Adv. Jagga writes to Finance Minister on deductions from the Bank accounts by the bankers on account of PMJJBY

Chandigarh, June 27

Ajay Jagga Advocate and Ex Member, Distt Consumer Protection Council Chandigarh Admn.  wrote in a letter to Nirmala Sitharaman, Union Finance Minister alleging arbitrary deductions from the Bank accounts by the Bankers on account of PMJJBY.

He wrote, the PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit.

He said Aadhar would be the primary KYC for the bank account. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason, Jagga added.

The premium is Rs. 436 per annum which is to be auto-debited in one instalment from the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. 

Jagga alleged that “But it appears that the Bankers are deducting money from the savings bank accounts on their own, without consent of account holder or consent taken in a hidden manner.”

 Jagga alleged that “Further they are deducting these charges even from the accounts of those who are of more than 50 years of age.” 

He wrote to the Minister saying that as such, many people don’t even check the statements or even after coming across the entry, don’t question. As such in the larger interest of the public, please send the instructions that

i) Consent of account holder is mandatory, for deduction

ii) Bank is no authorised to collect/deduct the amounts from the people who are below 18 or above 50. 

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