PMJDY FAQ: Facilities, Mobile Banking, Withdrawal Limit & More
Pradhanmantri Jan Dhan Yojana – Most Common Questions
Why Jan Dhan Yojana was launched?
With a population of over 125 crore, 40% of families do not have access to banking and other financial services and such households have to rely on untrusted credit lenders who charge heavy interest from them. So the basic objective was to provide account to every family along with banking services.
What target government has set to make this scheme a success?
By 26 January 2015, government has set a target of opening one basic account for every 75 million (7.5 crore) households.
How will this target be achieved?
In order for easy access to the banking services, bank outlets would be open within 5 kilometer distance of every village. In fact, on the day of the launch over 77, 892 camps were organized. Also to speed-up the process, government has asked banks to organize special camps on every Saturday between 8am-8pm.
More recently, government has instructed to open bank accounts for workers under Mahatma Gandhi National Rural Employment Guarantee. These workers are currently paid through accounts held in either post-offices or co-operatives and very few workers have their bank account. This way, over 3.5 crores will be immediately created for non-account holders.
How many accounts have been opened till now?
Till date number of accounts have been opened by the banks (in lakhs) as follows:
SBI – 30
PNB – 20.24
Canara Bank – 16.21
Central Bank – 15.98
Bank of Baroda – 14.22
What banking facilities will a account holder get?
Through this Yojana, account holder will get universal access to basic banking services such as:
1) Withdraw cash
2) Deposit money
3) Transfer of funds
4) Check balance enquiry
5) Get mini-statement
6) Mobile banking facility
7) Become financially literate through literacy programmes drive. Learning material would be distributed in most of the Indian languages for everyone.
Where can be above mentioned banking facilities availed?
Account holder can use these facilities at any of bank branches where the account was opened. However it is required by the banks to scan and upload the signature/thumb impression along with the photograph through the core banking system (CBS). Individuals can also make use of RuPay card at ATMs and other online purchases.
How was the name, logo and tagline for the Yojana decided?
Government had run competition through their platform “MyGov” requesting participation for suggesting name, logo and tagline for this scheme. The competition was actively participated and over 6000 entries were received. And the winner for the logo was a female whereas the winner for proposing the name “Jan Dhan” were three individuals and the prize money was distributed amongst each. Logo winner was awarded Rs. 25,000 and Rs. 10,000 was given to each member who proposed the name. Prize money was given by honourable prime minister of India Shri Narendra Modi. However the tagline was not suggested by any participating member.
Is mobile banking facility available?
Yes, account holder can use their basic smartphone to access their account, check balance and transferring money. Most importantly all these facilities does not require high end smartphone and even a ordinary smartphone can be used.
How many members in a family can open the account?
Two members in a family can open the account.
What are the documents required for opening the account under PMJDY?
There is a minimal document required. You can check whole list of mandatory documents here.
What if you don’t have required documents, can you still open the accounts?
Individuals with no required documents can still open the account. And these accounts are called “Small Accounts”. Read more on features of small account.
What are the benefits of accounts opened under PMJDY?
Account under Jan Dhan Scheme offers multiple benefits. Every account holder will get accident insurance cover of 1 lakh and free life insurance cover of 30,000. an RuPay debit card. But these benefits are only for individuals who open the accounts before January 26th, 2015. Read more about the benefits. Also see terms and conditions to avail life and accident insurance under PMJDY
Can existing account holders open Jan Dhan Account?
The main objective of PMJDY was to open accounts for individuals with no bank account. However in the initial days of launching the scheme, many existing holders managed to open the account in order to get the benefits, as banks could not scrutinize each and every individual. However, recently it was stated by the government that even existing account holders can get accidental insurance benefit of 1 Lac after they are issued RuPay card and there is no need to open separate account.
What if address proof of present address is not available
This is the most common question faced by migrants since they have current address would be different than the one mentioned on the address proof submitted. In such cases, individuals will have to submit a simple declaration about the current address.
What is the withdrawal limit and deposit limit
Withdrawal limit is set at Rs. 10,000 per month whereas deposit limit is less than Rs. 1 Lakh.
How to avail overdraft facility of Rs. 5000?
Banks requirement to avail overdraft facility is satisfactory operation of bank accounts for minimum 6 months. Post that, sanction would be given to one overdraft account per household.
What if RuPay card is not issued after opening the account?
As of now, the issuance of RuPay debit card is little slow since many of Indian banks have not adopted the RuPay payment system. So government has asked all the banks to speed-up the process. There are many benefits of RuPay debit card individuals can get and most importantly it will benefit banks as well. You can check where RuPay card can be used.
What is the account opening fee?
There is no fee to open the account. It is totally free.
If I have any query regarding opening the account, how can I get it resolved?
Government of India has set-up two helpline numbers 1800-180-111 and 1800-110-001 for information or queries related to this Yojana.
Also read the new service offered by Indian banks called Cardless Withdrawal from ATM. No need to have bank account to withdraw money.