InvestorQ : Please tell me more about the overdraft facility provided by the Pradhan Mantri Jan Dhan Yojana (PMJDY).
Isha Tharwani made post

Please tell me more about the overdraft facility provided by the Pradhan Mantri Jan Dhan Yojana (PMJDY).

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Anusha Savla answered.
3 years ago
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Pradhan Mantri Jan Dhan Yojana (PMJDY) is a scheme launched by the Government of India to ensure financial inclusion of every individual who does not have a bank account in India.

The aim of the scheme is to provide financial services to Indian citizens who will otherwise find it difficult to go about conducting most financial activities.

The overdraft facility is one of the many benefits offered by the Pradhan Mantri Jan Dhan Yojana account. According to the rule, after six months of satisfactory performance on the account, the bank may optionally consider providing an overdraft facility starting from Rs. 1,000.00. On regular servicing of the overdraft interest the amount of overdraft may be even be increased up to Rs. 5,000.00.

Other benefits are:

- All households (rural and urban) across the country will be covered under the scheme. Bank accounts will be opened for 6 crore account in villages and 1.5 crores in urban areas.

- Issuance of RuPay Debit Card with inbuilt Rs. 1 lakh personal accident insurance cover provided by HDFC Ergo and a life cover of Rs. 30,000 provided by LIC.

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