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The Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme was launched in August 2014 and according to reports by the Ministry of Finance, around 4 crore bank accounts have been opened under this scheme till September 2014.
PMJDY is a nationwide scheme launched by the Government of India to ensure financial inclusion of every individual who does not have a bank account in India.
This scheme aims at providing access to financial services, namely, Banking / Savings & Deposit Accounts, Remittance, Credit, Insurance, and Pension in an affordable manner to all.
An individual can consider opening an account under this scheme with any bank branch or Business Correspondent (Bank Mitra) outlet. Further, accounts opened under PMJDY can be opened with Zero balance.
However, if the account-holder wishes to get a cheque book, he/she will have to fulfil minimum balance criteria.
The account holders under this scheme will be given a RuPay debit card which can be used across all ATMs for cash withdrawal.
An account under this scheme can be opened by presenting an officially valid document.
Provided that where simplified measures are applied for verifying the identity of the clients, the following documents shall be deemed to be officially valid documents:—
Important to note that the Reserve Bank of India (RBI) has clarified in the year 2014 that those persons who do not have any of the ‘officially valid documents’ can open “Small Accounts” with banks. A “Small Account” can be opened by a person on the basis of a self-attested photograph and putting his/her signatures or thumb print in the presence of officials of the bank. For such accounts, the aggregate credits have been limited to not more than Rs 1 lakh a year and aggregate withdrawals have been limited to not more than Rs 10,000 in a month, and balance in the account at any point of time should not cross Rs 50,000.
The validity of these accounts is 1 year, normally after which such accounts would be allowed to continue for a further period of twelve more months if the account-holder provides a document showing that he/she has applied for any of the Officially Valid Document within 12 months of opening the small account.
The account holders under this scheme will get an accidental insurance cover of Rs 1 lakh (enhanced to 2 lakh for new accounts opened after 28.08.2012) and a life cover of Rs 30,000 (if the account is opened between 15.8.2014 to 31.1.2015) – payment on the death of the beneficiary (subject to conditions).
The account holders under this scheme can avail an overdraft facility upto Rs 10,000. This is available against one account per household. The quantum of the loan may look small but definitely is a boon to those below the poverty line and would enable them to reinvest this in more profitable avenues.
Mobile Banking Facility:
Enabling carrying out transactions through a mobile phone facilitates such account holders in checking of balance and also transferring funds with ease across India. The other benefits being: