There have been multiple instances recently where a debit entry of Rs. 330 has been detected in bank statements of savings account holders.
Why is this happening? Read on to find out!
Rs. 330 Deducted From Savings Accounts; Here’s Why
A deduction of Rs. 330 from savings accounts might happen anytime in the month of May. This deduction happens if the savings account holders have enrolled themselves in the government of India’s insurance scheme, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
The renewal date of PMJJBY is scheduled on June 1 every year. Also, the amount will be deducted by the banks any time in May. This ensures that the benefits of the scheme are available to every individual.
If in case an individual has multiple bank accounts in one or different banks, they will be eligible to be a part of the scheme through only one of the bank accounts An individual has multiple bank accounts in one or different banks they will be eligible to be a part of the scheme through only one of the bank accounts. Additionally it is advised to check your bank statement if there has been more than one deduction of Rs. 330.
If there has been more than one deduction, you will have to write to the other bank and get them to reverse the charges as the claim amount should only be paid once.
The PMJJBY Scheme: Who Does It Cover
The PMJJBY is a life insurance scheme valid for one year and is renewable from year to year. It also offers coverage for death due to any reason and is also available for people between 18 to 50 years of age as it has life cover up to age 55 who have a savings bank account and give their consent to join and enable auto debit. As per reports, the cover period is June 1 to May 31.
Under this scheme, a life cover of Rs. 2 lakh (term insurance) is offered at a premium of Rs. 330 per year for each individual. Here’s a break up of the Rs. 330 that is deducted every year:
- Insurance Premium to LIC /other insurance company: Rs.289 per annum per member
- Reimbursement of expenses to agent/bank: Rs.30 per annum per member
- Reimbursement of administrative expenses to the participating bank: Rs.11 per annum per member.