Components and Features of PMJDY

Components and Features of PMJDY

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On August 15, 2014, PMJDY, which is part of the National Mission for Financial Inclusion, was initially launched for a period of four years. It envisions universal access to banking services, including at least one basic banking account for each household, financial education, credit, insurance, and a retirement plan. The three social security programs, namely, PMJDY has provided a platform for Atal Pension Yojana (APY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Pradhan Mantri Suraksha Bima Yojana (PMSBY). The public authority has chosen to expand the extensive PMJDY program past 28th August 2018 with the adjustment of concentration from "each family" to "each grown-up". Important Features are:

• BSBDA accounts can be used for normal banking services.

• Maintaining a Minimum Balance is optional.

• The BSBDA Account's basic minimum facilities are free.

• The account's services will include cash deposits and withdrawals from ATMs and CDMs as well as bank branches; acquiring or crediting funds through electronic payment channels or depositing or collecting checks drawn by Central or State Government departments and agencies;

• The total amount and number of monthly deposits that can be made are unrestricted.

• There are no fees for four monthly withdrawals, including ATM withdrawals.

• Use of an ATM Card or a Debit Card with an ATM feature;

• BSBD Account holders are eligible to use the check book facility without having to keep a minimum balance in their BSBD Account; however, they must pay additional fees in accordance with the guidelines for Savings Bank Account holders.

• No other Savings Bank Deposit Account can be opened by BSBD Account holders (BSBDA). A customer is required to close any existing Savings Bank Deposit Account they have within 30 days of opening a BSBD Account. The customer must declare that they do not have a BSBD account with any other bank. At the customer's request, a Savings Bank account can be converted to a BSBD account.

• BSBD accounts are not eligible for the free transactions that are made available to normal Savings Bank accounts at own bank and other bank ATMs.

• According to the policy's terms and conditions, PMJDY customers with accounts opened after August 28, 2018, can get $2 lakhs.

• Customers of the BSBDA are entitled to an Overdraft facility of up to Rs. per the terms and conditions, 10,000/-.

• Women PMJDY customers who are also members of SHG are eligible for a Rs. 5000 Overdraft according to qualification.

• For the purpose of opening bank accounts, the BSBD Account must comply with the Master Direction DBR issued by the RBI regarding KYC and AML. AML. BC. No. Annexure on "Master Direction – Know your Customer (KYC) Direction, 2016," as amended from time to time, 81/14.01.001/2015-16, dated February 25, 2016.