A savings account is one of the bare essential financial needs of an individual. However, many individuals don’t yet have a savings account. To cater to the needs of unbanked customers, many banks and Fintech players have launched savings account especially meant for the economically weaker sections of the society.
Airtel Payments Bank has recently launch a savings account named ‘Bharosa Savings Account’.
Bharosa Savings Account is like a normal savings account. It allows customers to withdraw cash, check their balance and access a mini statement of their account. It is available across 6.50 lakh Aadhaar-enabled payment system (AePS) enabled outlets across India. Customers can also receive government subsidies in the bank account if they wish to.
To open the savings account, you can visit your nearest banking point or access it through the My Airtel section of the app.
As it is a payment bank, customers can only deposit up to Rs. 1 lakh.
It can’t offer any form of loan or credit card to its users.
Financial inclusion is the main objective of a payments bank. Airtel Payments Bank was the first bank to receive the nod to set up the payment banks. In 2015, RBI had given an in-principal nod to 11 institutions to start a payment business.
Currently, there are different easy options through which you can open a savings bank account. Several banks such as Kotak Mahindra Bank have zero balance account that you can easily open with your Aadhaar card and PAN card. Kotak 811 does not have any balance requirements or the initial account opening amount.
Also, there is no deposit limit after you complete the full KYC process. As these zero balance accounts are a part of an established bank, you can also avail other benefits such as credit cards and loans. Hence, you don’t have to migrate or look for other institutions to meet other financial needs.Tags: savings account, airtel payments bank, bharosa savings account
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