Pradhan Mantri Jan Dhan Yojna Account: How to get loan of Rs.10000 in your Jan Dhan saving account?

Pradhan Mantri Jan Dhan Yojana : Saving account with Overdraft Facility and many more!

Pradhan Mantri Jan-Dhan Yojana [PMJDY] is National Mission for Financial Inclusion to ensure access to affordable financial services by all citizens within a reasonable distance. The main objective of the PMJDY to ensure 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, Minority communities, Members of Cooperative Institutions.

Accounts under PMJDY can be opened at any bank branch or at Bank Mitra outlet. PMJDY accounts are being opened with Zero balance. Rupay debit card or Rupay Aadhaar Card and passbook should be issued to all account holders. However, if the account-holder wishes to get cheque book, he/she will have to fulfil minimum balance criteria. Nomination is mandatory.

The following documents are required to open the Pradhan Mantri Jan Dhan Account.

• If Aadhaar Card/Number is available then no other document is required. If address has changed, then a self-certification of current address is sufficient. The accounts can be opened using e_KYC mode wherever the Aadhaar number is made available.
• If Aadhaar Card is not available, then any one of the Officially Valid Documents (OVD) is required like Voter ID Card or Driving License or PAN Card or Passport or NREGA Card. If these documents also contain address, the same can serve as both Proof of Identity and Address.
• If a person does not have any of the OVDs mentioned above, but he/she is categorized as ‘low risk’ by the bank, then account can be opened by submitting any one of the following documents:
• Identity Card with applicant's photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;
• Letter issued by a gazetted officer, with a duly attested photograph of the person.

The following benefits are provided to account holder of PMJDY scheme.

a. No minimum balance required.

b. Interest on deposit.

c. Easy Transfer of money across India.

d. Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.

e. Access to Pension, insurance products.

f. Issuance of RuPay cards to all eligible MGNREGA beneficiaries

g. Accidental insurance cover of ₹1.00 lac to Rupay card holder from the age of 18 year to 70 year.

Accidental insurance cover is available for accidental death or handicap.Insurance is available only if one successful financial or non financial transaction done within 90 days.

Overdraft of Rs.10000 in PMJDY Account!

Overdraft facility is one of the features under Pradhan Mantri Jan Dhan Yojana, According to fresh guidelines overdraft facility under PMJDY account of Rs.5000 is raised to maximum Rs.10000.

The overdraft limit will be sanctioned for a period of three years.

To avail the overdraft facility the age limit of the account holder must be between 18 to 65 years.

There will be no any condition for the overdraft facility of Rs.2000.

The terms & condition to avail the overdraft facility of Rs.10000 in PMJDY account.

• Accounts which are operated satisfactorily for at least six month.
• The account should be active with regular credits. Credits could be from DBT or DBTL or from any other sources,
• Account should be seeded and authenticated with Adhar and mobile number.
• The account holder should not be maintaining any other bank account.
• Minors, KCC or GCC  borrower , more than one member of the same family are not eligible.
• Minimum OD amount Rs.2000 and maximum amount Rs.10000.
• Beyond Rs.2000 following are the basis of calculation of the maximum limit. 

4 times of the average monthly balance,or 50% of credit summations in account during the preceding six months.

Interest will be charged in the availed loan amount as per the Bank's guidelines i.e MCLR+3%.