What Are The Benefits Of Opening Account In PMJDY

PMJDY stands for Pradhan Mantri Jan Dhan Yojna.  This is one of the ambitious schemes of establishing sound financial system in the country.  This scheme is directly launched by the Prime Minister of the country and has a number of benefits.  Through this scheme, in coming years, each individual of the country will have a bank account and equipped with the latest financial technicality.  The basic and minimum inescapable requirement to participate in this scheme is any one of the identity proof. 

One should know the differences of opening of saving bank account under PMJDY or under normal bank procedures.

General Bank Account: If someone wants to open a bank account in any of the banks in the country, he/she will have to produce address and identity proves.   No relaxation will be provided by the bank with regards to the basic documentary requirements.  This bank account will be opened from minimum Rs. 1000/- and you will have to maintain the minimum balance.  In case you have withdrawn the amount through the ATM, you will be charged for the same.  Though, this account will provide you the identity too.  But some of the main differences between normal account and PMJDY are elaborated below:-

Ser	Under Normal banking system	Under PMJDY
(a)	Minimum amount: Rs. 1000.00	Minimum amount : Rs. Zero
(b)	Documentary requirement: Valid Address and Photo Identity Proof.	Documentary requirement:  AADHAR or any ID.  You can produce self attested letter in case the address has been changed.
(c)	Feature of small account: No	Feature of small account: Yes, if no documentary evidence is available. (You will have to produce the documentary proof within one year).
(d)	Accidental claim : No	Accidental claim : Rs. 100,000.00
(e)	Penal charges of not maintaining minimum balance:  Yes	Penal charges of not maintaining minimum balance:  No such charges are levied.
(f)	System of operation: Joint or Single	System of operation: Joint or single.
(g)	Nomination facility : Available	Nomination facility : Available

In any case, opening of a bank account with HCBL under PMJDY is quite beneficial.  Documentary proves are normally not held by the villagers and this scheme will help them a lot.  Easiest way has been adopted to open the bank accounts.  Reserve Bank of India also formulated crystal clear directives to all the banks to support this scheme.  To avail benefits of PMJDY it will be better to ask any bank to open their bank account.  In case of AADHAR card is not with the individual, he can get a certificate written by the ombudsman of the concerned village showing that the person is the resident of such village.  Voter identity card will also serve the purpose.  But need not to worry if you don’t have any of the identity proof.  You can give an undertaking in the bank to provide necessary documents in one year and you will be provided with a small saving bank account under PMJDY.  In case of accident, you can also get the accident claim of Rs. 100,000.00.