Posted 27 Jul 2017 11:43 AM

Prime Minister Narendra Modi launched the "Pradhan Mantri Jan-Dhan Yojana (PMJDY)" on 28th August 2014 with the aim of facilitating numerous financial services to the people of India in rural as well as in urban areas. The services rendered under this scheme are:
• Basic savings account
• Accessing to the need based credit
• Insurance
• Remittances facility
• Pension to the excluded sections and the people below poverty line.

PMJDY is a National mission which encompasses on the financial inclusion in the lives of every Indian. It aims at providing banking facilities to all the individuals of a family. The scheme provides all the necessary banking facilities under this scheme. The applicant will get a Rupay debit card with the accidental insurance cover of Rs 1 lakh. The plan also forecasts the channeling of all the Government benefits provided by Centre/State/local body to the account holder and even issues Direct benefit Transfer scheme (DBT) to the Union Government.
Transactions made via mobile will be done through Telecom service providers and their centers are used as cash out points in order to implement the financial inclusion scheme.
The individual can open the PMJDY account in any Bank or Business correspondent outlet. PMJDY accounts are opened with a zero balance maintenance criteria but in case a user wishes to apply for a Cheque Book, he needs to maintain a minimum balance in his account.

Advantages of the PMJDY scheme:
• Interest on deposit with one lakh Insurance cover.
• The scheme provides life cover of Rs. 30,000/- in the case of death of the beneficiary.
• Transfer of money across the nation
• Scheme benefits will be directed to the account.
• Overdraft facility will be provided after completion of 6 months.
• Access to insurance and pension products
• The Rupay card holder can claim for the Accidental insurance only if he/she has completed on financial transaction successfully.
• Overdraft facility is applicable up to Rs 5000 only and is available to only one person in a family especially women of the house.

Plenty of people have opened a PMJDY account. The statistics of the scheme as mentioned below.

Banking habits are very essential in one’s daily life and should be practiced religiously. Govt is launching such helpful schemes for the citizens of India and one should grab the benefit of such schemes and make our life smoother and simpler.

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