20 SEP 2020

Under Pradhan Mantri Jan-Dhan Yojana (PMJDY), a free RuPay debit card is provided to the PMJDY account holders with inbuilt accident insurance cover of Rs. 1 lakh. This coverage amount has since been raised from Rs. 1 lakh to Rs. 2 lakh to PMJDY accounts opened after 28.08.2018. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs in a written reply to a question in Rajya Sabha today.

Giving more details, the Minister said that all eligible and willing PMJDY account-holders can enroll under Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Under PMSBY, accident insurance coverage of Rs. 2 lakh is provided to enrolled beneficiaries in the age group of 18 years to 70 years with an annual premium of Rs. 12 only through auto-debit from bank account with express consent of the account holder.

Under PMJJBY, life insurance coverage of Rs. 2 lakh is provided to enrolled beneficiaries in the age group of 18 years to 50 years for an annual premium of Rs. 330 through auto debit from bank account with express consent of the account holder

PIB

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16 JUL 2019

According to Reserve Bank of India (RBI) guidelines, banks do not have any Minimum Balance requirement for Basic Savings Bank Deposit accounts (BSBD), including accounts opened under Pradhan Mantri Jan DhanYojana (PMJDY). As on March 2019, there were 57.3 crore BSBD accounts across the country including 35.27 crore (61.6%) Jan-Dhan accounts. Hence, for these accounts there are no charges for not maintaining minimum balance. BSBD accounts are considered normal banking services available to all and it offers certain basic minimum facilities free of charge.

For accounts other than BSBD accounts, as per RBI’s Master Circular on “Customer Service in Banks” dated July 1, 2015, banks are permitted to fix service charges on various services rendered by them, as per their Board approved policy, while ensuring that the charges are reasonable and not out of line with the average cost of providing these services. Further, banks have been advised to identify basic services and the principles to be adopted/ followed by them for ensuring reasonableness in fixing such charges. Banks are also advised to take steps to ensure that customers are made aware of the service charges upfront and changes in the service charges are implemented only with the prior notice to the customers.

This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs in a written reply to a question in Lok Sabha today.

PIB

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As many as 20 lakh people have joined the modified Pradhan Mantri Jan Dhan Yojna (PMJDY), taking the total number of account holders in the flagship financial inclusion programme to 32.61 crore as on September 5, according to finance ministry data.

The government earlier this month relaunched PMJDY as an open-ended scheme with higher insurance cover and double the overdraft (OD) facility.

The Union Cabinet decided to continue the scheme beyond the four-year period ended August 14 with an aim to take the formal banking system from “every household to every adult“.

During the August 15-September 5 period, the total deposits in 32.61 PMJDY accounts witnessed an increase of Rs 1,266.43 crore.

The balance in PMJDY accounts was Rs 82,490.98 crore as on September 5.

Under the revamped scheme, accidental insurance cover for new RuPay card holders has been raised from Rs 1 lakh to Rs 2 lakh for new PMJDY accounts opened after August 28.

Also, the existing OD limit of Rs 5,000 has been increased to Rs 10,000. Further, no conditions will be attached for OD up to Rs 2,000.

The data also showed that nearly 7.18 lakh people, who opened PMJDY account after August 28, may get the benefit of increased accidental insurance cover of Rs 2 lakh.

Launched in August 2014, the first phase of PMJDY focussed on opening basic bank accounts and RuPay debit card with in-built accident insurance cover of Rs 1 lakh.

Besides, it provided Basic Banking Accounts with OD facility of Rs 5,000 after six months.

Phase II beginning August 15, 2018 was planned to provide micro-insurance to the people and pension schemes to unorganised sector workers through Business Correspondents.

About 53 per cent of PMJDY account holders are women, while 83 per cent of the total accounts are seeded with Aadhaar.

PTI

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Key Achievements and Initiatives of Department of Financial Services for providing Social Security and Credit to various sections of society and ensuring Financial Inclusion

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“Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts – RBI”

Keeping up with the pace of re-monetisation, Reserve Bank of India has lifted all the limitations that were placed on cash withdrawals that were placed since November 8th last year.
This means the state of pre-demonetisation in the banks is restored.

Removal of limits on withdrawal of cash from Saving Bank Accounts

In the wake of withdrawal of Specified Bank Notes (SBNs) since November 09, 2016 Reserve Bank had placed certain limits on cash withdrawals from Savings / Current / Cash credit /Overdraft accounts and withdrawals through ATMs. On a review of the pace of remonetisation, Reserve Bank partially restored status quo ante by removing the restrictions on cash withdrawals from Current / Cash credit / Overdraft accounts and ATMs effective January 31, 2017 and February 01, 2017 respectively. However, the limits on cash withdrawal from Savings Bank accounts continued to be in place.

In line with the pace of remonetisation, it has now been decided to remove the restrictions on cash withdrawals from Saving Bank accounts (including accounts opened under PMJDY) in a two step process as under:

Effective February 20, 2017, the limits on cash withdrawals from the Savings Bank accounts will be enhanced to Rs.50,000 per week (from the current limit of  Rs.24,000 per week); and
Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts.

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Press Information Bureau

Government of India
Ministry of Finance

16-September-2014 19:08 IST

Facilities Available to Account Holders Under Pradhan Mantri Jan Dhan Yojana (PMJDY) to be Extended to the Existing Account Holders as Well

The Government has decided that the following facilities available to those account holders who have opened their accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY) would also be extended to the existing account holders subject to submission of an application by the account holder(s) to the concerned bank branch:

(i) For issuance of RuPay Debit card having inbuilt accident insurance cover of Rs.1 lakh;

(ii) For issuance of an overdraft facility of Rs.5000 after satisfactory operations in the account for some time.

The plan (PMJDY) inter-alia, envisages Universal access to banking facilities under which all the six lakh villages across the entire country would be mapped, organised into Sub Service Areas (SSAs) of 1000-1500 households and allocated to the Banks to provide at least one fixed point Banking outlet in form of either a branch or a Business Correspondent (who is named as Bank Mitra). The other components of the plan are providing at least one Basic Banking Account to each household with RuPay Debit card having inbuilt accident insurance cover of Rs. 1 lakh; an overdraft facility of Rs.5000 after satisfactory operations in the account for six months. Further, an additional life insurance cover of Rs. 30,000/- is also available to accounts opened up to 26th January, 2015, for which detailed modalities are being worked-out.

The Government has asked the banks to extend overdraft facility of Rs.5,000 as above to only one member, preferably lady of a house-hold.

Source: PIB

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