Indians celebrate Raksha Bandhan on August 29, which is a festival where brothers traditionally give gifts to their sisters and vow to protect them. Seeking to tap ‘Raksha Bandhan’ festival, GOI plans to launch a ‘Suraksha Bandhan’. By this, the center is planning to push its flagship social security plans through innovative schemes like gift cheques and special deposits to their loved ones.

Suraksha Bandhan – Points to Note

• The drive will be supported through the Jeevan Suraksha Gift cheques.
• The cheque will be available for purchase for Rs 351 in bank branches by persons wishing to gift them to facilitate one year payment of premium for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) by the recipient.
• The recipient of the gift cheque would deposit the instrument in his or her bank account for a realisable value of Rs 342 (Rs 12 + Rs 330) to cover one-year subscription to PMJJBY and PMSBY.
• The balance of Rs 9 from the purchase price of Rs 351 would be retained by the issuing bank as a service charge.
• Banks will also provide a facility to account holders under the Suraksha Deposit Scheme and the Jeevan Suraksha Deposit Scheme aimed at enabling them to deposit Rs 201 or Rs 5,001, respectively in their accounts.