FAQ Pradhan Mantri Jan Dhan Yojana Pmjdy - Faq's

ANS : Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a National Mission on Financial Inclusion. The plan envisages universal access to banking facilities with at least one basic banking account for ‘every adult’, financial literacy, access to credit, insurance and pension facility.

ANS : PMJDY focuses on coverage of ‘every adults’ as against the earlier plan which focused on coverage of villages. It focuses on coverage of rural as well as urban areas. PMJDY entails to cover entire country by extending banking facilities to ‘every adult’ against the earlier goal to cover ‘every household’.

ANS : Any individual
At branch channel – No age restriction
At BC channel – Age of 10 years and above

ANS : joint account can be opened at Branches only.

ANS : Account can be opened in any Bank Branch or CSP Outlets.

ANS : NIL

ANS : Basic Savings Bank Deposit (BSBD) account has been designed as a Savings Bank account, which offer certain minimum facilities, free of charge, to the holders of such account. RBI has advised Banks to offer the following basic minimum facilities in the BSBD accounts, free of charge, without requirement of minimum balance: -

• The deposit of cash at bank branch as well as ATMs / CDMs and CSP’s.
• Receipt / credit of money through any electronic channel or by means of deposit / collection of cheques drawn by Central / State government agencies and departments.
• No limit on number and value of deposits that can be made in a month (For fully KYC compliant account).
• Maximum of four withdrawals in a month, including own ATMs and other Bank’s ATMs and other models including RTGS, NEFT, Clearing transfer debits etc. Withdrawal beyond four in a month is permitted on chargeable basis in our BC channel account.
• Only Basic RuPay card will be issued free of cost.

The holder of BSBD account will not be eligible for opening any other savings bank deposit account in that bank.

ANS :

-The customer can not have any other Saving Bank Account, if he/she has a Basic Saving Bank Account
- If the customer already has a Saving Bank Account, the same will have to closed within 30 days of opening a Basic Saving Bank Deposit Account.

ANS : NIL

ANS : No upper limit (For fully KYC compliant account)

ANS : No

ANS : Rupay Debit Card is a domestic debit card introduced by National Payment Corporation of India (NPCI). This card is accepted at all ATMs and PoS machines (for making cashless payment for purchases) in the country.

ANS : Personal Identification Number (PIN) is randomly generated code for use of ATM Card at the time of withdrawal of money from ATM Machine and also at the time of making payment on PoS.

ANS : Beneficiary of RuPay Card is required to keep the Card in safe custody. PIN should be changed at frequent intervals and should never be shared with anyone. While using the card at ATM Machine or PoS, PIN should be entered in machine very secretly so that nobody could even guess about the PIN Number. As far as possible, Card should be used at authorized places / centres only. Besides, PIN number should never be written on the Card.

ANS : It provides accidental insurance cover upto Rs.1.00 lac without any charge to the customer. This limit has been raised to Rs 2.00 lac for new PMJDY accounts opened after 28.08.2018.

ANS : Yes. However, Branch officials will have to advise all the related risks to the illiterate account-holder at the time of issuance of RuPay Card.

ANS : Benefits of Insurance will be available to the Cardholders who have performed minimum one successful financial or non-financial transaction at any Channel both Intra and Inter-bank i.e. on-us (ATM / Micro ATM / POS / e-com / CSP of the bank) or off us (same bank channels-Bank Customer/RuPay cardholder transactions at other bank channels), within 90 days prior to date of accident including accident date for Rupay Cardholders.

ANS : Debit Card expiry date is mentioned on the Card itself. Account-holder is advised to get issued new card well before expiry date of his/her existing card by giving fresh application to the concerned bank.

ANS : Accidental insurance cover is available only in one account.

ANS : a) At the time of opening new account mobile number given by the customer will be linked to his account automatically.
b) Request may be submitted at the Branch / CSP.

ANS : PoS stands for Point of Sale. PoS Machine is a small device installed at Business Centres to facilitate cashless purchases to their customers.

ANS : A person who is already having a bank account with any bank need not to open a separate account under PMJDY. He/she will have to get issued a RuPay Card in his existing account to get benefit of insurance.

ANS : Overdraft facility (SBOD) upto Rs.10,000/- will be available to one account holder of PMJDY per household after 6 months of satisfactory conduct of the account, subject to fulfillment of eligibility criteria.

ANS : Overdraft facility upto Rs.10,000/- is available for only one member of the family (to the earning member of the family).

ANS : No premium is charged to the beneficiary.

ANS : Accidental Insurance cover of Rs.1.00 lac / Rs 2.00 lac (for new PMJDY accounts) are be available to all individual PMJDY customers having Rupay Card. However, overdraft (SBOD) facility upto Rs.10,000/- will be available to only one person in the family.

