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  • Pradhan Mantri Jan Dhan Yojana Account Eligibility Criteria

    Pradhan Mantri Jan Dhan Yojan

    Announced on August 15th, 2014, the Pradhan Mantri Jan Dhan Yojana (PMJDY) is a national mission aimed at ensuring greater financial inclusion in the country through expansion and improving access to various financial services such as basic savings accounts, need-based credit, micro-insurance, remittance facilities in addition to better pension facilities for citizens in the unorganised sector to all sections of society including the excluded segments in the country.

    How is Pradhan Mantri Jan Dhan Yojana different from previous financial inclusion plans?

    While the previous financial inclusion plans focused on covering the maximum number of villages, the Pradhan Mantri Jan Dhan Yojana primarily focuses on covering households. Also, while the previous financial inclusion plans aimed at covering villages which had over 2000 citizens, the Pradhan Mantri Jan Dhan Yojana aims to cover the entire country by extending services in Sub-Service Areas (one SSA covers 1000 to 1500 households).

    What is the progress of Pradhan Mantri Jan Dhan Yojana?

    As on December 24, 2015, the central government opened 19.5 crore accounts holding around Rs.27,696. The maximum number of accounts have so far been opened in Uttar Pradesh at 2.97 crores while the lowest deposit (per account) has been found in the state of Madhya Pradesh.

    Main Benefits of Pradhan Mantri Jan Dhan Yojana scheme

    The following are some of the benefits of Pradhan Mantri Jan Dhan Yojana scheme

    • Account holders can avail of interest on their Jan Dhan Yojana deposits
    • There is no minimum balance requirement for opening a Jan Dhan Yojana account
    • Account holders can avail of accidental insurance of up to Rs.1 lakh, which along with RuPay Debit Card should be used once in 45 days
    • Individuals who are beneficiaries of some government schemes can avail of direct benefit transfer from these accounts
    • Individuals/account holders can avail of easy transfer of their funds/money across the country
    • Account holders can benefit from a life insurance cover of up to Rs.30,000
    • Account holders can avail of overdraft facilities after six months of satisfactory maintenance of credit in their Jan Dhan Yojana accounts. Under this scheme, one account holder (preferably lady of a household) can avail up to Rs.5000
    • Pradhan Mantri Jan Dhan Yojana scheme promises access to micro insurance and pension facilities for those employed in the unorganised sector

    Eligibility criteria for opening a Pradhan Mantri Jan Dhan Yojana

    A Pradhan Mantri Jan Dhan Yojana account can be opened under the following conditions

    • Individuals with Indian nationality status are eligible to successfully open a Jan Dhan Yojana account
    • An individual with no valid documents as proof for Indian nationality status can also open a Jan Dhan Yojana account, provided the concerned bank does the required background check on the individual and categorises him or her as ‘low risk’
    • Minors aged above 10 years are also eligible to have a Jan Dhan Yojana account in any bank across the country. However, minors will require the support of guardians to administer the Jan Dhan account. Minors can also use RuPay Cards through which they can withdraw money from ATMs
    • Individuals who already have a basic savings account in operation with a bank can easily transfer or link their accounts to Jan Dhan Yojana accounts to avail of various benefits offered by the latter
    • Individuals who can submit any form of identity proof which is duly authorized by gazette officers can open a Jan Dhan Yojana account
    • Who can apply for Life Insurance under PMJDY Scheme?

      To join this scheme, people needed to fulfill certain conditions before they could apply. Given below is a list of requirements set out by the government for anyone who wanted to avail of the life insurance benefits under this scheme:

      • Any person who opened a bank account between 15.08.14 to 31.01.15 for the first time with a RuPay card.
      • The person should be between the age group of 18 years to 59 years.
      • The person was expected to be an earning member of the family or the head of the family. If the head of the family is 60 years or above, then the second earning person of the family would be covered under this scheme on the condition that they fulfill the eligibility criteria.
      • The person must have a RuPay card and a bio-metric card linked to the bank account, or at least in the process of being linked.
      • Any bank account including small account was accepted.
      • Life insurance cover would be in effect as long as the RuPay card is valid and in force.
      • Under the Bima Scheme of the PMJDY, only one person of a family would be covered.
      • In the event a person has multiple cards or bank accounts, then the benefit will be applicable only on one card for one person per family.
      • Risk cover will begin as soon as the bank account is opened.
      • The life cover will be Rs.30,000 valid for a period of five years (till the end of FY 2019-20).
      • The scheme will be reviewed and the continuation of it will be determined suitably.

      Who can apply for Personal Accident Insurance under PMJDY Scheme?

      PMJDY also has the provision for Personal Accident Insurance for individuals who are eligible. Accident cover will payout Rs.1 lakh upon the accidental death

      • The RuPay card holder must have performed at least one successful financial 90 prior to the date of the accident.
      • Non-financial customer-induced transaction 90 prior to the date of the accident will also be accepted.
      • The transactions must be carried out at any bank branch, bank mitra, POS outlet, ATM, E-com and so on.
      • The day of the accident will be included for consideration of eligible transactions.
      • Transactions taking place on both intra-bank and inter-bank channels will be considered.
      • In case of two or more accounts, the accident cover will be available only in one account.

