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.
News About Zero Balance Account through PMJDY
Government to credit Rs 10,000 in every zero balance Jan Dhan account
In a bid to wash away the grouse felt by the common man who has been inconvenienced by the recent demonetisation of Rs.500 and Rs.1,000 currencies, Prime Minister Narendra Modi roused the public yet again, just that this time it was a pleasant surprise. The Prime Minister stated that the government has decided to translate the gains received from demonetisation and is all set to deposit Rs.10,000 in every Jan Dhan account that records zero-balance. According to sources, the government is using their Rs. 3-lakh crore income following the demonetisation to deposit Rs. 10,000 in 5.8-crore Jan Dhan accounts that record zero balance out of the 25 crore Jan Dhan accounts existing in the country. Citing the crucial Assembly polls scheduled to take place coming April, and in a move to win the support of the poor and the farmers - whose mood has been tarnished following the demonetisation - experts look at this as a rather populist move by the Prime Minister to win back his followers. A senior BJP strategist even commented saying that to win the subsequent elections one has to reach out to the poor and the farmers, and Modi’s main objective is to empower the poor.
5th December 2016