Bank Promotion Study

Bank Promotion Study (BPS) provides bank staff all the online study material for JAIIB Exam, CAIIB Exam and for promotion exam to various cadre in bank from officer scale 1 to scale 5 in various PSBs, private banks and RRBs including interview tips.

Pradhan Mantri Jan-Dhan Yojana (PMJDY)


Pradhan Mantri Jan-Dhan Yojana (PMJDY)

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to provide affordable access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance and Pension. The Government has decided to continue PMJDY beyond 14.8.2018

In PMJDY Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. PMJDY account can be opened in any branch of scheduled commercial bank, private bank or regional rural bank. Joint account can also be opened under PMJDY.
PMJDY

Basic Savings Bank Deposit Account (BSBDA) and BSBDS (small accounts) are opened under PMJDY. BSBDA has been defined by Reserve Bank of India vide its circular dated 10.08.2012.

Documents required to open account under PMJDY.

·         If Aadhaar Card is there then no other documents is required. If address has changed, then a self-certified letter containing details of current address is sufficient.
·         If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card and Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”.

If a person does not have any “officially valid documents” mentioned above, but it is categorized in low risk by the banks, then he/she can open a bank account by submitting any of the following documents:

·         Identity Card with applicant’s photograph issued by Central/State Government Departments, Public Sector Undertakings, Statutory/Regulatory Authorities, Scheduled Commercial Banks and Public Financial Institutions;
·         Letter issued by a gazette officer, with duly attested photograph of the person.

Reserve Bank of India (RBI) vide its Press Release dated 26.08.2014 has stated as under:

Those residents who do not have any of the officially valid documents (OVD) can open “Small Accounts” . A “Small Account” can be opened by submitting a letter containing a self-attested photograph and putting his/her signatures/ thumb print in the presence of bank officials. Such accounts have restrictions regarding the aggregate credits (not more than Rupees one lac in a year), aggregate withdrawals (nor more than Rupees ten thousand in a month) and balance in the accounts ( should not be more than Rupees fifty thousand at any point of time). These accounts are valid normally for a period of twelve months. Thereafter, such accounts are further allowed to continue for a period of twelve more months, if the account-holder submits proof that he/she has applied for any of the Officially Valid Document (OVD), within twelve months of opening of the small account. If address has changed, then a self-certified letter of current address is sufficient.

In PMJDY accounts are normally opened with Zero balance. However, if the customer desires to get cheque book, he/she will have to fulfill minimum balance criteria, if any, of the bank.

Special benefits attached to the PMJDY scheme are:

i. Customer gets interest on deposit.
ii. Accidental insurance cover of Rs.1.00 lakh.
iii. No minimum balance requirement.
v. Easy Transfer of money across India
vi. Beneficiaries of Government Schemes get Direct Benefit Transfer in these accounts.
vii. After satisfactory operation of the account for 6 months, an overdraft facility is permitted
viii. Easy access to Pension, insurance products.

Salient features of BSBDA are:

(I)                 There is no requirement of minimum balance.

(II)               The services available include deposit and withdrawal of cash at bank branch as well as ATMs, Receipt/credit of money through electronic payment channels or by means of collection/deposit of cheques.

(III)             Maximum 4 withdrawals in a month including ATM withdrawal without any charge.

(IV)              Facility of ATM card or ATM-cum-Debit card.

(V)                Above facilities are provided free of cost.

(VI)              Any individual above the age of ten years can open BSBDA Account.

RuPay Debit Card

RuPay Debit Card is domestic debit card introduced by National Payment Corporation of India (NPCI). RuPay Card got a boost with the introduction of PMJDY. RuPay card provides accidental insurance cover up to Rs.1.00 lac without any charge to the customer. Under the expanded coverage in PMJDY from “Every household to every adult”, accidental insurance cover for new RuPay card holders is raised from Rs 1 lakh to Rs 2 lakh for new PMJDY accounts opened after 28 August 2018. Accidental insurance cover is available only in one account in case a customer has more than one RuPay card under multiple accounts. RuPay card can be issued to illiterate customers also However, Branch Manager will have to advise all the related risks to the illiterate account-holder at the time of issuance of RuPay Card. A person already having a bank account NEED NOT to open a separate account under PMJDY. He/she just have to get issued a RuPay Card in existing account to get insurance benefit.

Overdraft (OD) facility under PMJDY

Overdraft facility up to Rs.5000/- is available to one account holder of PMJDY per household after 6 months of satisfactory conduct of the account.  Existing OD limit of Rs 5,000 is raised to Rs 10,000. No conditions to be attached for OD up to Rs 2,000.  Age limit for availing OD facility is revised from 18-60 years to 18-65 years. To prevent duplication Aadhaar number will also be required. If Aadhaar number is not available then Bank will do extra due diligence and also seek declaration from the beneficiary. Overdraft facility up to Rs.5000/-(revised up to 10000/-) is available to only one person in the family (preferably lady of the house).

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