Did your bank deduct Rs 330 from your savings account in May? Here’s why

New Delhi: Many savings account holders are finding a debit entry of Rs 330 in their bank statements or text messages from their banks saying Rs 330 has been debited from their savings account.

For others, such a deduction may happen anytime in the month of May if they have enrolled themselves in the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the government of India’s insurance scheme. The renewal date of PMJJBY falls on June 1 each year and the banks deduct the charges anytime in May to ensure the scheme benefits are available to the customer.

What is PMJJBY?

The government-backed Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance scheme that was launched around six years back. The insured’s nominee gets ₹2 lakh payout upon death from any cause.

What if you have multiple bank accounts?

In the case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank account only. It is better to check your bank statement to see if there has been more than one deduction of Rs 330. In that case, you will have to write to the other bank to reverse the charges as the claim amount is to be provided only once.

Who is eligible for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

Prime Minister Jeevan Jyoti Bima Yojna has a one-year insurance term policy stretching from June 1 to May 31 and covers life insurance cover for death due to any reason (including COVID), including murders and suicides.

Launched on May 9, 2015, this insurance scheme offers Rs 2 lakh term insurance cover to bank holders aged between 18 to 50 years (life cover up to 55 years) and the annual payable premium is Rs 330 if signed up between June and August.

The eligibility of the scheme will no longer be valid if the age limit is 55 or due to the closure of a bank account or due to lack of balance. Individuals who exit the scheme have the option to re-join it by paying the annual premium and submitting a declaration of good health.

How to register for PMJJBY?

The process of registering for Pradhan Mantri Jeevan Jyoti Bima Yojana is an easy and straightforward task and is managed by LIC and other private insurance companies.

If the nominee’s bank account is linked with the insurance firms, one can contact their respective bankers for the registration process. If a person has more than one bank account at one bank or another, then he or she cannot avail of the scheme.

When can you buy the policy?

An individual can buy the policy any time of the year but the premium payable may vary according to the date of enrollment. The premium is paid on a pro-rata basis and this came into force in the w.e.f. policy year 2018-19.

If one has enrolled during the months of June, July and August, an annual premium of Rs 330 is payable. An amount of Rs 258 will be payable if the enrollment takes place in September, October and November. If enrolment is done in December, January and February, Rs 170 is the payable amount.

For the months of March, April and May, a quarterly premium of Rs 86 is payable. The full year’s premium of Rs 330 would be payable at the time of renewal under the scheme.


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