Pradhan Mantri Jan-Dhan Yojana

Q.. What is Pradhan Mantri Jan-Dhan Yojana?

Ans. Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.

Q. . How is PMJDY different from the earlier Financial Inclusion Plan (Swabhimaan)?

Ans. PMJDY focuses on coverage of households as against the earlier plan which focused on coverage of villages. It focuses on coverage of rural as well as urban areas. Earlier plan targeted only villages above 2000 population while under PMJDY whole country is to be covered by extending banking facilities in each Sub-Service area consisting of 1000 – 1500 households such that facility is available to all within a reasonable distance, say about 5 Km.

Q. . Whether Joint account can be opened in Pradhan Mantri Jan-Dhan Yojana?

Ans. Yes, joint account can be opened.

Q. . Under this Scheme, where can one open an account?

Ans. Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet.

Q. . What is BSBDA Account ?

Ans. Basic Savings Bank Deposit Account (BSBDA) has been defined by RBI vide its circular dated 10.08.2012. Its salient features are:

There is no requirement of minimum balance.

The services available include deposit and withdrawal of cash at bank branch as well as ATMs; receipt/credit of money through electronic payment channels or by means of collection/deposit of cheques.

Maximum of 4 withdrawals a month including ATM withdrawal. No such limit for deposits.

Facility of ATM card or ATM-cum-Debit card.

These facilities are to be provided without any extra cost.

Q. . Whether there are any restrictions like age, income, amount etc. criteria for opening BSBDA by banks for individuals?

Ans. Any individual above the age of 10 years can open BSBDA Account.

Q. . What is RuPay Debit Card?

Ans. Rupay Debit Card is an indigenous domestic debit card introduced by National Payment Corporation of India (NPCI). This card is accepted at all ATMs (for cash withdrawal) and at most of the PoS machines (for making cashless payment for purchases) in the country.

Q. What is PIN Number ?

Ans. Personal Identification Number (PIN) is randomly generated code for use of ATM Card at the time of withdrawal of money from ATM Machine and also at the time of making payment on PoS

Q.. How to keep debit card operational ?

Ans. To get benefit of Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.

Q.. How long the debit card is valid and how to get Debit Card renewed ?

Ans. Debit Card expiry date is mentioned on the Card itself. Account-holder is advised to get issued new card well before expiry date of his/her existing card by giving fresh application to the concerned bank.

Q.. If someone has two or more accounts and two or more RuPay Debit Cards, whether accidental insurance cove is available in each account / each card?

Ans. Accidental insurance cover is available only in one account.

Q. . What is the concept of overdraft of Rs.5000/- in PMJDY Account and for whom this facility is available?

Ans. Overdraft facility upto Rs.5000/- will be available to one account holder of PMJDY per household after 6 months of satisfactory conduct of the account. To avoid duplication Aadhaar number will also be required. If Aadhaar number is not available then Bank will do additional due diligence and also seek declaration from the beneficiary.

Q.. Whether Overdraft facility can be availed in more than one account?

Ans. Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.

Q.. What is Accidental Insurance Cover? Who will pay the premium ?

Ans. Accidental Insurance Cover is Rs.1.00 lac and no premium is charged to the beneficiary -- NPCI will pay the premium. At present the premium is Rs.0.47 per Card.

Q.. If both husband and wife who are opening accounts under PMJDY are eligible for Accidental Insurance Cover of Rs.1.00 lac and Life Insurance cover of Rs.30,000/- and overdraft facility of Rs.5000/- in both the accounts separately?

Ans. Accidental Insurance cover of Rs.1.00 lac and Life Insurance Cover of Rs.30000/- will be available to all account-holders. However, overdraft facility upto Rs.5000/- will be available to only one person in the family (preferably lady of the house).