MSME).


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In a statement, Airtel Payments Bank said that through these innovative accounts, MSMEs and other organisations will be able to make cashless payments and provide a financial security blanket to their employees.


`Suraksha` salary account offers a wide range of benefits including hospital cash insurance and personal accidental insurance cover given the low penetration of insurance in India, it said.


An account holder under the offer gets free of charge group accidental cover of Rs 1 lakh. This ensures added financial protection for the family.


In the event of hospitalisation, the account holder would be entitled to a fixed cover of Rs 400 per 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, the statement further said.


The account has no minimum balance requirement and the account holder can make convenient cash withdrawals at Airtel Payments Bank`s banking points across India. Among other features, customers can also make cash deposits and transfer money at these points.


Anubrata Biswas, MD and CEO, Airtel Payments Bank said: "Our research reflected how lack of protection makes the workforce susceptible to financial setbacks, particularly in case of illness. With this consumer insight, we developed the Suraksha Salary Account to enable MSMEs to offer financial protection and formal banking experience to their employees."


To begin with, the product will be available only to new customers. It will be soon made available to the existing customers who wish to operate their salary accounts with Airtel Payments Bank, the company said.