New Delhi: PM Jan Dhan account was one of the most popular schemes of the first term of Prime Minister Narendra Modi. Under this scheme, account holders not only get insurance coverage but also get overdraft limit. It is worth noting that overdraft is a financial facility through which you can withdraw money from your bank account. Even if it is empty. The overdraft limit for Jan Dhan account holders has been fixed at Rs 10,000. Let us know how you can take advantage of it?
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For those who do not know, let us tell them that Jan Dhan Account has been created to meet the different financial needs of the account holders. This includes features like zero-balance account, insured RuPay debit card and overdraft option. The initiative also links beneficiaries to other government programs for better financial stability. It was launched about 11 years ago during the first term of Narendra Modi.
What are its benefits?
Any Indian citizen who is eligible to open a Standard Bank Account can also open a Basic Savings Bank Deposit Account (BSBDA). There is no minimum balance requirement in this type of account. Transactions can be done through bank branches, ATMs and banking service providers. Only four rupees can be withdrawn every month. Those who do not have any formal legal documents can open small accounts. These are valid for 12 months. If proof of officially valid document is submitted within the first year, then it can be extended for another 12 months.
Insurance and overdraft limit
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The account holder also gets RuPay Debit Card along with accident insurance. All beneficiaries are required to get an insurance cover of Rs 2 lakh. However, accounts opened before August 28, 2018, provide accident insurance cover of Rs 1 lakh. Apart from this, beneficiaries can avail overdraft facility up to Rs 10,000. Interest on credit and overdraft amounts usually accrues for the number of days the amount is used.
Jan Dhan accounts are eligible for government schemes like Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and Micro Units Development and Refinance Agency Bank (MUDRA) scheme. In the Economic Survey presented before the budget, it was said that by March 2025, 552 million bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana.
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