Airtel Payments Bank announced the launch of Atal Pension Yojana for its savings account customers.

Airtel Payments Bank said it has become the first payments bank in the country to offer this Pension Fund Regulatory and Development Authority (PFRDA) administered scheme.

Atal Pension Yojana is primarily aimed at providing pension benefits and social security for workers in the unorganized sector. The scheme is available to account holders between the age of 18 to 40 and offers minimum guaranteed monthly pension of between Rs 1,000 and Rs 5,000, depending on the customer’s contribution. Customer’s contribution starts at Rs 42 per month.

In addition, the spouse gets a monthly pension after the death of the subscriber and the nominee gets the corpus amount of up to Rs 8.5 lakh in the event of the death of the subscriber and the spouse.

Airtel Payments Bank account holders can opt for Atal Pension Yojana through a simple and paperless process at 50,000 banking points across India. Airtel Payments Bank aims to expand the availability of the scheme at 100,000 of its banking points, Airtel Payments Bank CEO Anubrata Biswas said.