The PMJDY scheme was announced by our Honourable Prime
Minister Mr. Narendra Modi during
Independence day speech on 15th August 2014. The basic theme of the
same is to provide banking service to every household. The scheme was launched
on 28th August 2014 and the hope is that all households will have
bank account by 26th January 2015.
Benefits available;
1
1)Free accidental insurance of Rs.1 lakh
2. 2)Free life cover of Rs.30000/-
3. 3)Beneficiary of Government scheme will get the
same directly to account.
4. 4)Overdraft facility of Rs.5000/-
5. 5)Interest on deposit.
6. 6)Easy transfer of money across India.
7. 7)Access to pension, insurance products.
Conditions for opening accounts:
1.
Any variant of S B account provided by bank can
be opened.
2.
Minimum balance as per the variant choosen.
3.
Without minimum balance also Small Accounts can
be open.
4.
If does not have any KYC documents then Small
Accounts can be open.
5.
Aadhar card having photo and present address of
the applicant.
6.
If not having Aadhar then any ID proof and any
present address proof to be provided.
Condition for Rs.1 lakh accidental insurance benefit:
1.
Account of any variant of SB as provided by
bank.
2.
If that variant already provide for insurance
then customer has to choose between any one.
3.
If customer has accounts with more than one
branch/bank under PMJDY then benefit is
available on only one account.
4.
Must have RuPay card issued by bank and
valid as on date.
5.
RuPay card must be used once atleast in 45 days.
6.
Age must be between 18 to 70 only.
7.
The cover is available for 3 years only at
present.
Condition for Basic Savings Bank Account:
1.
Basic Savings Bank Deposit Account (BSBDA) as
defined by RBI has following features;
2.
No requirement of minimum balance.
3.
The services available includes deposit and
withdrawal of money at bank branch, ATM, Electronic payment, Collection/deposit
of cheque.
4.
Maximum 4 withdrawal per month including ATM
/Branch. No limit for deposits.
5.
Facility for ATM card
6.
Any individual above age of 10 years can open
account.
Condition for Small Account:
a)
If a person does not have any ID and Address
proof then he can open Small Account.
b)
Small Account can be opened with self attested
photograph and putting thumb impression or signature in presence of bank
officials.
c)
In such accounts outstanding at any time should
not be more than Rs.50000/-.
d)
Total credits/deposits in a year should not be more
than Rs.100000.
e)
Per month withdrawal not be more than Rs.10000/-.
f)
These accounts are valid for 12 months during
which the customer should provide KYC documents OR proof of having applied for
the same.
Condition for Overdraft of Rs.5000;
a)
Can be considered by bank after 6 months of
satisfactory operation of account.
b)
Preferably to be provided to lady of the house.
c)
Will be provided to only one person of
household.
d)
If having multiple accounts then overdraft is
provided for one account only.
e)
To avoid duplication Aadhar number is must.
f)
If Aadhar is not there additional due diligence
by bank along with declaration from family members.
g)
Rate of interest for the same will be Base Rate
of Bank Plus 2% or 12% whichever is lower.
Conditions for life cover of Rs.30000/-
a)
Account s opened from 15th August
2014 to 26th January 2015 will get this benefit.
b)
Death due to any reason is covered here.
c)
He/She must have RuPay card valid as on date.
d)
He/She should be earning member of the family.
e)
He/She shoule be at least 18 years and not more
than 59 years of age.
f)
If person having multiple RuPay card/Bank
accounts then only one claim will be allowed.
g)
Only one person in the family will be covered.
This means if in a family of 5 persons having 3 earning members and 2 earning
members die, then claim will be for Rs.30000 only applicable to one person.
h)
The insurance coverage is for 5 years only at
present.
i)
Government servants, those filing income tax
returns, for whom TDS is being deducted, who are covered under similar schemes
are not eligible for claim.
Misconceptions about the scheme:
a)
Its called Modi account : Its correct that Prime
Minister Narendra Modi has started the programme, but its Bank Account and not
Modi Account.
b)
Government will deposit amount in this account :
This is not true, Person opening the account only deposit the amount. If he is
eligible for any benefit under government scheme then only government will
credit that amount in his account.
c)
Immediately on opening account Rs.5000 will be
given to them : This is not true. The Rs.5000 overdraft facility is available
on satisfactory transactions during first 6 months of opening the account and
the formalities govering the same are completed by them.
d)
Modi will credit Rs.5000 on opening the account
: This is not true. Our prime minister has a vision for opening account for
every household and based on
transactions banks may provide the overdraft facility of Rs.5000.
e)
Same person opening accounts at various
banks/branches to get the insurance/overdraft:
This is not correct, Insurance claim will
be person and overdraft if per household, so there will not be benefit to open
account at more banks.
f)
Rs.1 lakh loan will be provided : This is not
true, Rs.1 lakh accidental insurance is available for RuPay card holders who
use it once in 45 days.
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