When Prime Minister Narendra Modi took charge of the country for the first time, he started many such schemes in which a large section of the society was kept in focus. One such scheme is Pradhanmantri Jan Dhan Yojana (PMJDY).
However, with time, many changes took place in this scheme. Under this, bank accounts are opened on zero balance. The special thing about this account is that despite having zero balance, up to Rs 10,000 can be withdrawn. Let us know in details.
what are the details
Basic Savings Bank Deposit Account (BSBDA) is the most popular facility opened under Jan Dhan Yojana. There is no obligation to keep any minimum amount in this account. Customers can avail free withdrawals up to four times a month and transact through bank branch, ATM or banking service provider (BC/Bank Mitra). The biggest feature of this scheme is that even if there is not even a single rupee in the account, the beneficiary can still avail the overdraft facility (OD) up to Rs 10,000. This means that at the time of need, money will be available even if the bank account is empty. Not only this, the RuPay debit card that comes with the account also provides an accident insurance cover of up to Rs 2 lakh, thereby providing great financial security to the common people.
Account holders are eligible for many government schemes
Under the scheme, banks appoint Business Correspondents (BC) or Bank Mitras to provide banking facilities in rural and remote areas. These agents provide facilities like deposit, withdrawal, balance check and mini statement to the account holders. This has brought banking services to millions of people who previously did not have bank branches.
Let us tell you that Jan Dhan account holders automatically become eligible for many government schemes, which include Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana and Mudra Loan.