GOOD NEWS FOR SBI CUSTOMERS: SBI is giving free benefits up to Rs 2 lakh to its customers. Accident insurance is provided with a sum insured of up to Rs 2 lakh with the RuPay PMJDY card for customers who were issued RuPay cards after August 28, 2018.
GOOD NEWS FOR SBI CUSTOMERS: If you have an account with State Bank of India (SBI) , then there can be good news for you. The country’s largest government loan provider bank is giving free benefits of up to Rs 2 lakh to its customers. However, the benefits are available only to SBI Jan Dhan account holders (SBI JAN DHAN ACCOUNT HOLDERS) using RuPay Debit Card .
All eligible SBI Jan-Dhan account holders get an accidental cover of up to Rs 2 lakh. The sum insured depends on whether the customer has opened a Pradhan Mantri Jan Dhan Yojana (PMJDY) account before or after August 28, 2018.
Customers who had opened accounts of Pradhan Mantri Jan Dhan Yojana (PM JANDHAN YOJANA) before August 28, 2018 , their RuPay PMJDY card is insured with a sum insured of up to Rs 1 lakh.
On the other hand, customers who were issued RuPay card after August 28, 2018, accident insurance is provided with a sum insured of up to Rs 2 lakh with their RuPay PMJDY card.
For the unaware, the Central Government’s Pradhan Mantri Jan Dhan Yojana aims at providing financial services to the unaffiliated people. Under the scheme, poor customers are allowed to open zero balance bank accounts. Customers can open bank accounts in state-owned banks like SBI by completing the KYC process.
To encourage more and more customers to open bank accounts, the government provides many other facilities under the Pradhan Mantri Jan Dhan Yojana. For starters, customers are provided with a RuPay debit card that offers accidental death insurance.
However, there are certain terms and conditions that are required to be fulfilled in order to avail the benefit of accidental death insurance. For example, Jan Dhan account holders must have successfully performed financial or non-financial transactions on any channel, both intra- or inter-bank, with the linked RuPay debit card within 90 days from the date of accident.
