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Should you get a Bharosa Savings Account?

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’.

What is 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.

Features and Benefits of Bharosa Savings Account?

  • Bharosa Savings Account does not carry any minimum average balance.
  • One debit transaction is allowed every month.
  • Customers get Rs. 5 lakh personal accident insurance cover if a minimum balance of Rs.500 is maintained.
  • Customers can also receive cashback if they opt to receive government subsidies in Bharosa Savings Account.
  • The bank account can be accessed through a network of 5 lakh banking points that are spread across the country.
  • Customers can also transfer money transfer to family and friends, recharge their mobile and DTH, utility bill payments, and carry out online and offline shopping.
  • The savings account comes with a virtual debit card.
  • Card-less cash withdrawals are available at more than 1 lakh ATMs in the country.

To open the savings account, you can visit your nearest banking point or access it through the My Airtel section of the app.

Limitations of the Savings Account

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.

About Airtel Payments Bank

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.

Should you open the savings bank account?

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.

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