by Suman Gupta
- The current account comes with Unlimited transactions* and Instant Activation
- Digitizes end-to-end payment process within minutes of activation
New Delhi, February 07, 2023: 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.”
*Unlimited Transactions are subject to fair practices code to avoid any fraudulent activity.
About Airtel Payments Bank-Airtel Payments Bank, India’s only profitable multi-segment fintech operating at scale with a banking license, offers a diverse range of simple, safe and convenient banking solutions through a strong network of 500,000 banking points spread across the country and its digital platforms. The Bank has also built a robust digital payments ecosystem across the country. Airtel Payments Bank is focused on contributing to the Government’s vision of Digital India and Financial Inclusion by taking digital banking services to the doorstep of every Indian.
