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How To Convert An Old Savings Account To Jan Dhan Account?

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The Pradhan Mantri Jan Dhan Yojna is a government-sponsored financial inclusion program that began in 2014. The term "financial inclusion" refers to the inclusion of a growing number of people in the country's financial system and access to financial services.

 

The Jan Dhan Yojna is designed to assist these individuals by ensuring that they have access to affordable financial products such as bank accounts, remittances, credit services, pensions, and insurance.

How To Convert An Old Savings Account To Jan Dhan Account?

Who is eligible for Jan Dhan Yojana Account?

To open a Jan Dhan Yojana account, the applicant must be an Indian citizen.
The applicant must be over the age of ten and have a guardian to manage the account on his or her behalf. In addition, the applicant will be eligible for a RuPay Card, which would allow him or her to withdraw up to four times from any ATM.
Even if the applicant does not have appropriate documentation to establish his nationality, the bank will open an account for him based on background checks, classifying him as a "low risk" customer. If a person has a savings account with a bank, he or she can transfer it to the Pradhan Mantri Jan Dhan Yojana to take advantage of its benefits.

 

Advantages of Jan Dhan Yojana Account

No minimum balance
The Jan Dhan Yojna allows accounts to be opened with no minimum balance. However, depending on the bank, if the consumer wants extra services such as a cheque book, a minimum amount may be required.

RuPay Debit Card on Jan Dhan Account
The customer will be given a Repay Debit Card, which may be used to withdraw money from any ATM in India.

Insurance Cover on Jan Dhan Account
All PMJDY plan members would be eligible for a Rs 30,000 life insurance policy.

Loan and Overdraft on Jan Dhan Account
The account holder can get a Rs 5000 overdraft after 6 months of opening the account under the Pradhan Mantri Jan Dhan initiative.

How to convert an Old Savings Account to Jan Dhan Account?

Given the attractive incentives, many account holders would like to switch their previous deposit accounts to the Jan Dhan Yojana. To minimize confusion, it is normally recommended that the account holder refrains from opening another account under the plan.

If they desire to move their existing accounts under the plan, account holders of any bank or financial institution just need to issue a Rupay card in order to receive insurance benefits under the Pradhan Mantri Jan Dhan Yojana Scheme.

You must submit self-attested copies of your PAN and Aadhaar to your bank, along with a written application, to convert your Savings account to a full-fledged Jan Dhan account and avail benefits.

Story first published: Thursday, July 22, 2021, 17:50 [IST]
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