India’s Airtel Payments Bank has introduced a new savings account to drive financial inclusion in the country.

The service, dubbed Bharosa account, is designed for underbanked and unbanked people in India.

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Customers can carry out basic banking services with the account. They are also entitled to free personal accident insurance cover of INR500,000 ($7013.5), by maintaining a minimum account balance of INR500 and one debit transaction per month.

Additionally, customers will receive cashback on cash deposits and if they choose to receive government subsidies in their Bharosa Account.

All accountholders can withdraw cash, check balances or receive a mini statement at around 650,000 AePS enabled outlets.

Airtel Payments Bank MD and CEO Anubrata Biswas said: “We are delighted to launch Bharosa Savings Account—a truly innovative, differentiated and relevant offering designed to address the needs of the financially underserved.

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“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.”

Airtel Payments Bank is one of the first payments bank to launch its operations in India. Currently, it offers services through a network of 500,000 neighbourhood banking points across the country.