Thursday, July 30, 2015

Pradhan Mantri Sneh Bandhan Yojana - PM Modi Yojana

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Do you know what Pradhan Mantri Sneh Bandhan Yojana Scheme is? Recently, our honorable Prime Minister Narendra Modi has announced to launch the scheme on 1st August 2015. What is the aim of this scheme? Who are eligible to apply? All the questions are answered below.

Pradhan Mantri Sneh Bandhan Yojana - PM Modi Yojana

Pradhan Mantri Sneh Bandhan Yojana
The Pradhan Mantri Sneh Bandhan Yojana Scheme is initiated for the purpose of gift on this year’s “Raksha Bandhan Festival” (which was going to be celebrated on 29th August, 2015). It is a fixed deposit scheme to gift your beloved sister. What do you say? It will be the best gift ever!

Well, under this scheme you can either purchase Gift Card or Banker’s Cheque and gift to your loved one. What is the next step? The receiver of the gift will have to visit her bank and submit the gift card. If you don’t have a bank account, then open with zero balance and deposit the gift card. However, the age limit is 18 years to 50 years to get the scheme.

These three Gift Cards are available in three demonstrations of Rs 201, Rs 351, and Rs 5001. Let’s have a look at all of them.

#1 Pradhan Mantri Sneh Bandhan Yojana Gift Card Rs 201:


With this Gift Card, you will gift the accidental insurance of Rs 2,00,000 under the “Pradhan Mantri Suraksha Bima Yojana”. Moreover, the rest of the amount will be altered to 10 years bank Fixed Deposit at a rate of 8% per annum. Below are some guidelines to purchase this Gift Card.

1. First of all, you will have to purchase the Gift Card of Rs 201.


2. Deposit it to the bank. After that, 12 Rs will be deducted automatically from the Gift Card under the Pradhan Mantri Suraksha Bima Yojana.


3. Moreover, the next year’s premium to Pradhan Mantri Suraksha Bima Yojana will be obtained individually in a savings account as a premium for the second year.


4. Furthermore, Rs 177 (201-12-12 = 177) will be converted as a Bank Fixed Deposit which will get 8% return for the upcoming 10 years. In short, Rs 177 will get Rs 14.16 yearly. In addition, this interest will be efficient to pay the interest of Pradhan Mantri Suraksha Bima Yojana.

#2 Pradhan Mantri Sneh Bandhan Yojana Gift Card Rs 351:

With this Gift Card, you are going to purchase Rs 200000 of accidental insurance under the Pradhan Mantri Suraksha Bima Yojana and also Rs 200000 of Life Insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana. Do you know how your Rs 351 will be used? Here is the explanation:

1. When you deposit the gift card to bank, Rs 12 will be auto-debited from the Gift Card under for one year premium of Pradhan Mantri Suraksha Bima Yojana. Moreover, it covers Accidental Insurance for sum assured of Rs 200000.


2. In addition, Rs 330 will be debited from Gift Card as a one year premium of Pradhan Mantri Jeevan Jyoti Bima Yojana. It covers Life Insurance for sum assured Rs 200000.
 

3. Moreover, the remaining Rs 9 will be deposited to the savings account of the account holder.

4. From the next year, subscriber must have to pay the premium for both of the schemes from his/her own pocket!

#3 Pradhan Mantri Sneh Bandhan Yojana Gift Card Rs 5001:

With this Gift Card, you are going to gift Rs 5001 to purchase Accidental Insurance of Rs 200000 under the Pradhan Mantri Suraksha Bima Yojana and also Rs 200000 of Life Insurance under the Pradhan Mantri Jeevan Jyoti Bima Yojana. Do you know how Rs 5001 will be utilized? We have explained it below.

1. Once the Gift Card is submitted to the bank, Rs 342 will be deducted from the Gift Card as a one year premium of Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana. It will cover the Accidental Insurance of Rs 200000 and Life Insurance of Rs 200000.

2. Moreover, the next year’s premium for both of the insurance schemes will be kept in the savings account of the account holder.

3. In addition, the remaining Rs 4371 will be altered in Fixed Deposit of either 5 years or 10 years. It will get an interest of 8% per annum.

4. The deposit will create a yearly income of Rs 345.36 and it will be used for the premium payments of both of the schemes.

These are the three available Gift Cards of Pradhan Mantri Sneh Bandhan Yojana Scheme. Well, here are some terms and conditions that every subscriber will have to follow.

1. The maintenance of both of the insurance schemes’ premium will be the responsibility of the subscriber only.
 

2. Moreover, existing rate of interest will be paid to the subscriber on the term / fixed deposits.
 

3. In addition, existing guidelines regarding the deduction of tax at source will be valid on the Fixed Deposit accounts.

For any query regarding Pradhan Mantri Sneh Bandhan Yojana Scheme, please leave comment below. Like earlier scheme's of Pradhan Mantri, Atal pension Yojana and Bima Yojana, this scheme also good for people of india.

Happy Rakshabandhan 2015 to all in advance!


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