PMJDY: Advantages and Logistics

PMJDY: Advantages and Logistics

Tags:      Gig Economy     Economy     WTO     WTO Public Stockholding     MSP     Economic Growth     Masala Bond     Environmental Performance Index     Forecast of Economic Growth     Functions of the Finance Commission

The Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme was launched in August 2014, and as of September 2014, more than 4 crore bank accounts had been opened, according to the Ministry of Finance. Pension, insurance, and banking are among the financial services available to individuals under the PMJDY plan. Individuals are permitted to open accounts with no balance under PMJDY. However, in order for individuals to have access to the cheque facility, they must maintain a minimum balance. Under the PMJDY program, the individual will not be required to pay anything to open an account. The Pradhan Mantri Jan Dhan Yojana (PMJDY) was started by the Indian government to help people who don't have a bank account get financial services and products. The main benefits of the PMJDY scheme are as follows:

• There is no minimum balance required

• The interest rate is based on the bank's saving's account

• The savings account that is opened through the program receives interest on deposits.

• The scheme does not require individuals to maintain a minimum balance. However, they must maintain a minimum balance in order to use the check facility.

• An overdraft facility is provided if the account is kept in good standing for six months.

• Under the RuPay program, individuals receive Rs. 1 lakh in accidental insurance coverage.

• A Rs. 30,000 life insurance policy is available for accounts opened between August 20, 2014, and January 31, 2015, in the event of the beneficiary's death.

• The plan provides access to pension funds and insurance products.

• The Direct Benefit Transfer option is available for individuals who are beneficiaries of government programs.

• One account in the household has access to a Rs. 5,000 overdraft facility. Typically, the housewife receives the facility.

• The RuPay Card holder cannot make a claim for the Personal Accident cover until they have successfully completed a non-financial or financial transaction. Under the scheme, transactions that took place within the first ninety days of the accident are regarded as PMJDY eligible. However, the transaction must be carried out at an E-COM, POS, ATM, Bank Mitra, or other bank location.

• Account holders can use the mobile banking facility to check their balance.