A number of circumstances of cash being deducted from financial institution clients’ financial savings accounts for insurance coverage with out their consent have come to the limelight. One such case was reported by an SBI buyer named Neeraj Punia. He claimed that his financial savings account had been debited for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) with out his permission. Taking to X (previously Twitter), he posted, “I haven’t given permission or signed any kind nonetheless my account has been debited for PMJJBY. How might you debit any account with out buyer authorisation.?@TheOfficialSBI.”
Replying to the tweet, The State Financial institution of India (SBI) mentioned that choosing any kind of insurance coverage or funding is solely elective.
“Kindly notice that choosing insurance coverage and different investments is solely voluntary and our branches present the data for the profit in addition to consciousness of our clients. We preserve a excessive commonplace of ethics whereas offering companies to the shoppers and no transaction is finished within the account of the client with out his/her consent. Additionally, notice that any kind of insurance coverage or funding isn’t necessary to avail any kind of service from us,” learn the SBI submit.
SBI clients can elevate a criticism towards misselling of insurance coverage insurance policies at https://crcf.sbi.co.in/ccf
-Please register a criticism on this regard at this hyperlink https://crcf.sbi.co.in/ccf as Private Phase/Particular person Buyer beneath the category- Common Banking>>Operation of Accounts>Disputed Debit/Credit score Transaction.
-Point out the transient particulars of the difficulty within the final column.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) launched in 2015, is a one-year life insurance coverage scheme renewable from 12 months to 12 months providing protection for demise. PMJJBY gives a renewable one-year time period life cowl of ₹2 Lakh to all of the subscribing checking account holders within the age group of 18-50 years, masking demise attributable to any cause, for a premium of ₹330 each year per subscriber, to be auto-debited from the subscriber’s checking account.
Supply: Live Mint