{"id":27899,"date":"2021-03-22T12:05:03","date_gmt":"2021-03-22T06:35:03","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=27899"},"modified":"2021-03-22T12:52:40","modified_gmt":"2021-03-22T07:22:40","slug":"suraksha-salary-account-launched-for-msmes-in-india","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/suraksha-salary-account-launched-for-msmes-in-india\/","title":{"rendered":"Overview on Suraksha Salary Account Launched for MSMEs in India"},"content":{"rendered":"\n

On\n15th<\/sup> June, 2020 Airtel Payments bank launched \u201cSuraksha Salary Account\u201d\nwhile India begins to open up following the COVID-19 lockdown. Airtel Payments\nBank announced Suraksha Salary Account keeping in view to make an innovative\nsalary account for the Micro,\nSmall and Medium Enterprises (MSME).<\/p>\n\n\n\n

MSME was introduced by Government of India by an agreement with Micro, Small & Medium Enterprises Development (MSMED) Act, 2006<\/strong>[1]<\/strong><\/a><\/sup>. MSMEs are the backbone of Indian economy and these entities cover all the micro, small and medium enterprises engaged in the manufacturing, production, processing or the preservation of goods and commodities.<\/p>\n\n\n\n

On\n15th<\/sup> June, 2020 Airtel Payments bank launched \u201cSuraksha Salary Account\u201d\nwhile India begins to open up following the COVID-19 lockdown. Airtel Payments\nBank announced Suraksha Salary Account keeping in view to make an innovative\nsalary account for the Micro,\nSmall and Medium Enterprises (MSME).<\/p>\n\n\n\n

MSME\nwas introduced by Government of India by an agreement with Micro, Small &\nMedium Enterprises Development (MSMED) Act, 2006. MSMEs are the backbone of\nIndian economy and these entities cover all the micro, small and medium enterprises\nengaged in the manufacturing, production, processing or the preservation of\ngoods and commodities.<\/p>\n\n\n\n

Why Suraksha Salary Account is\nImportant for MSME?<\/h2>\n\n\n\n

MSME sector in India has more than 60 million units and accounts for about 29% of the India\u2019s Gross Domestic Production.  The reason and the key features for coming up with the \u201cSuraksha Salary Account\u201d is given below:-<\/p>\n\n\n\n

\"Suraksha<\/figure><\/div>\n\n\n\n

Healthcare and Social Benefits <\/h3>\n\n\n\n

MSME\nhas employed huge number of the informal labour force. These labour forces are\nnot given any advantage or eligibility for healthcare and social benefits as a\npart of their salaries.<\/p>\n\n\n\n

Financial Protection<\/h3>\n\n\n\n

They\nlack any kind of financial protection and this makes them extremely vulnerable\nand helpless particularly in the present situation with the outbreak of\nCovid-19 pandemic.<\/p>\n\n\n\n

Cashless Payments <\/h3>\n\n\n\n

With the opening up of Salary account the labourers and workers of the MSMEs and other organisations will be able to receive cashless payments in their accounts directly. Thus, this will provide financial security coverage to them.<\/p>\n\n\n\n

Consumer Cohort<\/h3>\n\n\n\n

Suraksha Salary account has been planned exclusively for this consumer division. During this inventive account construct, the MSMEs and other business organizations have MSME registration<\/strong><\/a> shall be competent to make cashless payments which are also in vogue nowadays due to the covid-19 outbreak. The whole consumer cohort shall get the benefit of securing their financial position.<\/p>\n\n\n\n

Wide Range of Benefits<\/h3>\n\n\n\n

Suraksha\nSalary account by Airtel Payments Bank provides an extensive range of benefits\nthat shall include Personal Accidental insurance and Hospicash Insurance cover considering\nthe low penetration of the insurance in India.<\/p>\n\n\n\n

Details on Suraksha\nSalary Account<\/h3>\n\n\n\n

There is no minimum balance condition\nin this account. The Account holders will be competent to make cash withdrawals\nat 500,000 banking points throughout the whole India at Airtel Payments Bank’s.\n<\/p>\n\n\n\n

The account holders shall also able to\ntransfer money and make cash deposits at these banking points. The limits have\nbeen given that there is no charge on deposits of up to Rs 20,000 and\nwithdrawal of cash up to Rs 50,000 in the period of one month.<\/p>\n\n\n\n

Two Free Cardless Cash Withdrawal<\/h3>\n\n\n\n

The\nholder of account shall in addition also get two free withdrawal of cash that\ntoo cardless via IMT at ATMs throughout our whole country.  Suraksha Salary account will also permit free\nmoney transfers from bank to bank across the whole India.<\/p>\n\n\n\n

