The Pradhan Mantri Jan Dhan Yojana turns 6 this August. The scheme has provided banking access to crores of Indians who had never stepped into a bank before. PMJDY is easy to understand. Read the Q&A below.
When Prime Minister Narendra Modi had announced the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme in August 2014, not many had imagined how popular and useful it will prove to be. The scheme not only made it possible for the poor to begin banking, but it also enabled India’s shift to the digitalisation of banking operations and made it easy to transfer money directly to beneficiaries during the COVID-19 pandemic lockdown.
A lot of people have queries about the flagship PMJDY. Here are some frequently asked questions and the answers to them.
Pradhan Mantri Jan Dhan Yojana account
When was Jan Dhan Yojana started and how many accounts have been opened till date?
The Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme was launched on 15th August 2014 by Prime Minister Narendra Modi. PMJDY is a popular ‘Financial Inclusion’ scheme. The main aim of the scheme is to encourage and bring more number of households into the banking system.
Within months of the government’s flagship financial inclusion drive being launched, as of January 2015, it is believed that around 10 crore bank accounts were opened under this scheme. As per the latest figure (August 2020), there are 40.05 crore beneficiaries under the Pradhan Mantri Jan Dhan Yojana (PMJDY) and the deposits in Jan Dhan bank accounts are in excess of ₹1.30 lakh crore.
What are the main features of the PMJDY?
The main features of the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme are:
No minimum balance is required
The account holder will get Rupay debit card
Free Accident Insurance cover of Rs 1 Lakh
When the scheme was officially launched on 28th August, one more feature was included in the scheme. This feature is “Rs 30,000 will be provided as life insurance cover for all the first time bank account holders” who open the accounts under Jan Dhan Yojana Scheme (PMJDY).
What are the documents required to open a PMJDY account?
(i) If Aadhaar Card/Aadhaar Number is available then no other documents are required. If the address has changed, then a self-certification of current address is sufficient.
(ii) If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving Licence, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as Proof of Identity and Address.
(iii) If a person does not have any of the officially valid documents mentioned above, but it is categorized as low risk by the banks, then he/she can open a bank account by submitting any one of the following documents:
a) Identity Card with applicant’s 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.
How can a nominee claim the amount deposited in Jan Dhan Account after account holder’s death?
The nominee of the bank account holder has to intimate the bank (where the PMJDY saving account is active) about the death of the account-holder
The nominee must present his or her identification papers and relationship proof
He/she must also furnish the attested copy of the Death Certificate of the deceased member.
Also required: Photocopy of Aadhaar card of the deceased person.
The bank will direct about the benefit transfer procedure and forms to be filled so that nominee acquires entitlement to the PMJDY account.
What is the Life Cover under Pradhan Mantri Jan Dhan Yojana?
Following are the features and eligibility conditions to get life insurance coverage under PMJDY Scheme :
1. The eligible Age group is 18 completed to 59 (Nearer Birth Day)
2. The person opening a bank account for the first time ( with RuPay Card ) during the period from 15-08-14 to 26-01-15 is eligible to get life cover. This period can be extended by the Govt.,
3. The Life cover of Rs 30,000 will be available from 26th January 2015
4. Only the Head of the family is covered under this Risk Cover Scheme
5. In case the head of the family is 60 years or more of age, the second earning person of the family in the above-mentioned age group will be covered
6. In case of joint Account-holders under PMJDY, the first account holder (primary account holder) will be provided Life Insurance cover
What are the validity/eligibility conditions for the life insurance cover on the Pradhan Mantri Jan Dhan Yojana?
1. The Bank account holder’s account must have Ru-pay debit card linked to his/her Aadhaar number.
2. For the coverage to be effective the RuPay Card should be valid and in force
3. Only one person in the family will be covered in the Bima Scheme and in case of the person having multiple cards/accounts the benefit will be allowed only under one card i.e. one person per family will get a single cover of Rs.30,000.
4. The life cover of Rs 30,000/- under the scheme will be initially for a period of 5 years, i.e. till the close of the financial year 2019-20. Thereafter, the scheme will be reviewed and terms and condition of its continuation, including the issue of future payment of premium by the insured thereafter, would be suitably determined.
Who is not eligible/entitled to being covered under the life insurance cover of PMJDY?
1. Employees (in service or retired) of central and state governments, Public Sector undertakings, Public sector Banks, are not eligible for this scheme
2. Persons whose income is taxable under I.T. Act 1961 or are filing the yearly Income Tax return or in whose case TDS is being deducted from the income, and their families are also not eligible
3. Government has started a scheme called “Aam Admi Bima Yojana.” The individuals covered under this scheme will get Rs 30,000 as life cover and Rs70,000 as accident cover. So, Persons/families who are included in AABY are not eligible for PMJDY life cover.
4. Death Benefit under PMJDY Scheme: The nominee of the account holder will be entitled to receive the death benefit of Rs.30,000/- in case of the unfortunate death of the account holder on account of any cause.
What is the procedure to settle the claim under the PMJDY scheme?
Claim Settlement Procedure of Life Cover under PMJDY Scheme:
The nominee of the bank account holder has to intimate the bank (where the PMJDY saving account is active) about the death of the account-holder (the insured)
The nominee of the insured has to submit the following documents
Attested copy of the Death Certificate of the deceased member.
Photocopy of Aadhaar card of the deceased person
Verification of the validity and in-force status of the RuPay Card
Photocopy of BPL or Ration card
Completed claim form-cum-discharge receipt form should be submitted. Part A of the claim form should be filled by the claimant and Part B of the claim form should be filled by authorized bank/LIC official
In the absence of nomination or if the nominee predeceases the insured member or if the nominee is no spouse or child or parent then the Legal Heirs of the Account holder should submit Indemnity Bond.
The concerned Branch of the Bank where the PMJDY saving account was initially opened will then lodge the claim with LIC. (https://pmjdy.gov.in/files/Forms/claim/english.pdf)
The Death claim benefit of Rs. 30,000/- will be settled (after verification) by the designated Pension & Group Scheme (P&GS) Office of LIC.
When does the Life Insurance cover get terminated?
Termination of Assurance:
The assurance on the life of an insured member shall immediately terminate upon the happening of any of the following events and no benefit will become payable thereafter.
The insured member attaining the age 60, or
The insured member ceasing to satisfy one or more of the eligibility conditions. or
Discontinuance of the Scheme
How much interest savings would earn in PMJDY Account?
The interest rate applicable for Saving Bank Accounts shall be admissible to accounts opened under PMJDY Scheme.
Source: sea.operanewsapp.com
