SBI: Has State Bank of India deducted Rs 330 from your account? This could be the reason

If you are a State Bank of India customer, you might have seen a deduction of Rs 330 from your bank account in the last few days. Many SBI savings account holders have seen this amount being deducted from their deposits. This has created confusion among many SBI customers.  

If you are wondering what could be the reason behind this deduction, read on to know the reason behind this.

The amount has been deducted by the public sector bank under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Take a look at what the Central government scheme is and how you can stop the deduction from your bank if you do not want to subscribe to this insurance plan any more.

What is the Pradhan Mantri Jeevan Jyoti Bima Yojana?

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a Central government scheme. It offers one-year insurance coverage to people between the ages of 18 and 50. Under this scheme, Rs 2 lakh insurance coverage is provided in case of untimely demise of the life insured due to any reason. The premium of the scheme is between Rs 300 and Rs 436 per annum. The amount is debited automatically from a person’s bank account. The PMJJBY is renewable every year.

Any non-resident Indian (NRI) with an eligible bank account in India will also be eligible for the scheme subject to fulfilment of certain terms and conditions. In case a claim arises, the money will be paid to the beneficiary in Indian currency only.

The cover shall be for a one-year period from June 1 to May 31. At the time of enrollment, the policyholder needs to enable auto-debit from the designated bank or Post Office savings account. For people who enrolled in the PMJJBY for the first time in the middle of the policy period, the premium amount on a pro-rata basis will be decided according to the month of joining.

PMJJBY premium rates as per month of joining

·      June, July and August –An annual premium of Rs 330 is to be paid.

·      September, October and November –Three quarters of premium i.e. Rs 258 is payable.

·      December, January and February –Rs 172 is to be paid.

·      March, April and May – Premium for one quarter or Rs 86 is to be paid.

How to stop deduction of Rs 330 from your SBI savings account?

If you want to stop Rs 330 being deducted from your SBI savings account, you need to visit your nearest branch and submit an application form to discontinue your PMJJBY subscription. The bank will process your request and your subscription to the insurance plan will be discontinued within a week. No amount towards premium will be deducted from your savings account after that.