In this article we will talk about the type of account that can be opened under Jan Dhan Yojana. The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a novel venture to improve the economic cycle of India by inclusion of the population in financial transactions through banks. The scheme was initially launched in late 2014 and will operate in full fledge from January 2015 by participation of various banks in India.
However there are speculations about the feasibility of the project and the financial burden that some of the schemes would bring. Government subsidies would be provided for the success of the project and the PMJDY targets on getting 75 million un-banked Indian families to open a bank account with even a zero balance deposit.
Promotions have been done and various enrolment camps have been set up across the various states in India to educate people about this new venture and the benefits that the scheme could provide to their household income. However, given that the population size of India is so huge, among the various types of bank accounts offered by different banks the Jan Dhan Yojana aims on providing only Basic Savings Bank Deposit Account (BSBDA) to its subscribers.
The savings account under this scheme has various significant features which are not inclusive with the regular savings account offered by the banks. The BSBDA allows its account holder to keep the account functional even with a zero balance deposit and has no restrictions or regulations on the minimum balance.
Apart from the regular deposit and withdrawal features the account holders can also execute electronic transactions through their regular phones. Up to four transactions can be carried out through ATM without any additional charges applicable. Also overdraft facilities of up to Rs.5000 can be availed for functional accounts of six months and accident insurance of Rs.100000 and life insurance coverage of Rs.3000 are other features under the Jan Dhan Yojana scheme.