“Customers visiting Customer Service Points (CSPs) of SBI will need only their Aadhaar to enrol in social security schemes. The functionality does not require customers to carry passbooks to the CSP outlet for enrollment. SBI’s advanced system simplifies and expedites the enrolment process making it faster and more convenient than ever before,” mentioned the release. Customer Service Points (CSPs) of SBI are kiosks that facilitate SBI customers into doing certain transactions. The list of transactions that can be done at CSPs includes account opening, Aadhaar updation in a bank account, mobile number updation, cash deposit, cash withdrawals, and others.
Some of the popular social security schemes are: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY).
Dinesh Khara, Chairman of SBI, said, “Our goal is to empower every stratum of the society by removing the barriers that hinder access to financial security. This technology-driven enhancement is a testament to SBI’s commitment to improve financial inclusivity and social welfare through digitisation.”
“This dynamic step is expected to significantly enhance the coverage of social security schemes, ensuring that the advantages of these schemes are leveraged by the ones who need them the most. By reducing paperwork and simplifying processes, SBI aims to champion customer convenience and contribute to the larger goal of a digitally empowered and financially secure India,” said SBI in the release.
Different social security schemes
“Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance product available to purchase by people in the age group 18 to 50 years who also have a bank account. The life cover amount is Rs 2 lakh and the annual premium is Rs 436, which will be auto-debited from an individual’s bank account,” according to the Department of Financial Services website. “Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a general insurance product which people in the age group 18 to 70 years can take up. The risk coverage amount in this scheme is Rs 2 lakh for accidental death and full disability. And for partial disability it is Rs 1 lakh. The premium for this policy is Rs 20 per annum,” according to the Department of Financial Services website. Atal Pension Yojana (APY) is a social security pension scheme launched by the Government of India in the 2015-16 budget. This scheme focussed on giving a fixed monthly pension to those people who are working in the unorganised sector. Further, APY is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through the National Pension Scheme architecture.
“Under the APY, there is a guaranteed minimum monthly pension for the subscribers ranging between Rs. 1000 and Rs 5000 per month. The benefit of minimum pension would be guaranteed by the GoI,” said APY in a brochure.
