Pradhan Mantri Jan Dhan Yojana - PMJDY


 
 
Concept Explanation
 

Pradhan Mantri Jan Dhan Yojana - PMJDY

PRADHAN MANTRI JAN DHAN YOJANA : Pradhan Mantri Jan Dhan Yojana is a nationwide scheme launched by Indian Government in August 2014. In this scheme, financial inclusion of every individual, who does not have a bank account, is to be achieved. The scheme will ensure financial access to everyone who was not able to get benefts of many other finance related government schemes. These financial services include Banking, Remittance, Credit, Insurance, Pension, which will be made available to all the citizens in easy and affordable mode. Under this scheme, anyone who is Indian citizen of 1o years and does not have a bank account, can open the account with zero balance.

  • The scheme also provides facility of accidental insurance cover up to Rs. 1 lakh.
  • The scheme has been started with a target to provide 'universal and clear access to banking facilities' starting with "Basic Banking Accounts" with overdraft facility of Rs. 5000 after six months, RuPay Debit card with inbuilt accident insurance cover of Rs. 1 lakh, and RuPay Kisan Card. As many as 1,767 claims were settled toward accidental insurance to RuPay Card holders this scheme. In the next phase, micro insurance and pension etc. will also be added.
  • Benefits:

  • Interest on deposit
  • Accidental insurance cover of Rs. 1 lac
  • No minimum balance required
  • Life insurance cover of Rs. 30,000 payable on death of the beneficiary, subject to fulfillment of the
  • eligibility condition
  • Easy transfer of money across India
  • Direct Benefit Transfer of government schemes
  • Overdraft facility after six months of successful operation of account
  • Access to pension, insurance products
  •  
     


    Students / Parents Reviews [20]