Sneha Bandhan Yojana, a FD Scheme Initiative from the Government of India
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.
Features of the Sneha Bandhan Yojana:
Sneha Bandhan Yojana scheme is on the lines of a gift card or banker’s cheque. This can be used to be presented to your loved ones.
The gift cards are available in denominations of Rs. 201, Rs.351, and Rs.5001. The receiver of this cards, can open 0 balance accounts with any bank and deposit the card amount. If the receiver already has an account then it can be deposited there itself.
The cards will be linked to the government schemes like the Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana, any remainder balances will be added to a fixed deposit account carrying an interest rate of 8%.
The Limitations of Sneha Bandhan Yojana:
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.
Explanation for the Gift Products:
The Sneha Bandhan Yojana’s Gift Product of Rs. 201 will be split into life insurance and a fixed deposit, the split will be Rs. 12 paid immediately towards an insurance premium for the 1st year and the second year’s premium of Rs.12 will be maintained in a savings account. The remaining Rs. 177 will be opened in a fixed deposit for a term of 10 years, and the interest earned will be 8% per annum, this will amount to Rs. 14.16 which will be used for future premiums paid till the date of the fixed deposit.
For the Sneha Bandhan Yojana’s Gift Product of Rs. 351 this will be split into a Rs. 12 payment made towards, Pradhan Mantri Suraksha Bima Yojana, and another payment made of Rs. 330 made towards Pradhan Mantri Jeevan Jyoti Bima Yojana, the remainder of Rs. 9 will be set up in a savings account earning an interest of 8% per annum, this amount will not be deposited into a Fixed Deposit. The future premiums will need to be paid from your pocket every year.
The Gift Product of Rs. 5001 will be split in payments made of Rs. 342 for the first 5 years of the insurance premium cover, another Rs. 342 will be kept in a savings account for the next year's’ premium. The remainder amount of Rs. 4317 will be saved in a FD for a term of 5 or 10 years, with an 8% per annum interest rate, leading to interest earned to be Rs. 345.36 which will used to pay the remaining insurance premiums at the current rate till the date of the FD.
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I am doing Fixed Deposit with ICICI BANK and its been around 5years. They haven't been paying good interest and its more or less same like other banks as I used to hold my salary account with ICICI, I have decided to be with one bank. There is no locking period and its flexible. They do give good support and the app is user friendly. Even deposit account can be opened through i-mobile or net banking itself.
I had a Fixed Deposit in State Bank of India, I have completed the tenure before 3months ago. I have no issues with the customer service. They are given me 7% interest rate for 2years. There is no profit and processing fee. I got an online access, where I can check the interest rate anytime on the YONO app or else SBI online.
I have invested some money through FD. My salary account is in SBI so i have a zero ATM charges and the limit is not actually set by SBI. They do have short term FDs which is pretty good. I have invested the money of Rs. 60000 and the interest rate is 10.01% for the tenure period of 16 months. There is no lockin period. There is no hassle to getting the money back.
I have invested the money in Dena bank through Fixed deposit and the growth is not that much good. They are not taking any hidden charges. Only because of the Government undertaken bank, i have selected them. They are providing a interest rate of 6% per annum. I have invested the money of Rs. 2 lakhs. There is a lockin period of 1 year.
I have opt for fixed deposit for the tax saving purpose because I have chosen five years tenure with AXIS Bank, still its going on. Only once I Invested my money it has the locking period of five years. I have option to check my transactions through mobile app. But I have concern about the interest rate is very lesser for this FD.
I had fixed deposit with SBI then I withdrawn the amount, I done Rs. 3 lakhs of investment on my daughter name then I taken the liquidity to purchase the land, at the time I struggled a lot to take that money because the process was difficult to withdrawn the money after seven months of tenure.
I had a Fixed Deposit with Union Bank of India and its closed 18 to 19 months due to personal reasons. I am doing investment but my experience is not good with FD account. In my home town, there is no other banks so just decided to go with this bank. The returns are good.
I have one FD with HDFC, I deposited Rs. 1 lakh, I was opt for 45 days of tenure. Finally I got 6.25% of interest for 45 days. It won't cover the tax, if we need tax benefits we should go for five years term. I can track the details through netbanking, on the maturity date the amount credits automatically in the account. Even the notification can customized.
HSBC staff wrongly pre closed my fixed deposit .. and calculated the interest rates wrongly and when asked them for clarification never got back .. even after following up with them repeatedly for more than 3 months.. would highly recommend not using their services.
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A V kumar
Reviewed on Aug 24, 2019
I do have a Fixed deposit account with SBI and it was carried out by Mom and even I have account for my daughter. Its still running and they have Google application separately to access online. The returns are good. I am doing monthly investment and it was opened quite a long may be 4 years.
I just opened a Fixed Deposit with ICICI BANK and have not done any survey on this. I am account holder with them so it was easy to do FD account even they are providing 7% interest rate. The process is very user friendly and never faced any hassle. I could access this account via online.
In post office rate of interest is higher for the fixed deposit when compared to the bank, I invested Rs. 5000 on monthly basis its comes in a year Rs. 60,000 after 5 years I got Rs. 3.75,000 I got Rs. 75,000 extra. The service is not comfortable if we have any relative who working there it would supportive or else difficult.
I have FD with SBI, I have opt for one year term there is no such limitation for depositing the money. The interest rate is good for the FD, the online banking is convenient to take liquidity. They resolve the queries on time. Its most safe and secured.
I have selected state bnak of indis fixed deposit amount 1 lakhs , Tenure 5 years and Rate of interest 8 percentage after renewal fixed deposit 6 percentage is very less .while document directly bank . Customer service is not good and responsive.
I activated FD account with Kotak, I have been maintaining this account since when I opened saving account, I converted Rs. 5000 for one year. They are providing interest around 7.6% per annum, the online netbanking and mobile app is very convenient for deposit to FD.
I have invested my FD with ICICI BANK and also have a 3in1 account with them. The interest rate is pretty good. Recently started before 6months, I can do premature withdrawal and also have selected a locking period of 3 years. The customer service is good and overall am satisfied with this bank.
My Post office branch is located in own campus hence there is no queue. I opened the fixed deposit, I made one time investment for five years its has tax exemption. They are providing 7% of interest for per annum. I believe it has online access as well.
Chosen my fixed deposit from State bank of India. I have invested the money of Rs. 57000 and SBI is a most popular bank all over the India and offering all the facilities compared to bank. Since i have a salary account with them, its easy to transfer the money. They are providing the interest rate of 6.5%.
Union of India fixed deposit is same as other investment. Being an existing customer I have opt for one year of fd, the online banking feature is good to open and closing the account, they was no charges for the liquidity of fund before the maturity.
Chosen my fixed deposit from state bank of India because the given rate of interest is high. They are not deducting any service charges. I have invested the money of Rs. 1 lakhs and there is no lockin period and i have chosen the plan for 1 year and they are giving a interest rate of 6.75%.