PMJDY’s 0 balance account opening online account is a boon for Indians

Possessing a zero balance savings account on the electronic platform is a great way for beginners to get acquainted with the habit of saving and also develop an understanding about handling finances.  Some time back, there were no great schemes for the underprivileged till the Ministry of Finance under the leadership of Prime Minister Narendra Modi came up with the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014.

Within six months of its launch, there were a record 11.5 crore household fresh bank accounts. Soon the credibility of the government in achieving targets was restored and they also provided new benchmarks for setting targets by other ministries. Today, it has over 37.5 crore beneficiaries have banked so far and Rs 103,531 crore balance in beneficiary accounts.

The 0 balance account opening online under the PMJDY scheme aims to bring about a radical change in the traditional banking system in India and covers even the economically weaker section of the society, who never ever had a basic bank account.

One of the major benefits of the yojana is that all banks are on Core Banking Solution (CBS) platform and can be transferred to any branch of the bank in any city.

Below given are some of the unique features under PMJDY

1. No minimum balance required 
2. Interest rates on deposits as per the bank rates
3. Rs 1 lakh accidental insurance cover
4. Free RuPay debit cards accepted at all ATMs and PoS machines. Debit card must be used at least once in 45 days to avail benefit of accidental insurance cover.  
5. Government schemes benefit are directly credited to account
6. Entitlement to a loan of Rs 5,000 after six months of opening account 
7. Overdraft facility within six months with an interest rate charged on overdraft value lower of (base rate+2%) or 12%
8. Allows mobile banking services 
9. Provision for a joint account.

Eligibility:  

The criteria for a 0 balance account opening online may differ from bank-to-bank. But the basics required by most banks include that the applicant must

• Be a resident of India
• Be above 10 years of age  
• Not have other savings account with the bank
• Have complete KYC documents like – ID/address proof, passport size photograph 

Provisions for HUF account holders:

• Apart from these, even Hindu Undivided Families (HUF) account holders are also eligible to a 0 balance account opening online. The HUF account holders would be required to submit Copy of PAN card or Form 60 of HUF, ID proof of Karta and Address of Karta and a prescribed Joint Hindu Family letter signed by all adult members. 
  Additional details can be availed by browsing our website https://savingaccount.in/.