January 15, 2015

What is small accounts-Pradhan Mantri Jan Dhan Yojana (PMJDY)

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What is small accounts-Pradhan Mantri Jan Dhan Yojana (PMJDY):

In TV advertisement of Pradhan Mantri Jan Dhan Yojana (PMJDY), we frequently watch that if we don't have sufficient officially valid documents, we can still open a small saving accounts. Let know about the features of "small saving accounts".
 
Is there any difference between such ‘small accounts’ and other accounts:

Response: Yes. The ‘Small Accounts’ have certain limitations such as: balance in such accounts at any point of time should not exceed Rs.50,000 total credits in one year should not exceed Rs.1,00,000 total withdrawal and transfers should not exceed Rs.10,000 in a month.


Foreign remittances cannot be credited to such accounts.


Such accounts remain operational initially for a period of twelve months and thereafter, for a further period of twelve months, if the holder of such an account provides evidence to the bank of having applied for any of the officially valid documents within twelve months of the opening of such account. The bank will review such account after twenty four months to see if it requires such relaxation.