Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana, is financial inclusion program of Government of India which is applicable to 10 to 65 years age group, that aims to expand and make affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. The Post Office Verify Wikipedia.

• Launched: 28 August 2014; 5 years ago
• Prime Minister(s): Narendra Modi
• Ministry: Finance
• Key people: Arun Jaitley

Pradhan Mantri Jan Dhan Yojana Video Clips

Pradhan Mantri Jan Dhan Yojana Features

The Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a scheme introduced by the government in 2014. It aimed to ease banking services and make it accessible to the people. Axis Bank in-line with this initiative has introduced a savings account adhering to the policies of Pradhan Mantri Jan-Dhan Yojana. Some of the Pradhan Mantri Jan-Dhan Yojana benefits include simplified access to all privileges under the scheme and no minimum balance requirements.

• It is a zero-balance savings account.
• Hassle-free “small savings account” opening for those without valid government documents.
• Insurance benefits up to Rs. 1 lakh.
• Instant issue of ATM card and 4 free withdrawals at other Nationalised Bank ATMs.
• Convenient banking with online banking and mobile banking on the go.

Pradhan Mantri Jan Dhan Yojana Features & Benefits

Access basic banking services with ease

Avail affordable banking/savings and deposit accounts, remittance, credit, insurance and pension services, in rural and urban areas, to ensure financial inclusion and give maximum people the access to services within a distance of 5 kilometres.

Seek help from Bank Mitra, if there is no bank close by

Bank Mitra is an individual or an organisation, representative of a bank and authorised to offer basic banking services in rural and urban areas where there are no bank branches or ATMs.

Services offered by Bank Mitra:

• Awareness about products, debt counselling, education and advice on managing money
• Reach out and assist potential customers
• Collection and preliminary processing of various forms for deposits
• Verification of primary information/data
• Filling applications/account opening forms
• Collection and payment of small value deposits and withdrawals
• Receipt and delivery of small value remittances/other payment instructions
• Furnishing of mini account statements and other account information
• Any other service on behalf of the bank, authorised by the appropriate authority

Earn 3.5%* interest on daily balances, quarterly

W.e.f. 1st July '17, interest earned on Savings Bank Account will be credited on the last business day of each quarter of the financial year. W.e.f. 8th Aug '17, *earn up to 4% p.a. interest on Savings Account balance of Rs. 50 Lakh and above. Earn 3.5% p.a. interest on Savings Account balance less than Rs. 50 Lakh.

Avail of Basic Savings Bank Deposit Account (BSBDA)

Basic Savings Bank Deposit Account facilities offered at no extra cost:

• No minimum balance requirement
• Deposit and withdrawal of cash at bank branch as well as ATMs
• Receipt/Credit of money through electronic payment channels or by means of collection/deposit of cheques
• 4 withdrawals a month (including ATM withdrawals) and unlimited deposits
• ATM or ATM-cum-Debit card

Open ‘Small Accounts’ in case you do not have any officially valid documents

Under Pradhan Mantri Jan-Dhan Yojana, in case of no officially valid documents available, you can open a Small Account using self-attested photograph and signature or thumb print put in the presence of an official of the bank.

Small Account limits:

• Aggregate credits – not more than Rs. 1 Lakh in a year
• Aggregate withdrawals – not more than Rs. 10,000 in a month
• Account balance – Not more than Rs. 50,000 at any point of time

Small Account will be valid for 12 months, post which it will be allowed to continue for 12 more months, if you provide a document ascertaining that you have applied for any of the officially valid documents within 12 months of opening your account.

Get chequebooks and overdraft facilities

Account under Pradhan Mantri Jan-Dhan Yojana is a zero-balance account, with chequebook available in case the minimum balance requirement of the bank is fulfilled.
Overdraft facility of upto Rs. 5,000, available to only 1 account holder per household, preferably the lady; if account is satisfactorily maintained for 6 months. Aadhaar number or declaration from the beneficiary is required to avail of this facility.

Bank with a free RuPay Debit Card

RuPay Debit Card is an indigenous debit card introduced by the National Payment Corporations of India (NPCI). It is accepted at all ATMs (for cash withdrawal) and at most of the Point of Sale machines (for making cashless payments for purchases) in the country.
RuPay Debit Card can be issued for an existing account, if no new account is created under Pradhan Mantri Jan-Dhan Yojana. Credit facilities will be available to this account if it is being operated satisfactorily.
RuPay Debit Card can also be issued for customers who cannot read and write, provided the bank manager informs them of all the risks, at the time of issuance.
Tips to remember:

• Apply for a new card before the expiry date mentioned on the card.
• Keep PIN used to carry out transactions secure and do not share it with anybody. Never write it on the card.

Keep yourself, your family and assets safe

Accidental insurance cover of Rs. 1 Lakh and life insurance cover of Rs. 30,000 available to all account holders, at no charge or premium.
Accidental insurance available only if card is used at least once in 45 days; and in case you own multiple accounts, accidental insurance is offered on only one account.

• Claims process for accidental insurance
• Claims process for life insurance

Avail mobile banking, without downloading an app

Link mobile number to bank account by mentioning it while filling the account opening form or using any of the bank’s facilities like ATM or SMS to link it after your account is already opened.
Once mobile number is registered, use the MPIN to access basic banking services like money transfer, bill payments, balance enquiries, merchant payments, etc. on a simple GSM mobile phone, and basic handset without using any app.

Transfer your account with ease

Easily transfer the account from one branch of the bank to another, in any city or town, as per your needs and choice.

Complaints and Grievance Redressal

Click Here  for Complaints and Grievance Redressal.

Pradhan Mantri Jan Dhan Yojana Pdf

Time to time the Indian Government consistently make its efforts towards the inclusion of rural customer (investors) in the organised financial system. This might not only provide a handsome amount of cash flow to boost the Indian economy but it could also help the government to facilitate rural development by offering various services like gas subsidies etc. Thus, the nomenclature of financial inclusion varies due to different ruling parties, but the primary objective remains the same i.e. to flourish the bottom of the pyramid of the financial market. The current states elucidate that present government up to some extent turn out to be successful by opening around 12.54 crore new bank account (up to January 2015) and deposits of more than Rs. 5000 crore (up to November 2014) through new form financial inclusion Pradhan Mantri Jan Dhan Yojana (PMJDY). But it has been observed that still the largest part of the rural market is untouched and not explored fully. Hence, this paper is an attempt to study the awareness of PMJDY among its potential investor i.e. rural customers in Surat city.

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