An emigrant is entitled to withdraw the security deposit after lapse of a period of three years from the date of deposit. The emigrant is required to personally present his/her passport and the used ticket along with the Bank Receipt to the POE concerned.
The deposit can be withdrawn from the Bank after taking approval from the POE. Kindly note that no security deposit is obtain for the emigrant since the launch of PBBY in 2003. As such, withdrawal of security is applicable only for those workers who emigrated before 2003.
In an effort to further safeguard the interests of emigrant workers from India, the Government of India has introduced the Pravasi Bharatiya Bima Yojana (PBBY), an insurance scheme compulsory for all workers going abroad on ECR passports (except to countries for which emigration check is not required) for employment.
It was during the Pravasi Bharatiya Divas, the annual conclave of the Indian diaspora, held in 2003 that the then Prime Minister, Atal Bihari Vajpayee, announced the scheme.
The scheme was revised in February 2006 to increase the insurance cover from Rs. 2 lakh to Rs 5 lakh and add other benefits for the workers. In 2008 the cover was further enhanced to Rs 10 lakh. It is an indicator of the Government’s commitment to look after the interests of Indian workers employed abroad.