Pradhan Mantri Jan Dhan Yojana Eligibility Criteria PMJDY
Pradhan Mantri Jan Dhan Yojana PMJDY eligibility criteria. PMJDY is ensuring access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to the excluded sections i.e. weaker sections & low income groups. This deep penetration at affordable cost is possible only with effective use of technology. The PMJDY eligibility criteria are as follows:
- Individuals with Indian nationality status are eligible to successfully open a Jan Dhan Yojana account.
- Minors aged above 10 years. However, minors will require the support of guardians to administer the Jan Dhan account. Minors can also use RuPay Cards through which they can withdraw money from ATMs.
- Individuals who already have a basic savings account in operation with a bank can easily transfer or link their accounts to Jan Dhan Yojana accounts to avail of various benefits offered by the latter.
PMJDY Eligibility Criteria for Life Insurance
- Any person who opened a bank account between 15.08.14 to 31.01.15 for the first time with a RuPay card.
- The person should be between the age group of 18 years to 59 years.
- The person was expected to be an earning member of the family or the head of the family. If the head of the family is 60 years or above, then the second earning person of the family would be covered under this scheme on the condition that they fulfill the eligibility criteria.
- The person must have a RuPay card and a bio-metric card linked to the bank account, or at least in the process of being linked.
- Any bank account including small account was accepted.
- Life insurance cover would be in effect as long as the RuPay card is valid and in force.
- Under the Bima Scheme of the PMJDY, only one person of a family would be covered.
- In the event a person has multiple cards or bank accounts, then the benefit will be applicable only on one card for one person per family.
- Risk cover will begin as soon as the bank account is opened.
- The life cover will be Rs.30,000 valid for a period of five years (till the end of FY 2019-20).
- The scheme will be reviewed and the continuation of it will be determined suitably.
PMJDY Eligibility Criteria for Personal Accident Insurance
- The RuPay card holder must have performed at least one successful financial or non-financial customer induced transaction at any Bank Branch.
- The transactions must be carried out at any bank branch, bank mitra, POS outlet, ATM, E-com and so on.
- The day of the accident will be included for consideration of eligible transactions.
- Transactions taking place on both intra-bank and inter-bank channels will be considered.
- In case of two or more accounts, the accident cover will be available only in one account.
Who is not eligible for life insurance cover under PMJDY ?
- State and Central Government employees, whether in service or retired, and their family members.
- Employees of Public Sector Banks, Public Sector Undertakings, and Entities owned by the Central Government, Entities owned by the State Government, or jointly held by State and Central Government, whether in service or retired, and their family members.
- Any person whose income is taxable under the Income Tax Act, 1961, or are filing income tax returns annually, or has tax deducted at source from their income, and their family members.
- Any person involved in the Aam Admi Bima Yojana which covers 48 occupations, and their family members.
- Account holders who have life insurance cover from any other scheme of the bank have the option to choose between the existing cover and the PMJDY cover. The holder can get benefits only from one scheme.
- Any person who does not fulfill the basic eligibility requirements of the PMJDY scheme.
PMJDY’s Detailed Information | National Toll Free No.- 1800 11 0001, 1800 180 1111
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