      Who is not eligible for life insurance cover?

      The following people will not qualify for life insurance cover under the PMJDY scheme:

      • State and Central Government employees, whether in service or retired, and their family members.
      • Employees of Public Sector Banks, Public Sector Undertakings, Entities owned by the Central Government, Entities owned by the State Government, or jointly held by State and Central Government, whether in service or retired, and their family members.
      • Any person whose income is taxable under the Income Tax Act, 1961, or are filing income tax returns annually, or has tax deducted at source from their income, and their family members.
      • Any person involved in the Aam Admi Bima Yojana which covers 48 occupations, and their family members.
      • Account holders who have life insurance cover from any other scheme of the bank have the option to choose between the existing cover or the PMJDY cover. The holder can get benefits only from one scheme.
      • Any person who does not fulfill the basic eligibility requirements of the PMJDY scheme.

      FAQs

      1. What is a BSBDA Account?

      BSBDA stands for Basic Savings Bank Deposit Account. As defined by the RBI circular (10.08.2012), the BSBDA has the following features:

      • No minimum balance requirement.
      • Up to 4 withdrawals are allowed per month including bank and ATM withdrawals
      • No limits for deposits.
      • Services available with the account include withdrawal and deposit of cash at bank branches and ATMs, receipt of money via electronic channels, and collection or deposit of cheques.
      • ATM card or ATM-cum-Debit card provided with the account.
      • All facilities to be provided free of cost.
      • Any individual of 10 years and above can open an account.

      2. What is a RuPay card?

      A RuPay debit card was introduced by the National Payment Corporation of India (NPCI). It is an indigenous domestic debit card which is accepted at all ATMs for cash withdrawals and almost every POS terminal in the country. It facilitates non-cash payments for purchases made by the cardholder.

      3.What is POS?

      POS stands for Point of Sale which is actually a small machine that is either installed or wireless. It is present at shops, retail outlets and business centers for the payment of purchases via debit or credit card. POS outlets facilitate cashless transactions.

      4.Do I have to open a BSBDA account to apply for life cover?

      Yes, only BSBDA accounts opened between 15.08.14 and 31.01.15 were eligible for the life cover of Rs.30,000. In addition, the account must have a RuPay card and a Bio-metric card linked to the account.

      5.After opening the account, what is the process to apply for life cover?

      There is no process to apply for life cover. The cover starts as soon as the bank account is opened. If there is a claim while the RuPay card is being processed, it will be entertained.

      6.Can all my family members join this scheme?

      Only one person from every family is allowed to join this scheme.

      7.When will I exit the PMJDY scheme?

      You will exit the scheme on the occurrence of the following events:

      • Closure of PMJDY account
      • RuPay card is not in force and has expired
      • Completion of 60 years of age
      • Upon death of the member and fulfillment of settlement claim

      8.What is the premium amount for this scheme?

      There is no premium to be paid for the life insurance or accident insurance cover. The contribution towards the insurance under this scheme will come 100% from the Government of India.

      9.Are there any survival or maturity benefits?

      No, this is a term insurance plan payable upon death of the member due to any reason. No survival benefits are payable.

      10.What is the tenure of the insurance plan?

      The term insurance will be valid for one year and will automatically be renewed upon the renewal date. The risk cover will continue to be applicable till the member exits the scheme for any of the following reasons:

      • Closure of PMJDY account
      • RuPay card is not in force and has expired
      • Completion of 60 years of age
      • Upon death of the member and fulfillment of settlement claim

      11.Is there any suicide exclusion for life insurance cover?

      No, suicide is covered under the PMJDY scheme.

      12.Is there facility to nominate a person of my choice to receive the benefit?

      Yes, there is nomination facility available. The nomination can be made at the time of opening the bank account. The same nomination will apply to the life insurance cover. You can also change the nominee by altering the nomination details with the bank.

      13.If the BSBDA is opened jointly, will both applicants receive life insurance?

      No, only the head of the family or the earning member will receive life insurance.

      14.How do I claim for insurance under the PMJDY scheme?

      The nominee can file a claim with the bank branch at which the BSBDA is held. You need to submit the following documents:

      1. Filled and signed claims form.
      2. Attested copy of Aadhaar card or Biometric card of the deceased.
      3. Attested copy of the bank passbook of the deceased.
      4. Original death certificate issued by the proper authority attested by the nominee.
      5. Attested copy of Aadhaar card or Biometric card of the nominee.
      6. Attested copy of Ration card, BPL card of deceased required to check head of family status of the deceased.
      7. Attested copy of age proof - Aadhaar card, extract from birth register, extract from school certificate, voter’s list or ration card.
      8. Attested copy of AABY membership certificate, if available.

      The claims form can be availed from the bank branch manager, LIC offices or the LIC website.

      15.How will the insurance claim amount be paid to the nominee?

      The benefit payable under the PMJDY scheme will be credited to the bank account of the nominee through the Aadhaar Payments Bridge System (APBS) or through NEFT in case APBS is not available.

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