Pradhan Mantri Jan Dhan Yojana aims to ensure access to various financial services such as availability of basic savings bank account, need-based credit, remittances, insurance and pension to economically weaker sections (EWS)
and low-income groups.
and low-income groups.
Jan Dhan Yojana offers universal access to banking facilities such as at least one basic banking account for every household, among others, to the people living in urban and rural areas. People who open the Jan Dhan account get an indigenous Debit card (RuPay card). This account can be opened in any bank branch or Bank Mitr outlet at zero balance.
Pradhan Mantri Jan Dhan Yojana provides basic banking accounts with a debit card with inbuilt accident insurance. The main features include Rs 5,000 overdraft facility for Aadhaar-linked accounts and a RuPay debit card with inbuilt Rs 1 lakh accident insurance cover. Also, the accounts which opened between August 15, 2014, and January 26, 2015, gets a life insurance cover of Rs 30,000 to the eligible beneficiaries.
Another salient feature of this account is that if your Jan Dhan account is active for six months, the account holder becomes eligible for an overdraft of up to Rs 5,000. Life insurance cover of Rs 30,000 under this scheme, is given on death of the life assured, to the deceased’s family. The scheme aims to provide security to those families who cannot afford direct insurance, namely the urban poor and rural poor who are not covered under any social security scheme.
According to the Pradhan Mantri Jan Dhan Yojana website- pmindia.gov.in, the financial literacy program under this scheme aims to take financial literacy up to the village level to provide a better understanding of the whole mechanism. It envisages the extension of Direct Benefit Transfer (DBT) under various government schemes through bank accounts of the recipients. Apart from these, the Kisan Credit Cards (KCC) are also being linked with the RuPay platform.
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