Zero Balance Account through PM Jan Dhan Yojana
The biggest problem in rural India with concerns of finances is that they do not have the financial stability to maintain a bank account which requires some service fees and a minimum balance account. With the other concerns related to proper documents, these people might not even know their date of birth. So, how do these people open or maintain a bank account. The answer is Zero Balance Account through PM Jan Dhan Yojana, launched to aid people who cannot afford a regular savings bank account.
Eligibility for the Zero Balance Account Through PM Jan Dhan Yojana
- The individual requires to be an Indian citizen.
- The applicant has to be over the age of 10 years.
- Take whatever personal documents available, such as Voter ID, ration card or whatever is available.
How To Open The Zero Balance Account?
- The applicant simply need to go to their nearest bank.
- Submit whatever documents he/she could best afford and consult the bank officials.
- Once the account is opened, they would be issued with a RuPay debit card, which they can use for normal transactions, which is equivalent to a saving account debit card.
Benefits and Features if Zero Balance Account Through PM Jan Dhan Yojana
The current Prime Minister Narendra Modi, as of December 23, 2015 is said to have great intentions through this prestigious scheme for Indians. He wants every individual living in the country enjoy a Zero Balance Account under Pradhan Mantri Jan Dhan Yojana. It is however an unfortunate situation that a country with a population of more than 125 crores has only 60% of its population with the necessity of their own bank account. It is essential that since India is rapidly making economic progresses. The Government has set a target to open at least one zero balance account for every of 75 million homes in India.
Some of its salient features and benefits include:
- Members up to two of the family can apply for a zero balance account under PM Jan Dhan Yojana
- You can deposit and withdraw money for free.
- You also get to check your balance, just like in any other savings account and also enjoy through the RuPay debit card.
- Funds can be transferred for free without any charges.
- The account also comes with mobile banking facility, free of any charges.
- You can also receive Mini statements.
- You get the major advantage of being financially literate with the help of literacy programs under this scheme.
- You even get a free life cover of Rs 30,000 along with an accidental cover of Rs 1 lakh per account.
- Along with opening the account with zero balance and above mentioned facilities, the scheme further facilitates needy sections of the society by making them open a saving account even if they do not have sufficient required documents in the form of ‘Small Accounts’.
Objective of The Initiative
The objective of Zero Balance Account through PM Jan Dhan Yojana is to allow people to have at least a bank account wherein they can pool in the daily/monthly saving and avail the basic benefits and services of banking products.
It is said that a country can only develop inside out when every member of its population is financially secure and stable. PM Jan Dhan Yojana intends for the same vision and has been working well for a lot of account holders after the scheme was launched.
Illiterate people can get the account opened and use RuPay Debit Cards. Bank officials would educate illiterate customers about the usage of the account and RuPay Debit card. For assistance of each account holder, bank officials are to be ready to aid these people and educate them.