Banking service chronicle Published this article page no 97 Basic tenets of the schemeo Banking the unbanked Opening of basic savings bank deposit (BSBD) account with minimal paperwork relaxed KYC eKYC account opening in camp mode zero balance & zero charges. o Securing the unsecuredIssuance of Indigenous Debit cards for cash withdrawals and payments at merchant locations with free accident insurance coverage of Rs. 2 lakh. Funding the unfunded Other financial products like microinsurance overdraft for consumption micropension & microcredit. o A minimum monthly remuneration of Rs 5000 to business correspondents who will provide the last link between the account holders and the bank. o One basic savings bank account is opened for unbanked person. o There is no requirement to maintain any minimum balance in PMJDY accounts. o Interest is earned on the deposit in PMJDY accounts. Extension of PMJDY with New features – The Government decided to extend the comprehensive PMJDY program beyond 28.8.2018 with some modification so Focus shift from Every Household to Every Unbanked Adult. o RuPay Card Insurance Free accidental insurance cover on RuPay cards increased from Rs. 1 lakh to Rs. 2 lakh for PMJDY accounts opened after 28.8.2018. o Rupay Debit card is provided to PMJDY account holder. o Enhancement in Overdraft (OD) facilities – Earlier all bank accounts opened under the scheme had an overdraft facility of Rs 5000 for Aadharlinked accounts after satisfactory operation in the account for 6 months. OD limit has now doubled to Rs 10000. o Increase in upper age limit for OD from 60 to 65 years Operative PMJDY AccountsAs per extant RBI guidelines a PMJDY account is treated as inoperative if there are no customer induced transactions in the account for over a period of two years Banking service chronicle buy.
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