Post News Network
Bhubaneswar, August 8: Public sector lender Andhra Bank is hopeful of achieving 19 per cent growth in its total business at Rs 11,380 crore in the state during this fiscal, a top official of the bank said. “We expect to achieve a sound growth of 19 per cent in our total business at Rs 11,380 crore during FY16 in the state against Rs 9,504 crore achieved during last fiscal,” deputy general manager of Andhra Bank, Kishore Chandra Pradhan told reporters in an event to introduce three new schemes of Indian Banks’ Association (IBA).
On the new schemes introduced by the bank, Pradhan said, “With an aim to include financial excluded people of the state, IBA has modified three social security schemes recently introduced by the centre. Under this initiative, Pradhan Mantri Surakhsha Bima Yojana (PMSBY) has been modified to Surakhsha Deposit Scheme (SDS) and Pradhan Mantri Jeevan Jyoti Yojana (PMJJY) to Jeevan Suraksha Deposit Scheme (JSDS). The bank has also introduced Jeevan Suraksha Gift cheques (JSGC) on the eve Raksha Bandhan.”
Elaborating on the new schemes, Pradhan said one can avail Surakhsha Deposit Scheme (SDS) by depositing an amount of Rs 201 out of which Rs 24 will be deducted to adjust the accidental insurance premium for two years and the rest Rs 177 will be kept as fixed deposit for 5-10 years.
“If an account holder opts for Jeevan Suraksha Deposit Scheme (JSDS), then he will be covered under both the benefits of accidental coverage as well normal death coverage of Rs 4 lakh and Rs 2 lakh respectively. He can also get the sum assured due to complete disability,” assistant general manager of Andhra Bank, BK Tarai said adding under JSDS, the beneficiary has to deposit an amount of Rs 5,001 out of which Rs 684 will meet the insurance premium for first two years of both accidental and normal death coverage and the rest amount of Rs 4,317 will be fixed for 5-10 years. On benefits of the scheme, Tarai said interest earned from these fixed deposits will be adjusted to pay the annual premium of these insurance schemes. “Under JSGC scheme, an account holder can gift a cheque to its dear ones, which will be available at Rs 351. Out of this amount, Rs 342 (Rs 330+ Rs 12) will be adjusted towards PMJJBY and PMSBY premium respectively.”