ANS :

• If Aadhaar Card/Aadhaar Number or proof of possession of Aadhar is available then no other documents are required. If address has changed, then a self-certification of current address is sufficient.
• If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, Passport & NREGA Card. If these documents also contain your address, it can serve both as "Proof of Identity and Address".
• 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 in a Bank Branch 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.

Reserve Bank of India (RBI) vide its Press Release dated 26.08.2014 has clarified as under:

"Those persons who do not have any of the ‘officially valid documents' can open "Small Accounts" with banks. A "Small Account" can be opened on the basis of a self- attested photograph and putting his/her signatures or thumb print in the presence of an officials of the bank. Such accounts have limitations regarding the aggregate credits (not more than Rupees one lac in a year), aggregate withdrawals (nor more than Rupees ten thousand in a month) and balance in the accounts (not more than Rupees fifty thousand at any point of time). These accounts would be valid normally for a period of twelve months. Thereafter, such accounts would be allowed to continue for a further period of twelve more months, if the account-holder provides a document showing that he/she has applied for any of the Officially Valid Document, within 12 months of opening the small account.

ANS : No

ANS : Special benefits attached to the scheme are:

• Interest on deposit.
• Accidental insurance cover of Rs.1.00 lac (Rs 2.00 lac for new PMJDY accounts opened after 28.08.2018)
• No minimum balance required.
• Easy Transfer of money across India
• Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
• After satisfactory operation of the account for 6 months, an overdraft facility will be permitted, subject to eligibility criteria.
• Access to Pension, insurance products.

ANS : Reserve Bank of India (RBI) vide its Press Release dated 26.08.2014 has clarified as under: "Those persons who do not have any of the ‘officially valid documents' can open "Small Accounts" with banks Branch. A "Small Account" can be opened on the basis of a self-attested photograph and putting his/her

signatures or thumb print in the presence of an officials of the bank. Such accounts have limitations regarding the aggregate credits (not more than Rupees one lac in a year), aggregate withdrawals (nor more than Rupees ten thousand in a month) and balance in the accounts (not more than Rupees fifty thousand at any point of time). These accounts would be valid normally for a period of twelve months. Thereafter, such accounts would be allowed to continue for a further period of twelve more months, if the account-holder provides a document showing that he/she has applied for any of the Officially Valid Document, within 12 months of opening the small account.

ANS : Interest rate applicable for Saving Bank Accounts shall be admissible to accounts opened under PMJDY Scheme.

ANS : 3.25% above 1 year EBLR.

ANS : CSPs are agents engaged by Business Correspondents (Corporates) for providing banking services at locations where opening of a brick and mortar branch / ATM is not viable. Scope of activities of Business Correspondents / Bank Mitra are as under:-

a) Creating Awareness about savings and other products.

b) Identification of potential customers.

c) Collection and preliminary processing of various forms for deposits including verification of primary information /data.

d) Filling of applications / account opening forms

e) Collection and payment of small value deposits and withdrawals.

f) Receipt and delivery of small value remittances / other payment instructions.

g) Furnishing of mini account statements and other account information.

h) Any other service on behalf of the Bank, duly authorized by the appropriate authority etc.

ANS :CSPs enable the Banks to expand its outreach and offer limited range of banking services at low cost, particularly where setting up a brick and mortar branch is not viable.

CSPs work as agent of the Bank and are integral part of the business strategy for achieving greater financial inclusion.

ANS : Banks have been permitted to engage individuals / entities as Business Correspondent (CSPs) like (i) Retired Bank Employees (ii) Retired Teachers (iii) Retired Govt. Employees (iv) Ex-Servicemen (v) Individual owners of kirana / medical/ fair price shops, individual Public Call Office (PCO) operators, Agents of Small Savings Scheme of Government of India / Insurance Companies, ‘for profit' companies registered under the Indian Companies Act. Since 24.06.2014, RBI has permitted Non-Deposit taking NBFCs as BCs in addition to above.

ANS : PMJDY accounts are opened on CBS (Core Banking Solution) platform and the account can easily be transferred to any branch of the bank in any city/town as per the request of the account-holder.

ANS : USSD is abbreviated form of "Unstructured Supplementary Service Data". USSD based Mobile Banking offers basic Banking facilities like Money Transfer, Bill Payments, Balance Enquiries, Merchant Payments etc. on a simple GSM based Mobile Phone, without the need to download application on a Phone as required at present in the Immediate Payment Service (IMPS) based Mobile Banking. Transactions can be performed on basic phone handsets. The user needs to approach his bank and get his mobile number registered. The bank will issue an MPIN (Mobile PIN) to the user. The user thereafter needs to dial *99# and the menu for using USSD opens. Thereafter customer has to follow selections on the menu to complete the transaction. Charges as applicable by the Telecom Operator (not more than Rs.1.50 per transaction as mandated by TRAI) may be applicable.