SBI, Canara Bank deducting money for govt insurance schemes from savings accounts without consent; complaints flood X
SBI), the largest lender in the country, and Canara Bank, have taken to social media platform, X, to complain that they are being charged yearly premiums for government insurance schemes without their consent.
Banks are debiting insurance premiums for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY) for life insurance, Pradhan Mantri Suraksha Bima Yojana (PMSBY) for accident insurance without obtaining prior consent from customers, the complaints read.
Sibananda Panda, an SBI account holder mentioned on X on November 24, 2023, that the bank had deducted an amount from his account for the PMJJBY insurance scheme without his consent. Further, he said that he had not applied for the scheme.
Answering him, the official account of SBI said on the social media platform, «Please note that opting for insurance and other investments is purely voluntary and our branches provide the information for the benefit and awareness of our customers. Please register a complaint at this link under the category- General Banking>>Operation of Accounts>>Disputed Debit/Credit Transactions.
Similarly, another SBI customer, Pranab Mahato, said on November 22, 2023, that his savings account was registered with the PMJJBY without his permission.
Here are some of the other complaints posted on X against SBI for deducting money from customers' accounts for government insurance schemes
ET Wealth Online sent SBI emails seeking a response to this story on customer complaints. At the time of publishing this story, the PSU bank had yet not replied to the emails.
Customers of Canara Bank have complained about the same issue earlier.
