Know why SBI is deducting Rs 330 from your savings account!

SBI (State Bank of India) is the largest public-sector bank that caters to both urban and rural regions. It is certainly the bank of the nation with a consumer base of over 40 crore people. If you own a savings account at SBI, it is likely that you would have noticed a deduction of Rs 330 from your account.

In this article, you will get to know the reason behind the deduction.

If SBI has deducted Rs 330 from your savings account, then it has been taken into account for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Under this scheme, SBI provides you with accidental insurance coverage under the Central Government scheme.

PMJJBY is a scheme funded by the Central Government and is applicable to people between 18 to 25 years of age. The risk coverage under this scheme is Rs 2 lakh in case of the death of the insured. The premium charges range between Rs 330 to Rs 436 per annum. This amount is to be auto-debited from your bank account in one installment as per the option opted by you.

The deductions from your SBI savings account will vary based on the month of enrolment into the scheme. The varying premium subscription amounts are as follows:

• June, July, and August: Annual premium of Rs 330 is payable.
• September, October, and November: Three quarters at Rs 86, i.e., Rs 258 is payable.
• December, January, and February: Two quarters at Rs 86, i.e., Rs 172 is payable.
• March, April, and May: One quarter at Rs 86 is payable.

In case you do not want to be a member under PMJJBY you can always cancel your subscription. All you have to do is to visit your nearest branch. You will have to fill out a form asking your bank to discontinue your subscription. Your request will be processed in no more than a week’s time. Following this, no deduction will be made from your SBI savings account.