PRADHAN MANTRI JAN-DHAN YOJANA (PMJDY) SCHEME – FAQ’s

PRADHAN MANTRI JAN-DHAN YOJANA (PMJDY)

PMJDY

 

Frequently Asked Questions (FAQs)

1. What is Pradhan Mantri Jan-Dhan Yojana?

Ans. Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial

Inclusion to ensure access to financial services, namely, Banking/ Savings &

Deposit Accounts, Remittance, Credit, Insurance, and Pension in an affordable manner.

Q.2. How is PMJDY different from the earlier Financial Inclusion Plan

(Swabhimaan)?

Ans. PMJDY focuses on coverage of households as against the earlier plan

Which focused on coverage of villages. It focuses on coverage of rural as well

As urban areas. Earlier plan targeted only villages above 2000 population while

Under PMJDY whole country is to be covered by extending banking facilities in

Each Sub-Service area consisting of 1000 – 1500 households such that facility is

Available to all within a reasonable distance, say about 5 Km.

Q.3. Whether Joint account can be opened in Pradhan Mantri Jan-Dhan

Yojana?

Ans. Yes, joint account can be opened.

Q.4. Under this Scheme, where can I open an account?

Ans. Account can be opened in any bank branch or Business Correspondent

(Bank Mitr) outlet.

Q.5. what is BSBDA Account?

Ans. Basic Savings Bank Deposit Account (BSBDA) has been defined by RBI vide

Its circular dated 10.08.2012. Its salient features are:

There is no requirement of minimum balance.

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.

Maximum of 4 withdrawals a month including ATM withdrawal. No such limit for

deposits.

Facility of ATM card or ATM-cum-Debit card.

These facilities are to be provided without any extra cost.

Q.6. Whether there are any restrictions like age, income, amount etc. criteria for

Opening BSBDA by banks for individuals?

Ans. Any individual above the age of 10 years can open BSBDA Account.

Q.7. what is Ru-Pay Debit Card?

Ans. Rupay Debit Card is an indigenous domestic debit card introduced by

National Payment Corporation of India (NPCI). This card is accepted at all ATMs

(for cash withdrawal) and at most of the PoS machines (for making cashless

payment for purchases) in the country.

Q.8. what is PIN Number?

Ans. Personal Identification Number (PIN) is randomly generated code for use

Of ATM Card at the time of withdrawal of money from ATM Machine and also

At the time of making payment on PoS.

9. How to keep your Ru-Pay Card safe?

Ans. Beneficiary of RuPay Card is required to keep the Card in safe custody.

PIN should be changed at frequent intervals and should never be shared with

Anyone. While using the card at ATM Machine or PoS, PIN should be entered

In machine very secretly so that nobody could even guess about the PIN

Number. As far as possible, Card should be used at authorized places /

Centre’s only. Besides, PIN number should never be written on the Card.

Q.10. what is special advantage of Ru-Pay Debit Card?

Ans. It provides accidental insurance cover upto Rs.1.00 lac without any charge

to the customer.

Q.11. Whether illiterate customers can be issued RuPay Card?

Ans. Yes. However, Branch Manager will have to advise all the related risks to

the illiterate account-holder at the time of issuance of RuPay Card.

Q.12. How to link Mobile Number with Bank Account ?

Ans. Mobile Number of an account holder is entered in customer’s account in

CBS System by the Bank on the basis of information given in the Account

Opening Form. Also, for existing accounts, banks permit seeding through ATM,

SMS from registered mobile, net-banking or on making a request in the branch

(there may be variations depending on the bank).

Q.13. How to keep debit card operational ?

Ans. To get benefit of Accidental Insurance Cover, RuPay Debit Card must be

used at least once in 45 days.

Q.14. How long the debit card is valid and how to get Debit Card renewed ?

Ans. Debit Card expiry date is mentioned on the Card itself. Account-holder is

advised to get issued new card well before expiry date of his/her existing card

by giving fresh application to the concerned bank.

Q.15. If someone has two or more accounts and two or more RuPay Debit

Cards, whether accidental insurance cove is available in each account / each

card?

Ans. Accidental insurance cover is available only in one account.

Q.16. What is PoS Machine ?

Ans. PoS stands for Point of Sale. PoS Machine is a small device installed at

almost all Business Centres to facilitate cashless purchases to their customers.

