Kolkata: Launched on August 28, 2014, the Pradhan Mantri Jan Dhan Yojana (PMJDY) is regarded as one of the flagship programmes of the Narendra Modi regime for financial inclusion. The numbers indicate that the scheme has been a runaway success. It has so far enlisted total beneficiaries of 54.25 crore. They have a cumulative balance of Rs 240,528.58 crore in their accounts.
Apart from opening a savings account for the unbanked section of the country’s population, the PMJDY carries an implicit insurance cover of Rs 2 lakh and a facility to take loans from banks. However, an accountholder cannot take them freely. There are certain conditions that the rules impose.
Benefits under PMJDY
An overdraft is a mode of loan. The holder of a Jan Dhan account can actually get a loan from the bank where his/her account is maintained. But there is a ceiling on the loan that can be obtained in this manner. Also, there are certain conditions that the account holder has to satisfy to get the loan. The following are the points:
The maximum loan under the OD facility is Rs 5,000 or Rs 10,000. The amount depends on the bank maintaining the account.
No collateral is needed for this loan; nor are any strings attached to the end use of the funds.
It is preferred that a woman beneficiary is the borrower.
Only one such loan is granted to one family.
One has to properly operate the account for 6 months before applying for an overdraft.
The repayment period is usually 36 months.
Insurance and debit card
The RuPay debit card that is given free of charge to every Jan Dhan account holder allows him/her to take out cash from ATMs and make electronic transactions. While it makes life easier for the account holder, it also helps him/her to avoid dealing in cash. The holder of a PMJDY account is eligible for Pradhan Mantri Jeevan Jyoti Bima Yojana or PMJJBY. To avail of this benefit, the account holder must be between 18 and 50 years. It provides a death benefit amounting to Rs 2 lakh. One can get enrolled for this insurance cover by walking into the branch of the bank or through a bank agent.
The PM Jan Dhan Yojana is one of the flagship programmes of the Narendra Modi regime for financial inclusion. While the numbers indicate it has been a hit, it also offers benefits such as insuring the life of the account holder and even an overdraft facility apart from a free debit card. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
