Pradhan Mantri Jan-Dhan Yojana is a government scheme launched by the government of India to provide easy access to financial services such as Remittance, Credit, Insurance, Pension, Savings and Deposit Accounts to poor and needy section of our society.
The scheme was launched in August 2014, and according to the Ministry of Finance, over 4 crore banks accounts have been opened till September 2014. Under the PMJDY scheme, some of the financial services that are offered to individuals are pension, insurance, and banking.
Benefits of the PMJDY scheme
Given below are the main benfits of scheme:
· Interest is offered on the deposits that are made towards the savings account opened under the scheme.
· Individuals need not maintain a minimum balance under the scheme. However, in case they wish to avail cheque facilities, a minimum balance must be maintained.
· In case individuals maintain the account in a good manner for 6 months, an overdraft facility is provided.
· Individuals receive Accidental Insurance cover of Rs.1 lakh under the RuPay scheme.
· In case the account was opened between 20 August 2014 and 31 January 2015, life cover of Rs.30,000 is provided in case the beneficiary passes away.
· Under the scheme, insurance products and pension access are provided.
· In case individuals are beneficiaries of government schemes,DirectBenefit Transfer option is provided.
· An overdraft facility of Rs.5,000 is provided to one account in the household. The facility is usually provided to the lady in the house.
The government rolled out its ambitious financial inclusion programme, the Pradhan Mantri Jan Dhan Yojana (PMJDY), and said about 1.5 crore accounts were opened on Thursday through thousands of camps, exceeding the firstday target of 1 crore accounts.
PMJDY Eligibility
In order for individuals to open a PMJDY account, the below given criteria must be met:
· You must be citizen of India
· You should be at least 10 years of age
· You should not have a bank account.
Criticism : The scheme has been criticized by opposition as an effort to please voters that has created unnecessary work-burden on the public-sector banks.
According to the experts, offers like zero balance, free insurance and overdraft facility would result in duplication. Many individuals who already have bank accounts may have had accounts created for themselves, lured by the insurance covers and overdraft facilities
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