A customer reported that SBI debited money from his savings account for PMJJBY without his consent.
In a concerning trend, multiple cases have emerged where banks have deducted funds from their customers’ savings accounts for insurance policies without obtaining explicit consent. A recent incident reported by Neeraj Punia, a customer of the State Bank of India (SBI), sheds light on this issue. Punia alleged that SBI debited money from his savings account for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) without his prior authorization.
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SBI Customer’s Complaint
Writing on the X platform (formerly Twitter), Neeraj Punia expressed his dismay, stating, “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 authorization, SBI?”
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Bank’s Response
In response to Punia’s complaint, SBI clarified its stance on the matter. The bank emphasized that customers have the freedom to choose insurance or investment products and that bank branches provide information for the benefit and awareness of customers. The bank’s statement underlined its commitment to maintaining ethical standards in its services, assuring customers that no transaction is carried out in their accounts without their explicit consent. Furthermore, SBI clarified that insurance or investment products are not mandatory to avail of any banking service.
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How to File a Complaint
SBI customers who believe they have experienced wrongful selling of insurance policies and wish to lodge a grievance can do so through the bank’s complaint portal. They can visit the link https://crcf.sbi.co.in/ccf, navigate to the Personal Segment/Individual Customer category, and select “General Banking- Operation of Accounts- Disputed Debit/Credit Transaction.” In the last column, customers can provide a brief description of the issue, and the dedicated team will investigate the matter.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was introduced in 2015. It is a one-year life insurance scheme that provides coverage in the event of death, with the option for annual renewal. PMJJBY offers a one-year term life cover of Rs 2 lakh to all bank account holders aged between 18 and 50 years. This policy covers the insured’s demise due to any cause. The annual premium for PMJJBY is Rs 330, and customers can choose to have it auto-debited from their bank accounts.
