Pradhan Mantri Suraksha Bandhan Scheme

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Three different schemes, Jeevan Suraksha Gift Cheques (Rs. 351), the Suraksha Deposit Scheme (Rs. 201) and Jeevan Suraksha Deposit Scheme (Rs. 5001), are launched by Govt. of India for promoting Jan Suraksha Schemes [Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)].

Jeevan Suraksha Gift Cheque (Rs. 351/-)

The gifter will purchase gift instrument of Rs. 351/- out of which DD will be issued for Rs. 342 and Rs. 9/- will be collected as DD charges. The giftee will then deposit DD of Rs. 342/- in his/her account. Illustration is as under:

Total Amount to be collectedOne year Premium of PMSBYOne Year Premium of PMJJBYTotal (DD Amount)DD Charges
Rs. 351Rs. 12Rs. 330Rs. 342Rs. 9

Suraksha Deposit Scheme (Rs. 201/-)

Cash/Cheque can be deposited into the existing SB Account or newly opened SB Account. The appropriation of Rs. 201/- will be towards PMSBY. Illustration is as under:

Total Amount to be Deposited1st year Premium2nd Year PremiumTotal Amount of TD (5 Years)Indicative Returns# @8%* p.a.
Rs. 201Rs. 12Rs. 12Rs. 177Rs. 14.16

#Premium from 3rd year onwards will be recovered from interest payout in SB Account

Jeevan Suraksha Deposit Scheme (Rs. 5001/-)

Cash/Cheque can be deposited into the existing SB Account or newly opened SB Account. The appropriation of Rs. 5001/- will be towards PMSBY and PMJJBY. Illustration is as under:

Total Amount to be Deposited1st year Premium2nd Year PremiumTotal Amount of TD (5 Years)Indicative Returns# @8%* p.a.
Rs. 5001Rs. 12 + 330Rs. 12 + 330Rs. 4317Rs. 345.36

#Premium from 3rd year onwards will be recovered from interest payout in SB Account

Notes:

*Rate of interest will be prevailing rate
Beneficiary will have to fill up requisite forms and deposit the same to his Bank along with the DD
Interest will be credited to Savings Bank A/C on quarterly basis
Premium will be debited on last week of May of every year
Subscriber needs to ensure availability of funds in their SB Account for premium payments towards PMSBY or PMJJBY schemes from second year onwards
TDS: As per existing income Tax guidelines
Bank reserves the right to withdraw the scheme or terms and conditions of the scheme
Terms & conditions of PMJJBY & PMSBY shall prevail
 

To apply visit the nearest Kotak Mahindra Bank branch

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