Q.17. Does a person already having a Bank account in any bank needs to open

another account under Pradhan Mantri Jan-Dhan Yojna (PMJDY) to get the

Accidental Benefit/Life Insurance Benefit under the Scheme?

Ans. A person who is already having a bank account with any bank NEED

NOT to open a separate account under PMJDY. He/she will just have to get

issued a RuPay Card in his existing account to get benefit of insurance. Credit

facility can be extended in the existing account if it is being operated

satisfactorily.

Q.18. What is the concept of overdraft of Rs.5000/- in PMJDY Account and for

whom this facility is available?

Ans. Overdraft facility upto Rs.5000/- will be available to one account holder of

PMJDY per household after 6 months of satisfactory conduct of the account.

To avoid duplication Aadhaar number will also be required. If Aadhaar number is

not available then Bank will do additional due diligence and also seek

declaration from the beneficiary.

19. Whether Overdraft facility can be availed in more than one account?

Ans. Overdraft facility upto Rs.5000/- is available in only one account per

household, preferably lady of the household.

Q.20. What is Accidental Insurance Cover? Who will pay the premium ?

Ans. Accidental Insurance Cover is Rs.1.00 lac and no premium is charged to

the beneficiary — NPCI will pay the premium. At present the premium is Rs.0.47

per Card.

Q.21. If both husband and wife who are opening accounts under PMJDY are

eligible for Accidental Insurance Cover of Rs.1.00 lac and Life Insurance cover

of Rs.30,000/- and overdraft facility of Rs.5000/- in both the accounts separately?

Ans. Accidental Insurance cover of Rs.1.00 lac and Life Insurance Cover of

Rs.30000/- will be available to all account-holders. However, overdraft facility

upto Rs.5000/- will be available to only one person in the family (preferably lady

of the house).

Q.22. What documents are required to open an account under Pradhan Mantri
Jan-Dhan Yojana?

Ans. (i) If Aadhaar Card/Aadhaar Number is available then no other documents is

required. If address has changed, then a self certification of current

address is sufficient.

(ii) If Aadhaar Card is not available, then any one of the following Officially

Valid Documents (OVD) is required: Voter ID Card, Driving Licence, PAN

Card, Passport & NREGA Card. If these documents also contain your

address, it can serve both as “Proof of Identity and Address”.

(iii) If a person does not have any of the “officially valid documents”

mentioned above, but it is categorized as ‘low risk’ by the banks, then

he/she can open a bank account by submitting any one of the following

documents:

  1. a) Identity Card with applicant’s photograph issued by

Central/State Government Departments, Statutory/Regulatory

Authorities, Public Sector Undertakings, Scheduled Commercial

Banks and Public Financial Institutions;

  1. b) Letter issued by a gazette officer, with a duly attested

photograph of the person.

Reserve Bank of India (RBI) vide its Press Release dated 26.08.2014 has

clarified as under:

“Those persons who do not have any of the ‘officially valid documents’ can

open “Small Accounts” with banks. A “Small Account” can be opened on the basis

of a self-attested photograph and putting his/her signatures or thumb print in the

presence of an officials of the bank. Such accounts have limitations 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 (not more than Rupees fifty thousand at any point of time). These

accounts would be valid normally for a period of twelve months. Thereafter, such

accounts would be allowed to continue for a further period of twelve more

months, if the account-holder provides a document showing that he/she has

applied for any of the Officially Valid Document, within 12 months of opening the

small account.

Q.23. If the present address is different than that of printed on Aadhaar Card,

can the account still be opened under Pradhan Mantri Jan Dhan Yojana on the

basis of Aadhaar Card?

Ans. If address has changed, then a self certification of current address is

sufficient.

Q.24. What is meant by Insurance cover of Rs.30,000/- announced by Prime

Minister in his speech of 28.08.2014?

Ans. Modalities of this Scheme announced by the Prime Minister on 28.08.2014

are being worked out expeditiously and will be disseminated to General Public

very soon.

Q.25. Whether Cheque Book will be issued in accounts opened under PMJDY?

Ans. In PMJDY accounts are being opened with Zero balance. However, if the

account-holder wishes to get cheque book, he/she will have to fulfill minimum

balance criteria, if any, of the bank.

Q.26. What are the direct / special benefits attached to PMJDY?

Ans. Special benefits attached to the scheme are:

  1. Interest on deposit.
  2. Accidental insurance cover of Rs.1.00 lac

iii. No minimum balance required. However, for withdrawal of money

from any ATM with Rupay Card, some balance is advised to be

kept in account.

