Government reiterates, Jan Dhan Yojana continues to be robust scheme

Mentor 4 CA

Government today reiterated that the Pradhan Mantri Jan Dhan Yojana (PMJDY) continues to be a robust scheme which provides benefits even when there is no balance in the accounts.

Finance Ministry in a release said, government remains committed to adding value to the PMJDY by routing benefits directly into bank accounts under various schemes.

The Ministry said, PMJDY is a national mission for financial inclusion to ensure access to financial services, deposit accounts, remittances, credit and accident insurance.

It said, Jan Dhan accounts accounts can be opened with zero balance and there is no requirement of maintaining a minimum balance.

Finance Ministry said, over 24 crore Jan Dhan accounts have been opened and deposits of 42,000 plus have been received in these accounts.

In December, 2014, over 10.45 crore Jan Dhan accounts had deposits of eight thousand 353 crore rupees. The deposits have been rising steadily during this period.

About Pradhan Mantri Jan-Dhan Yojana (PMJDY):

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.

Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.

Special Benefits under PMJDY Scheme

a) Interest on deposit

b) Accidental insurance cover of Rs. 1 lac

c) No minimum balance required.

d) The scheme provide life cover of Rs. 30,000/- payable on death of the beneficiary, subject to fulfillment of the eligibility condition.

e) Easy Transfer of money across India

f) Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.

g) After satisfactory operation of the account for 6 months, an overdraft facility will be permitted

h) Access to Pension, insurance products.

i) The Claim under Personal Accidental Insurance under PMJDY shall be payable if the Rupay Card holder have performed minimum one successful financial or non-financial customer induced transaction at any Bank Branch, Bank Mitra, ATM, POS, E-COM etc. Channel both Intra and Inter-bank i.e. on-us (Bank Customer/rupay card holder transacting at same Bank channels) and off-us (Bank Customer/Rupay card holder transacting at other Bank Channels) within 90 days prior to date of accident including accident date will be included as eligible transactions under the Rupay Insurance Program 2016-2017.

j) Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.