Airtel Payments Bank launches Bharosa Savings Account; maintain just Rs 500 balance

Airtel Payments Bank today launched Bharosa Savings Account. This has been designed to serve the needs of underbanked and unbanked customers, and also to contribute to the government’s vision of financial inclusion. The Bharosa Savings Account offers free Personal Accident Insurance cover worth Rs 5 Lakh on maintaining a balance of just Rs 500 along with one debit transaction per month, besides offering convenient banking services, said a company statement.

Customers will be also eligible for cashback - if they decide to receive government subsidies in their Bharosa Account or if they make cash deposits in it, said the company, adding that the Bharosa has been designed on the basis of extensive market research. Through this innovative account construct, Airtel Payments Bank aims to create formal banking behaviours of usage and transactions through a bank account, all accessed through a point more close to the underserved, it added.

Anubrata Biswas, MD & CEO, Airtel Payments Bank, said, “We are delighted to launch Bharosa Savings Account—a truly innovative, differentiated and relevant offering designed to address the needs of the financially underserved. This product stands apart in the Indian banking sector in being user-need focused, developed after months of extensive research, and designed to introduce millions of consumers to formal banking."

"It is an important addition to our existing bouquet of easy, accessible and convenient banking solutions that are aimed at serving Government of India’s vision of financial inclusion,” he added.  

This product is available at over a quarter million banking points. Bharosa Savings Account customers would be able to withdraw cash, check their balance or access a mini statement of their account at over 6,50,000 AePS enabled outlets across India.

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Notably, Airtel Payments Bank was the first payments bank to launch operations in India, offering digital banking services to customers through a network of 500,000 neighbourhood banking points spread across all states of India.