Categories: Banking

Pradhanmantri Jan Dhan Yojana-Features and Benefits

Today Prime Minister Narendra Modi is about launch his dream project called Jan Dhan Yojana. This creates a massive penetration of banking facilities among the Indian population. This may look big booster. However, I feel there is no coordination among Govt organizations.

Below are some unique features of this scheme.

The main aim of this scheme is to bring the population to the banking system, who are out of banking service and debit card service.
This scheme is for rural as well as urban people.
Once an account opened under this scheme then account holder get a debit card. This debit card is under RuPay Scheme. RuPay is Indian version of the card network owned by the National Payments Corporation of India. It is exactly like Visa or Mastercard service.
The account holder will get Rs.30, 000 insurance coverage from LIC.
Cardholders will get Rs.1, 00,000 accidental insurance coverage from HDFC Ergo. Insured will get this amount in case of permanent disability or death.
However, do remember that accident insurance will be available only in case of active debit cards.
Card considered only in case cardholder swiped it within 45 days of claim.
Once an account active for 6 months and linked to Aadhar identity, then account holder will be eligible for an overdraft facility of up to Rs.2, 500 and may increase up to Rs.5, 000 depending on the Bank’s decision.
With the launch of this initiative, financial necessaries of individual will meet easily than depending on moneylenders.

Above-mentioned features are the information which currently available. Once I get more information then will update the same.

Is it feasible?

Recently RBI‘s charged rules for overusing of own bank ATM or other bank’s ATM for metro cities. I feel there is no co-ordination between the finance ministry and RBI. Because on one way, the Govt is mooting it’s dream project. However, on another way RBI is restricting more usage of ATM.

BasuNivesh

Next LIC's new plan Jeevan Shagun-Review and Features »

Previous « Car or Two Wheeler Insurance renewal in India-What is IDV or Depreciation Value?

View Comments

vimal says:

February 6, 2015 at 7:54 PM

how to avail accidental life coverage of rupee 1 iac
- Basavaraj Tonagatti says:
  
  February 6, 2015 at 8:48 PM
  
  Vimal-Avail means from this plan?
pooja says:

February 3, 2015 at 5:52 PM

Nice site sir....thankx for the information...can u please provide the detail of other gov latest schemes..
- Basavaraj Tonagatti says:
  
  February 3, 2015 at 9:46 PM
  
  Pooja-I already updated few and will update as and when they launch. Recent one to add is Sukanya Samriddhi Account.
Gaurav sajwan says:

December 14, 2014 at 6:19 PM

May I open it any outside bank because I m leaving in urban area and I want to open it from rural banks
- Basavaraj Tonagatti says:
  
  December 18, 2014 at 3:23 PM
  
  Gaurav-Even urban banks also offer this facility.
virendra says:

September 24, 2014 at 1:34 PM

i want to open account for my mother, how can i open account, i min which bank is opening account under this facility..
- Basavaraj Tonagatti says:
  
  September 24, 2014 at 1:37 PM
  
  Virendra-All public sector as well as major private sector banks are providing this facility. So you can open this account easily.
Bhishm Pal Singh says:

September 10, 2014 at 2:16 PM

yadi mera account pahle se bank mai hai tab bhi mai iska labh le sakta hun.
- Basavaraj Tonagatti says:
  
  September 10, 2014 at 3:14 PM
  
  Bhishm-No you can't open.
swapnil kokitkar says:

September 3, 2014 at 3:08 PM

how to get more information????
- Basavaraj Tonagatti says:
  
  September 3, 2014 at 3:26 PM
  
  Swapnil-Visit your bank for the same.
Subir Mirdha says:

August 30, 2014 at 11:04 PM

Hi All.. I am a banker and currently we are opening accounts under jan Dhan Yojna in mass scale.. There is no specific information on eligibility for opening these accounts, so all can open, bur it is actually meant for unbanked rural and poor people.. Also there is no information yet on how the insurance will be provided on these accounts...
- Basavaraj Tonagatti says:
  
  August 31, 2014 at 11:09 AM
  
  Subir-Thanks for sharing your views :)
raj k says:

August 28, 2014 at 5:09 PM

Existing card holders of any bank can apply for the same if yes then which bank providing this facilities & it feasible to use rupay card for online transactions. required more about it.
- Basavaraj Tonagatti says:
  
  August 28, 2014 at 5:11 PM
  
  Raj-It is just launched. So let us wait for a day or two to get more clarity. Once I get any updation on the same then I will share it.
  - Aman kumar says:
    
    June 20, 2015 at 8:30 AM
    
    A man Kumar yah yojna bahut achha hai
  - raj k says:
    
    August 29, 2014 at 10:44 AM
    
    Thank you