Important Features of Jan Dhan Yojana
1. Zero Balance Account
The accounts under PMJDY will be zero balance accounts which mean account holders do not need to maintain any bank balance. Most regular bank accounts require that a minimum balance which might vary from Rs 500 to Rs 5000 will have to be maintained in the bank account failing which a penalty will have to be the customer. In April this year, RBI announced that banks can no longer charge a penalty for non-maintenance of average quarterly balance, this was after it received complaints from bank account holders that their bank balances had disappeared over several months. Keeping this in mind, banks have now introduced zero balance accounts under Pradhan Mantri Jan Dhan Yojana.
2. Insurance Cover of Rs 1 Lakh along with Rupay Cards
All account holders will receive a Rupay Debit Card so that they can withdraw money from any ATM and also use it to make payments at merchant establishments. Each Rupay Card will also ensure the Card Holder with accident insurance of up to Rs 1 Lakh from HDFC Ergo and Medical Insurance of up to Rs 30,000 for sick account holders. This money could be used for treatment and paying medical bills when the need arises.
3. Pass Book and cheque Book
Some Banks are issuing additional passbooks and checkbooks to some users if they make an additional payment of Rs 100 to Rs 500. This is an additional feature and can be availed by account holders only if they feel the need for it.
4. Direct Benefit Transfers
Another valuable feature of Pradhan Mantri Jan Dhan Yojana is that bank accounts which are linked to Aadhaar ID’s can avail government subsidies by electronic transfer directly into their accounts. For Example, The government might transfer food subsidies it provides to ration card holders directly into their bank account.
5. Overdraft / Loan
Overdraft of Rs 5000 will be provided to account holders who transact regularly using their Rupay cards and maintain a good balance in their bank accounts.
Confusion regarding Pradhan Mantri Jan Dhan Yojana
Some confusion has arisen with regard to PMJDY and several of its features. A meeting of finance ministry officials, bank heads and ministers has been called for on Monday 31st August to discuss the various issues raised by citizens and stakeholders. More details about the scheme are expected to be announced next week. The confusion exists with regard to the following important features and conditions: – To know about these announcements and more visit our website next week.