The Cabinet Committee<\/h3>\n\n\n\n

The\nCabinet has made the announcement to inculcate \u20b920,000 crores into this\nsector. The announcement came soon after the finance minister announced the\navailability of collateral-free loans worth \u20b93 lakh crore for MSMEs as a part\nof the economic package of the Atmanirbhar Bharat Abhiyan.<\/p>\n\n\n\n

Maintain Account Records<\/h3>\n\n\n\n

The\nAirtel Payments Bank’s salary account with the launch of Suraksha Salary\naccount has enabled the businesses to distribute salaries to the account\nholders of MSME in an effortlessly convenient manner. This will also promote\ndigital transaction and will lead to maintaining digital records for any future\nreferences and ease the tax processes of the account holders. <\/p>\n\n\n\n

The benefits of Suraksha Salary account shall be accessible only to the new bank customers for now. But the benefits shall be soon made accessible to the existing customers who shall choose to open their salary accounts with Airtel Payments Bank under Suraksha Salary account.<\/p>\n\n\n\n

What are the Benefits\nProvided under Suraksha Salary Account?<\/h2>\n\n\n\n

The\nbenefits provided to the workers of MSME who shall open their account under\nSuraksha Salary account is given below:-<\/p>\n\n\n\n

Free Hospicash Insurance<\/h3>\n\n\n\n

The account holder in the case of hospitalization would be\nentitled to receive a fixed cover of Rs 400 per day which shall extend to\nmaximum 10 days.<\/p>\n\n\n\n

This policy shall also cover COVID-19 and because of the\npotential loss of pay and savings this policy shall lessen the impact on the\nholders account during hospitalization.<\/p>\n\n\n\n

Free Accidental Insurance<\/h3>\n\n\n\n

This insurance policy has added financial protection for the\nfamily of the account holder. Free Accidental Insurance also provides free of\ncharge group accidental cover of Rs 1 lakh to all the account holders.<\/p>\n\n\n\n

Zero Minimum Balance<\/h3>\n\n\n\n

There is no minimum balance condition for the account holder\nunder Suraksha Salary account.<\/p>\n\n\n\n

Easy Withdrawals <\/h3>\n\n\n\n

The Suraksha Salary account holder has got the benefit for\ndoing cash withdrawals conveniently at the Airtel Payments Bank\u2019s that too\naround 500,000 banking points across India .This facility provides the\ncustomers to transfer money and make cash deposits at these banking points.<\/p>\n\n\n\n

Zero Charges on Cash Transactions<\/h3>\n\n\n\n

The account holder under the Suraksha Salary account are not\ncharged for withdrawing cash of Rs 50,000 and deposits into the account up to\nRs 20,000 in the duration of one month. They are also getting two free cash\nwithdrawal that too cardless through IMT at ATMs across the country. They can\ntransfer bank to bank money free of charge across India.<\/p>\n\n\n\n

Conclusion <\/h2>\n\n\n\n

The\nAirtel Payments Bank has launched the Suraksha Salary Account to exactly fulfil\nthe specific needs of the people who are employed in India\u2019s MSME sector. They\naim to focus on the reason that due to lack of protection in the workplace and\nhigh risk of financial setbacks especially during illness makes the employers\nvulnerable to work.<\/p>\n\n\n\n

Therefore, keeping in mind regarding the consumer insight, the Suraksha Salary Account was launched to facilitate MSMEs to provide formal banking experience and offer financial protection to their employees. Thus this innovation is a significant addition to aims at motivating financial inclusion in the country.<\/p>\n\n\n\n

Read our article<\/b>:\nMSME Registration: Essentials and Upcoming Benefits for Business\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"

On 15th June, 2020 Airtel Payments bank launched \u201cSuraksha Salary Account\u201d while India begins to open up following the COVID-19 lockdown. Airtel Payments Bank announced Suraksha Salary Account keeping in view to make an innovative salary account for the Micro, Small and Medium Enterprises (MSME). MSME was introduced by Government of India by an agreement […]<\/p>\n","protected":false},"author":33,"featured_media":27917,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[176],"tags":[1617],"acf":{"service_id":"71"},"authorName":"Kandarp Vanita","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/02\/image_2021_02_01T09_09_44_024Z.png","authorDescription":"Kandarp Vanita has done masters in Corporate and Commercial Law from WB National University of Juridical Sciences. She has 3 yrs of experience in drafting legal documents & dissertations. Being a curious reader, she is also passionately into providing legal backups and comprehensive understandings in every aspect of Law to the firms.","postViews":5913,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/27899"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=27899"}],"version-history":[{"count":17,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/27899\/revisions"}],"predecessor-version":[{"id":27941,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/27899\/revisions\/27941"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/27917"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=27899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=27899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=27899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}