What's Pradhan Mantri Jan Dhan Yojana (PMJDY)?
{PMJDY}Jan Dhan Yojana is a nationwide scheme established by the Government of India to ensure fiscal inclusion of every person who doesn't have a bank account in India. This strategy aims at providing access to financial services, namely, Banking / Savings & Deposit Accounts, Remittance, Credit, Insurance, and Pension in an inexpensive manner to all. This strategy was launched in August 2014 and based on reports from the Ministry of Finance, around 4 crore bank accounts are opened under this scheme until September 2014.
Who offers this strategy?
An individual can think about opening an account under this strategy with any bank branch or company Correspondent (Bank Mitr) socket ) Further, accounts opened under Jan Dhan Yojana PMJDY could be opened with Zero balance. But if the account-holder wants to receive a cheque book, he/she will need to fulfill minimum balance standards. The account holders under this scheme will be extended a RuPay debit card that may be used across all ATMs for cash withdrawal.What are the documents needed to open an account below PMJDY?
An account under this scheme can be opened by introducing an officially valid record.- The passport,
- The driving permit,
- The Permanent Account Number (PAN) Card,
- The Voter's ID issued by Election Commission of India,
- The Aadhar Card;
Any other record as advised by the Central Government in consultation with the Regulator:
Provided that where simplified steps are employed for verifying the identity of their customers, the following documents shall be deemed to be formally valid records:--
Identity card with applicant's Photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions;
A letter issued by a Gazetted officer, using a duly attested photograph of the person.
In case, there's a change in the present address, you want to submit legal documents to transfer your accounts to the new address.
Two passport size photographs are required.
In the event, a person doesn't have a valid residential address, he/she should submit a valid identity verification issued by the government of India.
Important to remember that the Reserve Bank of India (RBI) has explained in the year 2014 those persons who don't have some of the'formally valid documents' can open"Little Accounts" with banks.
A"Little Account" can be opened by an individual on the grounds of a self-attested picture and placing his/her signatures or thumb print in the presence of officials of the lender. For these accounts, the aggregate credits are restricted to not more than Rs 1 lakh a year and aggregate withdrawals are restricted to not more than Rs 10,000 in a month, and balance in the account at any given time period shouldn't cross Rs 50,000. The validity of those accounts is 1 year, normally and such accounts would be permitted to continue for a further period of twelve more months when the account-holder provides a record demonstrating that he/she has applied for some of the Officially Valid Document within 12 months of opening the little account.
What are the advantages of this Jan Dhan Yojana PMJDY Scheme?
Insurance BenefitsThe account holders under this scheme will find an accidental insurance cover of Rs 1 lakh and a lifetime cover of Rs 30,000 -- payment on the death of the beneficiary (subject to conditions).
Loan Benefits
The account holders under this scheme can avail an overdraft facility upto Rs 5,000. This is available against a single account per family. The quantum of this loan may appear small but definitely is a blessing to people below the poverty line and would permit them to reinvest this in more profitable avenues.
Do you have some questions about tax or Finance you need assistance with?
- Talk to our CA
- Mobile Banking Facility:
- Allowing carrying out transactions through a cell phone eases such account holders in assessing of equilibrium and also transferring funds with ease across India.
The other advantages being:
The account holders will be eligible for interest on their deposits
They aren't mandated to have a minimum balance in the accounts
The strategy allows Direct Benefit Transfer for beneficiaries of Government Schemes.
Account-holders can get easy access to pension and other insurance products with the Jan Dhan Yojana PMJDY scheme.
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 pradhan Mantri Jan Dhan Yojana {TS/AP} Full Details){kind=link}
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