  1. Life insurance cover of Rs.30,000/-
  2. Easy Transfer of money across India
  3. Beneficiaries of Government Schemes will get Direct Benefit Transfer

in these accounts.

vii. After satisfactory operation of the account for 6 months, an overdraft facility will be permitted.

viii. Access to Pension, insurance products.

Q.27. I have no official valid document for opening an account. Can I still open

an account with bank?

Ans. Reserve Bank of India (RBI) vide its Press Release dated 26.08.2014 has

clarified as under:

“Those persons who do not have any of the ‘officially valid documents’ can

open “Small Accounts” with banks. A “Small Account” can be opened on the basis

of a self-attested photograph and putting his/her signatures or thumb print in the

presence of an officials of the bank. Such accounts have limitations 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 (not more than Rupees fifty thousand at any point of time). These

accounts would be valid normally for a period of twelve months. Thereafter, such

accounts would be allowed to continue for a further period of twelve more

months, if the account-holder provides a document showing that he/she has

applied for any of the Officially Valid Document, within 12 months of opening the

small account.

Q.28. How much interest savings would earn in PMJDY Account?

Ans. Interest rate applicable for Saving Bank Accounts (presently @ 4 % in most

of the banks) shall be admissible to accounts opened under PMJDY Scheme.

Q.29. How much interest will be charged by bank on overdraft facility in

PMJDY?

Ans. Base Rate + 2 % or 12 %, whichever is lower. At present it will be 12 %.

Q.30. Whether banks will be organizing Account Opening Camps in future also?

Ans. Yes. Nationalised banks have been asked to organize camps on all

Saturdays from 8.00 AM to 8.00 PM. Banks can hold additional camps on other

days also.

Q.31. If I have required papers for issuance of Aadhaar Card, can I get Aadhaar

Card in Bank and open my account under PMJDY simultaneously?

Ans. Aadhaar Registration may be got done in Camps organized by UIDAI. In

account opening camps also, endeavour is to make Aadhaar Registration

Counter available.

Q.32. Do you have to pay some fee to open a Bank account under PMJDY?

Ans. No. There is absolutely no charge / fee for opening an account under

PMJDY.

Q.33. Can a minor (below 18 years of age) can open an account under PMJDY?

Ans. A minor of above the age of 10 years can open his / her Savings Bank

account in any bank.

Q.34. Who is Business Correspondent Agent / Bank Mitra and what is their role

in PMJDY?

Ans. Business Correspondent Agents (Bank Mitras) are retail agents engaged by

banks for providing banking services at locations where opening of a brick and

mortar branch / ATM is not viable. Scope of activities of Business Correspondents

/ Bank Mitra are as under:

  1. a) Creating Awareness about savings and other products and education and

advice on managing money and debt counseling.

  1. b) Identification of potential customers.
  2. c) Collection and preliminary processing of various forms for deposits including

verification of primary information /data.

  1. d) Filling of applications / account opening forms
  2. e) Collection and payment of small value deposits and withdrawals.
  3. f) Receipt and delivery of small value remittances / other payment instructions.
  4. g) Furnishing of mini account statements and other account information.
  5. h) Any other service on behalf of the Bank, duly authorized by the appropriate

authority etc.

Q.35. How Bank Mitr helps us to use Banking Services ?

Ans. Bank Mitr represent the bank concerned and enable a bank to expand its

outreach and offer limited range of banking services at low cost, particularly

where setting up a brick and mortar branch is not viable. Bank Mitrs, as agent

of the Bank, thus are an integral part of the business strategy for achieving

greater financial inclusion.

Q.35. What is USSD based transaction and how to use it ?

Ans.  USSD based Mobile Banking offers basic Banking facilities like Money Transfer,

Bill Payments, Balance Enquiries, Merchant Payments etc. on a simple GSM

based Mobile Phone, without the need to download application on a Phone as

required at present in the Immediate Payment Service (IMPS) based Mobile Banking.  the bank will issue an MPIN (Mobile PIN) to the user. the user thereafter needs to dial *99# and the menu for using USSD opens. thereafter customer has to follow selections on the menu to complete the transaction. Charges as applicable by the telecom operator (not more than Rs.1.50 per transaction as mandated by TRAI) may be applicable.

 

Leave a Reply

Your email address will not be published. Required fields are marked *