INSUBCONTINENT EXCLUSIVE:
Age limit for availing overdraft facility on Jan Dhan accounts has been revised to 18-65 years.A bank account under financial inclusion
scheme Pradhan Mantri Jan Dhan Yojana (PMJDY) can be opened in any bank branch or business correspondent outlet
PMJDY is a government-run financial inclusion scheme aimed at ensuring access to services such as banking, savings, deposits, remittance,
credit, insurance and pension at an affordable price
Bank accounts under the Jan Dhan scheme can be opened with zero balance
In other words, the account holder need not maintain any particular account balance to keep the account account
The government recently doubled the overdraft limit on Jan Dhan accounts
The overdraft limit of Jan Dhan accounts now stands at Rs 10,000, double than the previous limit of Rs 5,000, according to an official
statement released last week.But what is the meaning of overdraft facility under Jan Dhan accounts and how can you avail itJan Dhan Account
overdraft facility - meaningAn overdraft facility up to Rs.10,000 is available to one account holder of Pradhan Mantri Jan Dhan Yojana per
household after six months of satisfactory conduct of the account
To avoid duplication, the Aadhaar number has been made mandatory
In case an Aadhaar number is not available, the bank will do additional due diligence and seek declaration from the beneficiary.The
government also said that now there will not be any conditions attached for overdraft up to Rs 2,000
The age limit for availing the overdraft facility on Jan Dhan accounts has been revised from 18-60 years to 18-65 years, the statement
said.Accidental insurance cover for new Jan Dhan account holders increasedAccidental insurance cover for new RuPay card holders has been
raised from Rs 1 lakh to Rs 2 lakh to the Pradhan Mantri Jan Dhan Yojana accounts opened after August 28, 2018, according to the
government.Facilities of Jan Dhan accountsA Basic Savings Bank Deposit Account (BSBDA) under the Pradhan Mantri Jan Dhan Yojana does not
require maintenance of any minimum or monthly balance
Customers get the facility of ATM card or ATM-cum-debit card without any extra cost
Withdrawals, however, are subject to certain limits.Beneficiaries of government schemes get Direct Benefit Transfers (DBT) in these accounts
This means that their subsidies get directly transferred in their Jan Dhan accounts.The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched
Approximately, 32.41 crore Jan Dhan accounts have been opened with more than Rs 81,200 crore of deposit balance, said the government.Who can
open Jan Dhan Yojana accountIf an applicant has an Aadhaar card/Aadhaar card number - this is the 12-digit Unique Identification Number
(UID) issued by the UIDAI or Unique Identification Authority of India, no other documents are required
If the address, however, has been changed, a self-certification of the current address is sufficient.If Aadhaar card is not available, then
any one of the following documents is required: voter ID card, driving licence, PAN card, passport and NREGA card
any of these officially valid documents mentioned above, but he/she is categorized as 'low-risk' by banks, then he/she can open a Jan Dhan
account by submitting any one of the following documents:a) Identity card with his/her photograph issued by central/state government
departments, statutory/regulatory authorities, public sector undertakings, scheduled commercial banks and public financial institutions; b)
Letter issued by a gazette officer, with a duly attested photograph of the person.
