Pradhan Mantri Suraksha Bandhan Yojana 2022 – All Detailed - Bank balance inquiry

Pradhan Mantri Suraksha Bandhan Yojana: Keeping in view the ensuing Raksha Bandhan Festival in mind specially designed Schemes “Suraksha Bandhan” are launched. However, these products have relevance for other festivals, social occasions and family celebrations also. These schemes are as below:

Jeevan Suraksha Gift Cheque- Rs.351/-
Suraksha Deposit SchemeRs. 201/-
Jeevan Suraksha Deposit Scheme Rs. 5001/-

India being a nation of festivals celebrates its rich traditional methods of bringing joy and peace to the lives of people. There have been a number of festivals in India which stand as a symbol of relationship between brothers and sisters. Raksha bandhan Which is called as Rakhi poornima in some parts of southern India is fest where a brother is tied a raksha by his sisters as a vow of protection and gift something to them. In August 2015 the prime minister of India has unveiled a scheme called “Suraksha Bandhan”. Let’s have a discussion on this.

These schemes are designed keeping in view the ensuing Raksha Bandhan festival in mind. However, the product is relevant for other festivals, social occasions and family celebrations also.
These Schemes are Restricted to PMSBY and PMJJBY schemes only.
The entry level of age for PMSBY is from 18 years to 70 Years. (Subject to updation from time to time.)
The entry level of age for PMJJBY is from 18 years to 50 years of age and renewal of insurance can be done up to Maximum 55 years of age. (Subject to updation from time to time.) Jeevan Suraksha Gift Cheque- Rs.351/-: The gifter (person who Gifts) buys

Many schemes have been started by the government Of India led by Shri Narendra Modi. Among these Suraksha Bandhan scheme could be described as a unique being signifying the relationship between the brother and sister. The main purpose of introducing this scheme is to strengthen the social security of women by way of encouraging the brothers to gift this scheme to their sisters widening the financial inclusion.

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This scheme is mainly driven by Jeevan Suraksha Gift Cheques issued by various banks. One who wants to gift these to their beloved ones can buy these from the banks directly and gift them to their sisters. The person who receives this cheques can visit their banks and deposit them into their account. Currently they are available with only those bankers who are offering PMSBY and PMJJBY.

These cheques are available in 3 denominations as Rs 201, 351 and 5001.

A deposit for Rs. 201/- can be deposited in cash or by cheque and any one, a gifter or beneficiary (giftee), can open the account. This will facilitate premium payment for Pradhan Mantri Suraksha Bima Yojana (PMSBY) over a period of several years.

In this out of the total 201 Rs 12 per annum will be allocated to the insurance premium towards Pradhan Mantri Suraksha Bima Yojna for two years. And the balance amount will be set aside as fixed deposit earning an interest of 8% p.a. The interest earned as such will be used to pay the premium of Pradhan Mantri Suraksha Bima Yojna, which gives a coverage of 2,00,000 accidental insurance.

Pradhan Mantri Jeevan Suraksha Deposit Scheme Rs.201.
Total	PMSBY Premium-Year 1	PMSBY Premium-Year 2	Balance (FD)
RS 201	RS 12	RS 12	RS 177

The gifter (person who Gifts) buys the gift instrument (Demand Draft), and gives to a sister or a relative as a gift on the given occasion. A Gift instrument (in our case a Demand Draft) for Rs. 351/- which includes Rs 12/- + Rs. 330/- Total Rs. 342/- for one year insurance premium for both the Schemes (PMSSBY & PMJBY) and Rs. 9/- being service charges to be retained by issuing bank.

This gift will provide two insurance benefits : accidental and life. Out of Rs 351 gift cheque bank will deduct Rs 12 per annum towards insurance premium of Pradhan Mantri Suraksha Bima Yojna which gives an accidental insurance cover for RS 2,00,000. Rs.330 will be deducted from Gift Card as a one-year premium of Pradhan Mantri Jeevan Jyoti Bima Yojana. This covers the Life Insurance for Sum Assured of Rs.2,00,000. Balance Rs.9 (Rs.351-Rs.12-Rs.330) will be deposited into a savings account of the person who deposited the cheque. From second year onwards they have to pay the insurance premium on their own.

Pradhan Mantri Jeevan Suraksha Deposit Scheme Rs.351
Total	PMSBY Premium	PMJJY Premium	Balance (FD)
RS 351	RS 12	RS 330	RS 9

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A deposit for Rs. 5001/- can be deposited in cash or by cheque and any one, a gifter or beneficiary (giftee), can open the account. This will facilitate premium payment for both PMJJBY and PMSBY over a period of several years.

This gift will also provide two insurance benefits: accidental and life. Out of Rs 5001 gift cheque, bank will deduct Rs 12 per annum towards insurance premium of Pradhan Mantri Suraksha Bima Yojna which gives an accidental insurance cover for RS 2,00,000. Rs.330 will be deducted from Gift Card as a one-year premium of Pradhan Mantri Jeevan Jyoti Bima Yojana. This covers the Life Insurance for Sum Assured of Rs.2,00,000. Balance Rs. 4317 (Rs.5001-Rs.12-Rs.330) will be deposited into a savings account of the person who deposited the cheque. The interest earned by this deposit 8% p.a will be used for meeting the insurance premium of subsequent years.