How to transfer old accounts under Jan Dhan Yojana?
What is Pradhan Mantri Jan Dhan Yojana?
Pradhan Mantri Jan Dhan Yojana was started to ensure access to a wide range of financial services such as availability of basic savings bank account, access to need based credit, remittances facility and much more. The plan aims to provide universal access to banking facilities with at least one basic banking account for every household. All households that open bank accounts under the Jan Dhan Yojana scheme will get an accident insurance worth Rs.1 lakh and many other benefits.
Features of Pradhan Mantri Jan Dhan Yojana
Listed below are the features of Pradhan Mantri Jan Dhan Yojana
- The main purpose of the scheme is Financial Inclusion
- The scheme targets to open bank accounts for 7.5 crore families in over one year
- Minors of the age 10 and above can open the account too
- The scheme offers an accidental cover of Rs.1 lakh to the account holder
- The accounts under the scheme are zero balance accounts which means that the account holder need not maintain a minimum balance in the account
- The scheme offers a Rupay Debit card
- Account holders who transact regularly with their Rupay debit card and maintain a good balance in their bank account can avail an overdraft of Rs.5000 after six months into the opening of the account
- The scheme also offers life insurance cover up to Rs.30,000
- Provides access to pension and insurance products
- Easy transfer of money across the country
How to transfer old accounts under Pradhan Mantri Jan Dhan Yojana?
Many account holders would want to transfer their old deposit accounts under Jan Dhan Yojana given the lucrative benefits. The account holder is usually advised to refrain from re-opening a different account under the scheme to avoid complexity.
The account holder of any bank or financial institution just needs to issue a Rupay card in order to avail the insurance benefits under the Pradhan Mantri Jan Dhan Yojana Scheme if they intend to transfer their old accounts under the scheme. The account holder can also avail the overdraft facility provided under the scheme with their exisiting account given that the account has been operated and the account holder is not a loan payment defaulter.