8 Benefits of Opening a Bank Account Under the Pradhan Mantri Jan Dhan Yojana

The Pradhan Mantri Jan Dhan Yojana has met with huge success ever since it was launched by Indian Prime Minister Narendra Modi. The Government has left no stone unturned in ensuring success of the scheme.

Here are some benefits of the PMJDY.

Accidental Insurance Cover

It's not often we hear of insurance cover along with a bank account. The Pradhan Mantri Jan Dhan Yojana provides insurance cover. This accidental insurance cover is to the tune of Rs 1 lakh and could be extremely helpful especially for the deprived classes, in the unfortunate event of accidental death of the bread earning member.

No Minimum Balance Required Under Pradhan Mantri Jan Dhan Yojana

Most of the savings bank accounts today require a minimum balance to be maintained in the savings account. Even government owned banks have this norm and the balance requirements is higher in the case of private sector banks. In case of accounts opened through Pradhan Mantri Jan Dhan Yojana there is no need to maintain the minimum balance.

Pradhan Mantri Jan Dhan Yojana Life Insurance Cover of Upto Rs 30,000

Though for many individuals this might not be a big sum, it could certainly be of solace for the poorer classes.

Direct Transfer of Subsidies and Other Benefits

Individuals who receive various benefits under various government schemes like LPG subsidy and others can now receive the amount directly into their PMJDY accounts. This is highly beneficial and will help ensure transparency.

Easy Transfer of Money

Under the Pradhan Mantri Jan Dhan Yojana it is also possible to transfer money. This is a big advantage especially for the poorer classes.

Overdraft Facility

The account would also one an overdraft facility. This would provide access to capital when in need of emergency. However, this would be available only after six months of successful operation.

Access to other Financial products

Holders of PMJDY would also get access to pension and other insurance products.

What is the Pradhan Mantri Jan Dhan Yojana

The Pradhan Mantri Jan-Dhan Yojana is a Financial Inclusion Programme which was started by the government and which aims to ensure access to financial products and banking services to all Indians, especially to those who do not have such access. Accounts can be opened across various banks in the country. In fact, several banks like IDBI Bank and State Bank of India have claimed to have opened accounts at a brisk pace, making the financial inclusion plan through this programme a good success.

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