Airtel Payments Bank today announced the launch of Bharosa Savings Account, designed to serve the needs of underbanked and unbanked customers and contribute to the Government’s vision of financial inclusion.

Besides offering convenient banking services, Bharosa Savings Account offers free Personal Accident Insurance cover worth Rupees Five Lakhs on maintaining a balance of just Rs 500 along with one debit transaction per month.

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, Payments Bank said.

With Bharosa, Airtel Payments Bank aims to create formal banking behaviors of usage and transactions through a bank account, all accessed through a point more close to the underserved.

Anubrata Biswas, MD & CEO, Airtel Payments Bank, said, “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.”

The service will also be enhanced through a phased introduction of other features linked to formal banking. To begin with, this product is available at over a quarter million banking points. Bharosa Savings Account customers can also withdraw cash, check their balance or access a mini statement of their account at over 6,50,000 AePS enabled outlets across India.

Airtel Payments Bank offers digital banking services to customers through a network of 500,000 neighborhood banking points spread across all states of India.