Can SBI deduct payment for insurance? Check what State Bank of India says
savings account had been debited for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) without his permission. Taking to X (formerly Twitter), he posted, “I haven’t given permission or signed any form still my account has been debited for PMJJBY.
How could you debit any account without customer authorisation.?@TheOfficialSBI." Replying to the tweet, The State Bank of India (SBI) said that opting for any type of insurance or investment is purely optional. “Kindly note that opting for insurance and other investments is purely voluntary and our branches provide the information for the benefit as well as awareness of our customers.
We maintain a high standard of ethics while providing services to the customers and no transaction is done in the account of the customer without his/her consent. Also, note that any type of insurance or investment is not mandatory to avail any type of service from us," read the SBI post.
SBI customers can raise a complaint against misselling of insurance policies at https://crcf.sbi.co.in/ccf -Please register a complaint in this regard at this link https://crcf.sbi.co.in/ccf as Personal Segment/Individual Customer under the category- General Banking>>Operation of Accounts>Disputed Debit/Credit Transaction. -Mention the brief details of the issue in the last column.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) launched in 2015, is a one-year life insurance scheme renewable from year to year offering coverage for death. PMJJBY offers a renewable one-year term life cover of ₹2 Lakh to all the subscribing bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of ₹330 per annum per subscriber, to be auto-debited from the subscriber’s bank account.
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