PMJDY To Grant Rs 10,000 Under Overdraft Facility Loan Scheme Even With Nil Balance

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A total of 48.70 crore people had created accounts as of April 5, 2023

A total of 48.70 crore people had created accounts as of April 5, 2023

The Pradhan Mantri Jan-Dhan Yojana (PMJDY) customers are entitled to an overdraft (OD) or credit facility in this zero-balance account of up to Rs 10,000.

Prime Minister Narendra Modi introduced the Pradhan Mantri Jan Dhan Yojana (PMJDY), one of the largest financial inclusion efforts in the world, during his Independence Day speech in 2014. The policy safeguards the unguarded, funding those who are unfunded, and serving un-served and underprivileged communities, the policy offers universal banking services to every unbanked household in order to allow bank-related services to unbanked households. Other benefits of PMJDY include an overdraft facility, accident insurance, and a chequebook.

The Pradhan Mantri Jan-Dhan Yojana (PMJDY) customers are entitled to an overdraft (OD) or credit facility in this zero-balance account of up to Rs 10,000. Although initially, the amount limit was Rs 5,000, the upper limit was later raised to Rs 10,000. This will enable customers to use an overdraft facility, even if they have zero balance on their account. The facility is like a short-term loan.

The facility’s main goal is to offer effortless credit to low-income and less-privileged consumers in order to meet their needs without imposing requirements for security reasons. According to the rules of availing the service a bank account holder should be of 65 years of age. Their Jan Dhan account must be at least 6 months old. If not, the customer can only avail of up to Rs 2000.

As per the records on the official website of the Pradhan Mantri Jan Dhan Yojana, a total of 48.70 crore people had created accounts as of April 5, 2023, in addition to about 32.96 crore Rupay debit cards being distributed under this new scheme. The unique aspect of this policy is that 32.48 crore accounts have been opened, even in semi-urban and rural locations. Additionally, reports claim that women occupy 56 percent of the Jan Dhan accounts.

In public sector banks, more accounts have been opened, thanks to the benefits provided by the Pradhan Mantri Jan Dhan Yojana. But if you wish, you can also open a Jan Dhan account in a private bank. Any existing savings account can be converted into a Jan Dhan account as well. Any Indian citizen who is at least 10 years old and resides in India is eligible to register a Jan Dhan account.

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