Pradhan Mantri Sneh Bandhan Yojana: A Deposit Scheme To Gift

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Pradhan Mantri Sneh BandhanYojana is the latest scheme by the Government of India which will be launched on August 1, 2015.

Prime Minister Narendra Modi, on the occasion of Raksha Bandhan will announce three specially designed gift products which can be purchased from the Banks on payment of specified amount, for gifting the same.

However, the product is relevant for other festivals, social occasions and family celebrations also.
The gift instruments will be typically a bankers' cheque or Gift Card.

Pradhan Mantri Sneh Bandhan Yojana: A Deposit Scheme To Gift

One can deposit the instrument in her existing account or a new account to be opened. The bank can open a Zero balance account, if need be.

The three special designed Gifts are:

1) Instrument for Rs 201

This will facilitate premium payment for Pradhan Mantri Suraksha Bima Yojana over a period of several years.

2) Instrument for Rs.351

This will facilitate one year premium payment for Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana.

3) Instrument for Rs.5001

This will facilitate premium payment for both PMJJBY and PMSBY over a period of several years.

Know more about- Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Difference Between PMSBY and PMJJBY

Pradhan Mantri Sneh BandhanYojana: Gift card for Rs 201

An individual may invest an amount of Rs 201/- any time during the year for gifting.

  • Rs 12/- will be immediately paid to the insurance company as first years' premium.
  • Rs 12/- will be parked separately in a savings account of the insurer towards payment of second years' premium.
  • Balance amount of Rs. 177/- will be invested in a fixed deposits for ten years and interest will be payable around 8 per cent p.a, for earning annual interest income of Rs. 14.16 which will be sufficient for annual insurance premiums, at the current rate, up to the date of the Term Deposit.

Pradhan Mantri Sneh BandhanYojana: Gift card for Rs 351

An individual may gift an amount of Rs 351/- on Raksha Bandhan.

  • Which will facilitate towards funding of the recipients one time insurance premium for PMSBY and PMJJBY (Rs. 12/- + Rs 330/- i.e Rs 342/-),
  • The balance amount of Rs 9/- to be credited to the savings bank account of the insured. Subsequent insurance premia will have to be deposited by the insurer for continuing the insurance cover.

Pradhan Mantri Sneh Bandhan Yojana: Gift card for Rs 5001

An individual may invest an amount of Rs. 5001/- any time during the year for gifting.

  • The amount of Rs 342/- will be immediately paid to the insurance company as first years' premium.
  • Another Rs 342/- will be parked separately in a SB account of the insurer towards payment of second years' premium.
  • Balance amount of Rs 4317/ will be turned into fixed deposits of 5 years or ten years at the interest rate of 8 per cent per annum, which will be interest income of Rs 345.36 and will be sufficient for annual insurance premiums, at the current rate, up to the date of the Term Deposit.

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