It’s a time for High Five for every Indian!! After four super successful schemes launched by Prime Minister Shri Narendra Modi earlier, another one was launched on August 01, 2015 in the name of Pradhan Mantri Sneha Bandhan Yojana now named as Suraksha Bandhan with an objective to encourage brothers to gift security schemes to their sisters and also enhance financial inclusion. This social security scheme would be driven by various banks and insurance companies which are offering the newly launched cheapest insurance schemes.

Benefits/Features of Suraksha Bandhan

This scheme is especially made for Raksha Bandhan festival in which brother can buy gift cheques with pre-fixed denomination and gift it to his sister. The gift cheques can be purchased any time in a year and gifted for any occasion.

Where to purchase gift card from? You can buy gift cheques from all the banks which are offering PMSBY and PMJJBY.

How will the money get deposited? Receiver of the gift card needs to visit her bank and deposit the card. If there is no bank account then zero balance bank account can be opened. You can also open zero balance account under Jan Dhan Yojana.

Here are the details of three gift cheques:

1. Jeevan suraksha gift cheque of Rs. 351 will be used to pay one year premium of Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana. Here’s a table showing how this amount will be used and the balance that would be credited to the bank account of the recipient for future premium payment.

   Gift Card Amount (In Rs.)	One Year PMSBY Premium	One Year PMJJBY Premium	Total	Balance that will be credited in the bank account
   351	12	330	330+12=342	9

2. Suraksha deposit scheme worth Rs. 201 will be used to pay the premium for 1st and 2nd year of Suraksha Bima Yojana. Remaining amount will be used for investing in term deposit for 10 years. The interest rate offered will be 8.0% per annum and earned annual income can then be used for PMSBY premium. Here’s a table showing how this amount will be used and the term deposit interest income.

   Total Deposit Amount to be paid	1st Year Premium for PMSBY	2nd Year Premium for PMSBY	Total Amount of FD	Returns on term deposit of Rs. 177 @ (8% p.a)
   201	12	12	201-12-12=177	14.16

3. Jeevan suraksha deposit scheme worth Rs. 5001 will be used to pay the premium for 1st year of PMSBY and PMJJBY. Remaining amount will be used for investing in term deposit for 10 years. The interest rate offered will be 8.0% per annum and earned annual income can then be used for PMSBY premium. Here’s a table showing how this amount will be used and the term deposit interest income.

   Total Deposit Amount to be paid	1st Year Premium for PMSBY + PMJJBY	2nd Year Premium for PMSBY + PMJJBY	Total amount of FD	Returns on term deposit of Rs. 177 @ (8% p.a)
   5001	12 (PMSBY) + 330 (PMJJBY) =342	12 (PMSBY) + 330 (PMJJBY) =342	5001-342-342=4317	345.36

Previous successful schemes launched by Prime Minister were:

1. Jan Dhan Yojana: Bank account for every Indian household.
2. Suraksha Bima Yojana: Cheapest insurance scheme for accidental death and disability.
3. Jeevan Jyoti Bima Yojana: Cheapest life insurance scheme.
4. Sukanya Samriddhi Yojana: Small deposit account for girl child for securing her future. Read in detail about the features of SSA.

Suraksha Bandhan – a fixed deposit scheme is also expected to garner good response as it is a good way to secure your sister’s future and at the same time promote social security system. Also read about Sukanya Samriddhi Account for the securing girl child’s future.