The Pradhan Mantri Jan Dhan Yojana (PMJDY) may be a scheme that was launched across the country to assist people open bank accounts. Having bank accounts could help them get interests on their money. Even the poor could open bank accounts because the lower limit was pushed down.
It is therefore a way of monetary inclusion that was meant to incorporate the agricultural and concrete poor under the financial umbrella. it’ll give financial access and benefits of getting bank savings, insurance, pension and remittances to the account holders. The account holders also will tend RuPay debit cards in order that they will withdraw their amount any time they want to.
How is PMJDY different from Swabhiman ?
There are many points of difference between the 2 , but these are the most differences between the 2 plans
Swabhiman focused only on the agricultural area while PMJDY focused on both the agricultural and concrete poor. Also within the former only villages with population greater than 2000 were covered. But PMJDY doesn’t have any such limitations. It focuses on households and covers the entire country by sub topographic point coverage.
The focus in Swabhiman was just on account opening which is why a serious a part of the accounts remained dormant. But in PMJDY the bank accounts are going to be linked to pension, insurance, credit and debit facilities.
In Swabhiman once could open an account offline via the vendors while in PMJDY you open an account online. you’ve got to go to the CBS of the bank to open account in PMJDY.
No grievance method was laid out in Swabhiman just in case the account holders faced any trouble opening their bank accounts. But just in case of PMJDY they are doing have the supply of sending grievance via SLBC.
Also nowadays everybody has mobile phones. However Swabhiman had no mobile banking facility. PMJDY on the opposite hand provides mobile wallet and USSD based services to be provided.
These are a number of the essential and crucial differences between the 2 .
Can I open a joint account through PMJDY?
Joint accounts are usually opened with minors. for instance , those that are minors but they have an account to urge their scholarship. in order that they open a joint account with their adults to urge the advantages . Similarly it also can be opened with an adult. for instance , you’ve got an adult whom you are doing not want to offer the complete responsibility of cash . during this case you share the account with an account.
Considering the necessity for the citizens to possess a joint account, the govt has decided that you simply are going to be ready to open a joint account through PMJDY. this suggests that you simply can open a joint account altogether banks under PMJDY.
Where and the way am i able to open an account?
To open an account under this scheme you merely need to follow the subsequent steps –
You need to go to a close-by bank branch that’s designated for the task by the govt . you’ve got to see the list of the banks that are authorized to open account.
Once you’ve got located that specified bank. Visit its branch nearby you. There you’ll see a desk specified for handling PMJDY. The official who handles the task are going to be called ‘Bank Mitr’.
The ‘Bank Mitr’ will inform you everything what you would like to try to to to open the account. He or she is going to also provide you a form to refill your details. Just submit a legitimate ID proof along side it and you’re done.
You will find Bank Mitr outlets nearby you. These also will help.
What exactly may be a BSBDA account?
BSBDA is nothing but the abbreviation for Basic Savings deposit Account. this is often the essential savings checking account that we all know of. To open this sort of account under PMJDY, you are doing not need any minimum balance – as per RBI guidelines.
Also, during this sort of accounts, you’ll make a maximum of 4 withdrawals per months. this suggests that even through ATM card, you can’t withdraw quite 4 times during a month. However, no such caps are given on deposit.
Also you’ll perform any sort of electronic or open-end credit transaction via this sort of account. There are not any extra costs levied for these services.
Are there any eligibility restrictions for opening this sort of account?
To open the BSBDA through the PMJDY, you would like to be quite 10 years aged . this suggests that if you’re a minor that too below 10 years aged , you’ll not be ready to open this sort of account in the least .
Also, consistent with the policies, a private can have just one BSBDA account under the PMJDY. He or she is going to not be allowed to possess quite one BSBDA account.
Income isn’t a bar for opening an account with PMJDY – although it’s specifically for the poor sections. Also, you would like to be an Indian resident to be ready to open this account for obvious reasons.
What documents do i want to supply to open a Jan Dhan Account?
The following are the documents you “must” produce to open an account
If you’ve got Aadhar card, then you don’t got to produce the other documents. Then as long as your address has changed then you would like to supply a self certificate of your present address.
If you don’t have Aadhar card then you would like to supply anybody or more of the subsequent – driver’s license , PAN card, Voter ID card, NREGA card. If any of those contain your address, then it’ll also function the proof of your address.
In case you don’t any of the documents mentioned above, then as per the rules of RBI, you’ll open a “Small account” with the bank. For opening alittle account, you’ll just got to produce your photograph and provides your signature or thumb impression on the documents needed by the bank.
Also, you’ll got to produce a letter which is duly attested by a Gazetted officer.
What are the special benefits of getting a PMJDY account?
First of all you’ll get an accidental coverage of up to Rs. 1 lakh. This insurance amount are going to be given to you without you having to pay any premiums.
This benefit is merely for the Jan Dhan account holders.
Government benefits such a LPG subsidy and other amounts, are often directly transferred to your account. No middlemen are going to be involved in getting this.
You can transfer money easily from any a part of the state . Also you’ll avail the advantage of having RuPay debit cards which permit you to hold out smooth transactions.
You don’t need a minimum balance to be ready to access this account. you’ll open this account even with zero balance. Only to access ATM you would like to possess money in account.
Through this account you’ll also get access to other products associated with pension and insurance. More schemes can directly reach you and you’ll get host of state benefits.
Another advantage is that you simply will recover from draft facility on this account. you’ll remove loans on the idea of your past account transactions.
How am i able to link my mobile number with my bank account?
PMJDY is allowing customers to possess mobile wallet. you’ll therefore link your mobile number to your checking account to access it from your mobile .However, you’ll need to understand the security measures in order that your account remains safe after linking it.
If you would like to link your mobile number to urge updates about the withdrawals and deposits from your account, you’ll plow ahead and add your mobile number. this will be done by an easy adding of mobile number on the shape . the shape which you got for opening the account is where you’ve got to feature your mobile number. By doing this you permit the banks to automatically add your mobile number through their CBS system.
You have to register your mobile number to urge access to all or any your online payments through the mobile number.
The Jan Dhan account holder can avail the overdraft of Rs. 5000 on their account. Here is all that you simply got to realize it –
The overdraft facility is out there to any account holder who has a lively account for over 6 months. Also, the account should have an honest transactional record, that is, no delayed payments, etc.
The amount that you simply can avail as an overdraft is Rs. 5000. It are often extended up to Rs. 15000 just in case the person has had exceptional financial record over the past few months or years.
The bank will seek declaration from the one who is availing the overdraft. just in case you’ve got Aadhar card credentials, you’ve got to supply an equivalent to avail this benefit.
There is a nominal rate of interest of 12 to twenty percent which will be charged to the account holder on availing this benefit.