Airtel Payments Bank has launched 'Bharosa Savings Account', which lets you open a savings account with just Rs 500 as minimum monthly balance. This has been brought in by Airtel Payments Bank especially to serve the needs unbanked and underbanked population of India and further contribute to the government's vision of financial inclusion.
The Bharosa Savings Account also offers free accident cover of Rs 5 lakh. However, the free personal accident insurance cover worth Rs 5 lakh will only be offered on maintaining the minimum balance of Rs 500. Not only that, but account holders will also be needed to make one debit transaction per month to avail the free personal accident insurance cover. Additionally, if you receive government subsidies in the Bharosa Savings Account or if make cash deposits in it, you will also be eligible for cashback.
The payments bank claims that this new development was bought in and designed on the basis of extensive market research. Also, to create formal banking behaviors of users and transactions through a bank account, all accessed through a point more close to the underserved.
At the launch, Anubrata Biswas, managing director, and CEO, Airtel Payments Bank, said, "Bharosa Savings Account is an innovative, differentiated and relevant offering designed to address the needs of the financially underserved. Its easy, accessible and convenient banking solutions are aimed at serving the Government of India's vision of financial inclusion."
This savings account will be available at over a quarter-million banking points of Airtel Payments Bank. One can also visit their nearest banking point and get their account open. With the Bharosa Savings Account, you will also be able to withdraw cash, check your bank balance or access a mini statement of your account at over 6.5 lakh AePS-enabled outlets across India.