Atal Pension Yojana for Airtel Payments Bank Subscribers By launching Atal Pension Yojana for its customers, Airtel Payments Bank has become the first bank in India to introduce the same for its customers. It is worth noting that Airtel Payments Bank account holders can subscribe to this scheme through a simple, secure and paperless process that will only take a few minutes. Airtel has also informed that Atal Pension Yojana will be available for its customers at 50,000 points of Airtel Digital Payments currently and then 100,000 banking points will be added to this network later. It is also worth noting that the Atal Pension Yojana is a Pension Fund Regulatory and Development Authority (PFRDA) administered scheme and this Government of India initiative has mainly been crafted to extend pension benefits to workers in the unorganised sector. Unlike the name would have you believe, this scheme will be available to the subscribers between the age of 18 and 40. It will offer minimum guaranteed monthly pension of between Rs 1,000 and Rs 5,000. This amount will depend on the customer’s contribution which starts at as low as Rs 42 per month. In addition to this, just like other pension schemes, the spouse of the subscriber will also get the pension after the death of the subscriber. Also, the nominee of the subscriber will get a corpus amount of 8.5 lakhs in case the spouse and subscriber both face demise. Airtel Payments Bank Now in Partnership with PFRDA PFRDA in a statement said: “Established with the primary objective of financial inclusion, the payment banks are poised to make a significant contribution to deeply proliferate financial services among the population who are underserved by the banking network.” Besides, this new pension scheme of the government, Airtel Payments has also partnered up with Bharti AXA to extend the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) to its subscribers as well. The PMJJBY is a government-backed life insurance scheme aimed at increasing penetration of life insurance products among the underinsured masses and boosting financial inclusion.
