Different Types of Account Opened under PMJDY

The Zero Balance account refers to the savings accounts that can be maintained with zero balance. Also, you don’t have to pay any processing fees to maintain this account. Every individual living in India can have Zero Balance Account under Pradhan Mantri Jan Dhan Yojana scheme. The PMJDY scheme allows maximum two members of a family can have Zero Balance Accounts and enjoy all the benefits offered by it. The Zero Balance Account allows you to deposit money, withdraw cash, receive mini statement, transfer funds, and check balance. Also, the account holder get a chance to be financially literate. Besides, the account provides you with a life cover of Rs. 30,000 and accidental cover of Rs. 1 lakh. You can receive a RuPay Card with your bank account that helps you withdraw money as and when you.

The Zero Savings account is also known BSBDA account. BSBDA stands for Basic Savings Bank Deposit Account defined under the Reserve Bank of India circular dated 10.8.2012. The account comes with withdrawal and deposit of cash at ATMs and the branches of banks. You can receive and credit money by using either electronic channels or cheques.

Small Account or Chota Khata Account

The PMJDY scheme also offers another account called Small Account or Chota Khata Account. This account is primarily designed for that section of people who don’t have any relevant documents to open a bank account under the PMJDY scheme. For such people, the scheme offers Small Accounts which can be opened by submitting two copies of self-attested photographs. The Small Account remains active for 12 months after which you need to submit all required documents to keep the account in force. The account receives a maximum deposit of Rs. 50,000 in this account. The account holder cannot withdraw more than Rs. 10,000 per month.

Eligibility for account opening under PMJDY Scheme

A person needs to fulfill the following eligibility conditions to open a bank account under PMJDY

1. Any Indian resident over the age of 18 years is eligible to open a bank account under the PMJDY scheme.
2. The exit age for a bank account opened under the PMJDY scheme is 60 years.
3. Also, a person with an existing savings bank account can transfer his/her account to account to Pradhan Mantri Jan Dhan Yojana account.
4. Minors are also eligible to open bank accounts under PMJDY after reaching the age of 10 years. Accounts opened for minors are to be managed by concerned guardians/parents.
5. A low risk individual can also open a bank account under the PMJDY scheme. By low risk individual, the scheme refers to those individuals who don’t have any relevant document to prove their Indian nationality.