The Sneha Bandhan Yojana, was launched by the Government of India on August 1, 2015, on the occasion of Raksha Bandhan. The Prime Minister Narendra Modi announced 3 special gift products will be available in banks for purchase for a specific amount and this can be gifted to a loved one. These gift products are not only meant for the occasion of Raksha Bandhan but can be purchased for any special occasion, like festivals, social occasions and wedding celebrations etc. These gift products will basically be gift card or bankers cheque, when deposited into the bank, a new account will be opened. The 3 special gift products are Instrument for Rs 201, Instrument for Rs.351, and Instrument for Rs.5001. This will consist of a life insurance as well as a fixed deposit.
The Sneha Bandhan Yojana also has its terms and conditions, the insurance schemes premium will need to be paid and will be responsibility of the insured or the customer. The rate of interest will be paid on the term / fixed deposits will be as per the current rate of the bank. The deduction of TDS will be applicable on the term / fixed deposit accounts as per the prevailing guidelines.
Sneha Bandhan Yojana's Gift Product of Rs. 201
Sneha Bandhan Yojana's Gift Product of Rs. 351
Gift Product of Rs.5001
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