Pradhan Mantri Jan Dhan Yojna
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Pradhan Mantri Jan Dhan Yojna, also known as P.M.J.D.Y. is a national mission that came into existence in 2014, and is a part of the Indian National Inclusion drive. As the name of the scheme suggests, this scheme was launched to make sure all the families of the Nation can avail the services of banks. The Current Prime of India, Mr. Marendr Modi announced this scheme commemorating the 67th anniversary of India’s independence, and the first phase of this scheme commenced on August 28th, 2014.
Key Points of the Pradhan Mantri Jan Dhan Yojna
Under the financial services covered by PMJDY, each and every citizen of India can have a basic savings account opened in any bank of his or her choice to keep their savings, their insurance money, or pension without any hassle. This scheme was primarily devised keeping the poor and people living below poverty line in mind.
What makes Pradhan Mantri Jan Dhan Yojna the talk of the town is the fact that any person who has his or her bank account created under this scheme is entitled to a life insurance of Rs. 30 thousand and an accidental cover of Rs. 1 lakh, along with a debit card.
The first thing that you’ll notice about the accounts opened under the Pradhan Mantri Jan Dhan Yojna is that there is no minimum balance that needs to be maintained. Which means you can actually maintain a zero balance in your account. But there’s one condition, if you also want a check book along with the pass book and the ATM cum Debit Card, then you will need to maintain a certain minimum balance in your account.
If we talk about how successful this scheme has been, then you must know that by November 2016, more than 25 million accounts have been opened under the Pradhan Mantri Jan Dhan Yojna.
Narendra Modi has come across as a Prime Minister who is diligently working towards making India a great nation, and this step has proved to be a milestone in his efforts. The populace that will be able to juice out maximum benefits of this scheme is the economically weaker section, the section that doesn’t even have enough money to get a bank account in banks under normal circumstances. Every bank has a certain minimum account, and you get penalized if you don’t maintain that particular amount in your bank.
Pradhan Mantri Jan Dhan Yojna
One important factor that every citizen of India interested in having Pradhan Mantri Jan Dhan Yojna account is that it’s a zero balance account. However, you can’t save excessive amount of money in this account either. The maximum amount of money you can save in this account is Rs. 50,000 (Fifty Thousand Rupees) only.
While conventional bank accounts entail you to an average of Rs 15,000 as daily withdrawal limit, Pradhan Mantri Jan Dhan Yojna accounts have a monthly withdrawal limit of Rs. 10,000. And if you think about it, this step is also justified; after all, this scheme was launched to promote the sense of saving money among the economically weaker section.