State Bank of India (SBI) is the largest public-sector bank catering to both urban and rural regions. With over 40 crore consumers, it’s truly the banker of almost every Indian. If you also have a saving account with the SBI and you have noticed some deductions from your account, then this news article might help you. In this article, we are going to tell you about the Rs 330 deduction from your State Bank of India account. It pains when hard-earned money is deducted from your account. So, if there has been a deduction from your SBI saving account as well, this article is for you.
Why Rs 330 Deducted From Your SBI Account?
If the SBI has debited your saving bank account with Rs 330, then it has been on account for the Pradhan Mantri Jeevan Jyoti Bima Yojana. Under this scheme, the bank provides you an accidental insurace cover under this central government scheme.
What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
The PMJJBY is the central government funded insurance scheme available to people in the age group of 18 to 50 years. The life cover of Rs 2 lakhs shall be for the one year period and will be renewable. Risk coverage under this scheme is for Rs 2 Lakh in case of death of the insured, due to any reason. The premium ranges between Rs 330 to Rs 436 per annum which is to be auto-debited in one installment from your bank account as per the option opted by you.
PMJJBY Premium Deduction
For those getting enrolled under PMJJBY for the first time during the middle of the policy period, payment of pro-rata premium is to be made, as given below. Thus, if the enrolment takes place during different months, the deductions will happen according to that.
* June, July & August –Annual premium of Rs 330 is payable.
* September, October & November –3 quarters of premium @ Rs 86 i.e. Rs 258 is payable.
* December, January & February – 2 quarters of premium @ Rs 86 i.e. Rs 172 is payable.
* March, April & May – 1 Quarterly premium @ Rs 86 is payable.
How To Stop Rs 330 Deduction From Your SBI Account?
If you want to stop deduction of Rs 330 from you SBI savings account, all you need to do is to visit your branch and give an application/fill a form asking the bank to discontinue your Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) susbscription. The bank will process your request and the same will get effective within a week. Thereafter, no deduction will take place from your account.