Airtel Payments Bank on Tuesday announced the launch of 'Bharosa savings account'. The 'Bharosa savings account' will enable customers to withdraw cash, check balance and access mini statement of the account at over 6,50,000 Aadhaar Enabled Payment System (AePS) outlets across the country, the company said in a statement. This savings account will also offer a free accident cover of Rs 5 lakh. However, the free personal accident insurance cover will only be provided on maintaining the minimum balance of Rs 500 along with one debit transaction per month, the company added.
On receiving government subsidies in the Bharosa Savings Account or on making cash deposits in it, customers will also be eligible for cashback.
Airtel Payments Bank said it aims to create formal banking behaviours of usage and transactions through a bank account, all accessed through a point more close to the underserved. "Bharosa account has been designed on the basis of extensive market research," it said.
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 opened.
"The benefits of this product will be further amplified through a structured roadway for phased introduction of other features linked to formal banking," said Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank.
Airtel Payments Bank offers digital banking services to customers through a network of 5,00,000 neighbourhood banking points spread across all states of the country, according to the release.