New Delhi: If you have a bank account with the State Bank of India (SBI), there could be good news for you. The country’s largest state-owned lender is offering benefits up to Rs 2 lakh to its customers for free. However, the benefits are only available for SBI Jan-Dhan account holders using RuPay debit cards.
All eligible SBI Jan-Dhan account holders get a complimentary accidental cover of up to Rs 2 lakh. The amount of insurance depends on whether a customer opened Pradhan Mantri Jan Dhan Yojana (PMJDY) account before or after August 28, 2018.
Customers who had opened the Pradhan Mantri Jan Dhan Yojana accounts before August 28, 2018, are insured with an insurance amount of up to Rs 1 lakh with their RuPay PMJDY card.
On the other hand, customers who were issued a RuPay card after August 28, 2018, are provided accidental insurance with a sum assured of up to Rs 2 lakh with their RuPay PMJDY card.
For the unversed, the Central government’s Pradhan Mantri Jan Dhan Yojana aims to provide financial services to the unbanked. As part of the scheme, poor customers are allowed to open zero balance bank accounts. Customers can open bank accounts in state-owned banks such as SBI by completing the KYC process.
To encourage more customers open bank accounts, the government provides several other facilities under the Pradhan Mantri Jan Dhan Yojana. For starters, customers are provided with a RuPay debit card that provides accidental death insurance. Also Read: Aadhaar Card Update: Check how to change address on Aadhaar in simple steps
However, there are certain terms and conditions that are needed to be met to get the benefits of accidental death insurance. For instance, the Jan Dhan account holders must have successfully carried out a financial or non-financial transaction on any channel, both intra or inter-bank, with the linked RuPay debit card within 90 days from the date of the accident. Also Read: Russia-Ukraine War: Gaming giant Epic to donate Fortnite proceeds to Ukraine relief
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