PM Jan Dhan Yojana is a noble initiative for building a better India by the Prime Minister Narendra Modi and promises a saving account for every citizen of India in order to reach the poor living in remotest areas. PM Jan Dhan Yojana offers zero balance account and targets those working in unorganized sector that could not afford opening and functioning of a bank account and hence are deprived of banking products and services.
As per the scheme, financial untouchability is a grave concern to the nation and thus it is important to make every citizen of India self sufficient in terms of handling finances. Having a bank account connects the individual to the system of economy and hence this scheme is quite relevant.
Some of the features of PM Jan Dhan Account are as below:
- Each family in the country would have atleast a bank account that would help them save their earning and secure their future
- A RuPay debit Card would be issued to every account under this scheme to withdraw money from the account
- The account would be opened with zero balance and there is no minimum balance limit to be maintained in the account
- Every account holder would receive a life insurance cover of Rs 30,000 plus an accidental cover of Rs 1 lakh
- An overdraft limit of Rs 5,000 would be provided to every account holder
- The withdrawal limit for the account is Rs 10,000 per month and an account holder can deposit as much as 1 lakh in the account.
A total of only 2 members can open PM Jan Dhan Yojana Account in their name. The documents required for opening of the account are minimal and banks officials are quite supportive while assisting applicants in getting the account opened.
One of the best features of PM Jan Dhan Yojana is that there is no fee associated with the account and its operating. It entirely free of cost and comes along with many benefits, listed above.
The point here is, there is no harm in having an account. After all, it is one medium through which those working in unorganized sector can save their earnings and get benefit of other financial services offered through banks in times of need.