SBI Doesn't Require You To Maintain Minimum Balance In This Account

Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts in State Bank of India (SBI) is more than 26 per cent of the total deposits made under the scheme in Public Sector Banks, said country's largest lender on its official twitter handle - @TheOfficialSBI. According to SBI's portal, Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a national mission for financial inclusion to ensure access to financial services, namely, banking/ savings and deposit accounts, remittance, credit, insurance, pension in an affordable manner. PMJDY accounts are exempt from maintaining any average monthly balance, said SBI. (Also read: SBI Term Or Fixed Deposits: Loan Facility, Premature Withdrawal, Interest Rate)

10 things to know about SBI's Pradhan Mantri Jan Dhan Yojana accounts:

1.    PMJDY focuses on coverage of households as against the earlier plan which focused on coverage of villages. It focuses on coverage of rural as well as urban areas, said SBI.

2.    PMJDY accounts in SBI offer some special benefits like interest on deposit, accidental insurance cover of Rs1 lakh, life insurance cover of Rs 30,000, easy transfer of money and access to pension, insurance products. (Also read: Want To Open PPF Account In SBI? This Is What You Must Know)

3.    There is no minimum balance requirement for opening PMJDY accounts in SBI. However, for withdrawal of money from any ATM with Rupay Card, some balance is advised to be kept in account, said SBI.

4.    Interest rate applicable for Saving Bank Accounts (presently at 4 per cent in most of the banks) shall be admissible to accounts opened under PMJDY Scheme.

5.    Joint account can also be opened in SBI's Pradhan Mantri Jan Dhan Yojana.

6.    Account can be opened in any bank branch or business correspondent outlet, informed country's largest lender. (Also read: Tax-Saving Fixed Deposits (FDs): SBI Vs HDFC Bank Vs ICICI Bank Vs Axis Bank)

7.    A person who is already having a bank account with any bank need not to open a separate account under PMJDY. He/she will just have to get issued a RuPay card in his existing account to get benefit of insurance. Credit facility can be extended in the existing account if it is being operated satisfactorily.

8.    Overdraft facility up to Rs 5,000 will be available to one account holder of PMJDY per household after 6 months of satisfactory conduct of the account. To avoid duplication Aadhaar number will also be required. If Aadhaar number is not available then bank will do additional due diligence and also seek declaration from the beneficiary.

9.    All banks participating in PMJDY are on CBS (Core Banking Solution) platform and the account can easily be transferred to any branch of the bank in any city/town as per the request of the account-holder.

10.    Rs 20 is charged from customers for opening bank account under PMJDY.