Pradhan Mantri Sneh Bandhan Scheme

By | July 21, 2015

Government is going to introduce a new scheme Pradhan Mantri Sneh Bandhan Scheme on 1st August 2015. This is a type of gift product which is made keeping Raksha Bandhan festival in mind. No doubt the gift scheme is equally good for other festivals and celebrations.

The Pradhan Mantri Sneh Bandhan Scheme gift card is in the form of a gift card or bankers’ cheque. The person who has got the gift has to deposit it in the bank in the existing bank account or the bank can open a new 0 balance Basic Savings Bank Deposit Account (BSBDA).

The above mentioned scheme gift card is available in 3 denominations ₹ 201, ₹ 351, ₹5001.

Pradhan Mantri Sneh Bandhan Gift Card for ₹201 – This gift card will facilitate premium payment of Pradhan Mantri Suraksha Bima Yojana for many years. ₹12 will be paid immediately for premium payment of PMSBY and ₹12 will be kept in saving account for next year premium payment and balance ₹177 will be deposited in term deposit scheme.

Sneh Bandhan Gift Card for 201

Pradhan Mantri Sneh Bandhan Gift Card for ₹351 – This gift card will facilitate one time premium payment of Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana. ₹12 + ₹330 will be deducted for both the schemes and balance of ₹9 will be deposited in saving account.

Sneh Bandhan Gift Card for 351

Pradhan Mantri Sneh Bandhan Gift Card for ₹5001 – This gift card will facilitate premium payment of Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana for many years. ₹342 will be paid immediately for premium payment of PMSBY and PMJJBY and ₹342 will be kept in saving account for next year premium payment and balance ₹4317 will be deposited in term deposit scheme.

Sneh Bandhan Gift Card for 5001

Banks have to make sure that the person who has got the gift enroll in the insurance schemes and fill all the essential forms. If the person is already has enrolled in the scheme previously and already paid for the year then the funds can be used for the next year premium payment.

For the gift card of value ₹ 201 and ₹5001, bank will have to open fixed deposit for payment of premium every year. The banks are advised to keep premium for 2 years and keep rest amount in fixed deposit.

Note:

Maintenance of insurance scheme is responsibility of the account holder.

Current rate of interest will be paid on term deposits.

One thought on “Pradhan Mantri Sneh Bandhan Scheme

  1. Sandra

    Hi my name is Sandra and I just wanted to drop you a quick note here instead of calling you. I came to your Pradhan Mantri Sneh Bandhan Scheme | Sukanya Samriddhi Yojana Account.

    Reply

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