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Pradhan Mantri Sneha Bandhan Yojana

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Govt. of India is launching new scheme Pradhan Mantri Sneha Bandhan Yojana which offers 8% interest. Pradhan Mantri Sneha Bandhan Scheme would be launched on 1 August, 2015 which is special government scheme being launched on Raksha Bandhan festival / Rakhi Festival. This is a FD scheme promoted by Govt. of India to gift your loved ones.

Features of Pradhan Mantri Sneha Bandhan Yojana Scheme

  • Pradhan Mantri Sneha Bandhan Yojana Scheme is a gift card or banker’s cheque that can be given to loved ones.
  • Gift cards carry a denomination of Rs 201, Rs 351 and Rs 5,001.
  • Each of this card would carry specific features to cover various schemes like PMBYS and Life insurance Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Balance amount (if any) would be deposited in a fixed deposit scheme which carry 8% interest.
  • The receiver of such gift card, can open zero balance account with any bank and deposit such card amount. In case, such receiver already has a bank account, they can deposit the card amount.

Limitations of Pradhan Mantri Sneha Bandhan Yojana Scheme

  • In reality, this is not FD scheme. Such a gift card is utilized for the insurance premium and the balance (if any) is converted into a bank FD scheme.
  • The insurance policy is taken at the receiver’s end through these gift cards. However, it is the responsibility of the receiver to make sure future premiums are paid on time and bank account is active to continue such accidential coverage insurance and life insurance.

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