New Delhi, Jun 15 (IANS): Airtel Payments Bank on Monday announced the launch of 'Suraksha Salary Account' for the micro, small and medium enterprises (MSMEs).

Through this innovative account, MSMEs and other organisations will be able to make cashless payments and also provide a financial security blanket to their employees, the company said in a statement.

"This innovative account is an important addition to our existing portfolio of customized products that are aimed at driving financial inclusion in the country," Anubrata Biswas, MD and CEO, Airtel Payments Bank said in a statement.

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.

In the event of hospitalization, the account holder would be entitled to a fixed cover of Rs 400 a 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 account holder will also get free of charge group accidental cover of Rs 1 lakh. This ensures added financial protection for the family.

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, said the company.

There are no charges on cash withdrawals of up to Rs 50,000 and deposits of upto Rs 20,000 in one month. The account holder also gets two free cardless cash withdrawal via IMT at ATMs across the country.

The account holder can make online money transfers to any bank across India and the account has no minimum balance condition.