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The cooperative sector has been playing distinct and significant role in the process of socio-economic development of the country. Therefore, cooperatives have been accepted as the best agency for agricultural credit with their organizational potential to reach millions of farmers and thereby establish the grass-root contacts. Cooperatives are a major economic force in developed countries and a powerful business model in developing ones. View more
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Fixed Deposit

5.75%

Individual (365 Days)

6.25%

Senior Citizen (365 Days)
More Rates
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The Gujarat State Co-operative Bank LTD.

GSC Bank provides the following policies (as certified corporate agent of New India Assurance, Bajaj Allianz Insurance & IFFCO TOKIO Insurance)

Jyotirgamay

Today everything is fine. Tomorrow it may not. Life can throw up any kind of unforeseen & unexpected challenges. Protect yourself and your family against all risks with GSC Banks Insurance Plans. As a certified corporate agent of Exide Insurance, IFFCO TOKIO, New India Assurance & Bajaj Insurance, GSC Bank covers all your insurance needs with a wide variety of products.

Jyotirgamay Plus

Today everything is fine. Tomorrow it may not. Life can throw up any kind of unforeseen & unexpected challenges. Protect yourself and your family against all risks with GSC Banks Insurance Plans. As a certified corporate agent of Exide Insurance, IFFCO TOKIO, New India Assurance & Bajaj Insurance, GSC Bank covers all your insurance needs with a wide variety of products.

Pradhan Mantri Suraksha Bima Yojna(PMSBY)

The Pradhan Mantri Suraksha Bima Yojana policy helps you stay prepared in cases of unforeseen emergencies. The PMSBY scheme helps you especially when you are faced with unexpected death and impairments towards you and your family. The Pradhan Mantri Suraksha Bima Yojana has certain features and benefits that make the average person keen to invest in it. The premium to be paid is as low as Rs. 12 per annum, per member of the family. In case of death, the sum insured is 2 lakhs. Finally, in cases where there is a loss of eye or limb, the sum insured is 1 lakh.

Enhanced Protection

Low Premium Amount

Death Benefit

Loss of Eye or Limb

Features and Benefits

Understand your plan

Premium:

  • Rs. 12/- per annum, per member

Enrollment Modality / Period

  • The cover shall be for the one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year.
  • Individuals who exit the scheme at any point may re-join the scheme in future years by paying annual premium in one installment. New entrants into the eligible category from year to year or currently eligible individuals who did not join earlier shall be able to join in future years while the scheme is continuing.
  • The coverage under the scheme shall end every year 31st May irrespective of scheme joining date.
  • June 2016 onward the coverage under the scheme shall start from debit date of premium amount.

Renewal: The renewal premium would be auto debited by bank prior to 1st June every year or as per the directives from MOF(Ministry of Finance).

Product Benefits

Table of BenefitsSum Insured
DeathRs. 2 Lakh
Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or FootRs. 2 Lakh
Total and irrecoverable loss of sight of one eye or loss of use of one hand or footRs. 2 Lakh

Terms and conditions

The accident cover for the member shall terminate on any of the following events and no benefit will be payable there under:.

  • On attaining age 70 years (age nearest birth day).
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  • In case a member is covered through more than one account and premium is received by the Insurance Company inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
  • If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium, subject to conditions that may be laid down. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of Insurance Company.
  • Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.

Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY)

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. 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. The premium is Rs. 330 per annum which is to be auto-debited in one installment 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. The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie-up with banks for this purpose.

Atal Pension Yojna (APY)

The Government of India has announced a new scheme called Atal Pension Yojana (APY)
APY is a guaranteed pension scheme administered by the Pension Fund Regulatory and Development Authority (PFRDA).
Under this scheme subscribers get guaranteed monthly pension, ranging from Rs. 1,000 to Rs. 5,000 per month.