Airtel Payments Bank today announced the launch of its current account – BizKhata, which comes with unlimited transactions* and instant activation for small merchants and business partners across the country.
A large number of small business owners continue to use savings accounts for business purposes as they cannot meet the minimum balance requirement of the business accounts. This makes the process of differentiating personal and business transactions cumbersome.
Airtel Payments Bank’s BizKhata has been designed specifically for these small merchants and business owners. It brings all business transactions to one platform and allows them to maintain clear records while enjoying multiple banking benefits.
- Unlimited transactions* – Do Unlimited credit and debit transactions.
- Instant Activation – Customer can start using the account within 5 minutes of opening it.
- Zero Minimum Balance – The account has no minimum balance condition.
- Safe and Seamless Payment digitization– Business owners can receive and make online payment transfers to any bank across India through IMPS, UPI, NEFT and IFT. In addition, the account comes linked to a QR code to receive payments from any UPI app.
- Auto Sweep-out – Day-end balance above INR 200,000 will be auto sweep-out to a current account with the partner bank. With a single click, the user can transfer the sweep amount back to the business account.
- One-click transaction history – Business owners can download the transaction history with a single click and reconcile transactions.
The current account solution will be available to existing and new merchants and business partners of Airtel Payments Bank. A business owner can easily open this account within 5 minutes with biometric authentication and minimal paperwork.
Ganesh Ananthanarayanan, Chief Operating Officer of Airtel Payments Bank, said, “At Airtel Payments Bank, we aim to make banking accessible and simple. Our research reflected that fear of high charges levied on not meeting the minimum balance requirement and going beyond the defined number of transactions is a setback for small business owners to start a business account. With this insight, we created BizKhata account to enable and offer the benefits of business banking to small business owners. This account is an important addition to our existing portfolio of business products.”