Airtel Payments Bank has today announced the launch of its Atal Pension Yojana that can be availed by all its savings account customers. According to the company, Airtel Payments Bank is the first ever in the country to offer the Pension Fund Regulatory and Development Authority (PFRDA) administered scheme.
We should mention that Atal Pension Yojana is an initiative by the Government of India that is aimed at providing pension benefits and social security for people who work in the unorganized sector. The scheme can be availed by any account holder who falls in the age bracket between 18 years and 40 years.
It offers a minimum guaranteed monthly pension between Rs 1,000 and Rs 5,000, that depends on the contribution made by the user. Another thing worth mentioning is that the contribution can be as low as Rs 42 per month. In addition to this, the spouse of the user will also get a monthly pension after the death of the subscriber. Furthermore, the nominee will get an amount of up to Rs 8.5 lakh in case the subscriber and the spouse both die.
Those who hold an account in Airtel Payments Bank can opt for the Atal Pension Yojana at 50,000 banking points across the country. Soon, the scheme will be available at 1,00,000 banking points.
Commenting on the strategic initiative, Mr Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank, said, “We are committed to building a financially inclusive India, and are happy to partner with PFRDA to add Atal Pension Yojana to the suite of financial inclusion products offered through our banking platform. With our unique and vast distribution, we can extend the benefits of this scheme to the unorganized workforce in a simple, easy and transparent manner, enabling financial security for all.”
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. Their outreach, technology platform and the potential target segment perfectly aligns with the ideal customer profiling of an Atal Pension Yojna subscriber. We are delighted to engage with Airtel Payments Bank and are confident that this partnership will help increase enrolments for Atal Pension Yojna across India.”
The company has also added that Airtel Payments Bank has been recognised by the PFRDA with the “APY Leadership Capital Award” in the “Small Finance Bank & Payments Bank Category”.
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