Salient features of Basic Savings Bank Deposit Account (BSBDA): i) There is no requirement of minimum balance ii) The services available include deposit and withdrawal of cash at bank branch as well as ATMs iii) Receipt/credit of money through electronic payment channels or by means of collection/deposit of cheques iv) Maximum of 4 withdrawals a month including ATM withdrawal. No such limit for deposits Facility of ATM card or ATM-cum-Debit card v) These facilities are to be provided without any extra cost vi) Any individual above the age of 10 years can open BSBDA Account. Documents are required to open an account under Pradhan Mantri Jan-DhanYojana:- (i) If Aadhaar Card/Aadhaar Number is available then no other documents is required. If address has changed, then a self-certification of current address is sufficient. (ii) If Aadhaar Card is not available, then any one of the following Officially Valid Docu-ments (OVD) will serve the purpose: (a) Voter ID Card, (b) Driving Licence, (c) PAN Card, (d) Passport & (e) NREGA Card. Note: If these documents also contain your address, it can serve both as Proof of Identity and Address. (iii) If a person does not have any of the officially valid documents mentioned above, but it is categorized as low risk by the banks, then he/she can open a bank account by submitting any one of the following documents: a) Identity Card with applicants photograph issued by Central/ State Government Depart -ments, Statutory/ Regulatory Authorities, Public Sector Under takings, Scheduled Commercial Banks and Public Financial Institutions; b) Letter issued by a gazette officer, with a duly attested photograph of the person. Rupay Debit Card:- Rupay Debit Card is an indigenous domestic debit card introduced by National Payment Corporation of India (NPCI). This card is accepted at all ATMs (for cash withdrawal) and at most of the PoS (Point of Sale) machines (for making cashless payment for purchases) in the country. Personal Identifi cation Number (PIN) is randomly generated code for use of ATM Card at the time of withdrawal of money from ATM Machine and also at the time of making payment on PoS (Point of Sales). Beneficiary of RuPay Card is required to keep the Card in safe custody. PIN should be changed at frequent intervals and should never be shared with anyone. While using the card at ATM Machine or PoS, PIN should be entered in machine very secretly so that nobody could even guess about the PIN Number. As far as possible, Card should be used at authorized places / centres only. Besides, PIN number should never be written on the Card. It provides accidental insurance cover upto Rs.1.00 lac without any charge to the customer. Mobile Number of an account holder is entered in customers account in CBS System by the Bank on the basis of information given in the Account Opening Form. Also, for existing accounts, banks permit seeding through ATM, SMS from registered mobile, net-banking or on making a request in the branch (there may be variations depending on the bank). Here Some Questions This Article : Q. 1. How to keep debit card operational ? Ans. To get benefit of Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days. Q. 2. How long the debit card is valid and how to get Debit Card renewed ? Ans. Debit Card expiry date is mentioned on the Card itself. Account-holder is advised to get issued new card well before expiry date of his/her existing card by giving fresh application to the concerned bank. Q.3. If someone has two or more accounts and two or more RuPay Debit Cards, whether accidental insurance cove is available in each account / each card? Ans. Accidental insurance cover is available only in one account Q. 4. Does a person already having a Bank account in any bank needs to open another account under Pradhan Mantri Jan-DhanYojna (PMJDY) to get the Accidental Benefit/Life Insurance Benefit under the Scheme? Ans. 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. Q. 5. What is the concept of overdraft of Rs.5000/- in PMJDY Account and for whom this facility is available? Ans. Overdraft facility upto Rs.5000/- will be available to one account holder of PMJDY per household after 6 months of satisfactory conduct of the account. If Aadhaar number is not available then Bank will do additional due diligence and also seek declaration from the beneficiary. Q. 6. Whether Overdraft facility can be availed in more than one account? Ans. Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household. Q. 7. What is Accidental Insurance Cover? Who will pay the premium ? Ans. Accidental Insurance Cover is Rs.1.00 lac and no premium is charged to the beneficiary -- NPCI will pay the premium. At present the premium is Rs.0.47 per Card. Q. 8. If both husband and wife who are opening accounts under PMJDY are eligible for Accidental Insurance Cover of Rs.1.00 lac and Life Insurance cover of Rs.30,000/- and overdraft facility of Rs.5000/- in both the accounts separately? Ans. Accidental Insurance cover of Rs.1.00 lac and Life Insurance Cover of Rs.30000/- will be available to all account-holders. However, overdraft facility upto Rs.5000/- will be available to only one person in the family (preferably lady of the house). Q. 9 WhetherCheque Book will be issued in accounts opened under PMJDY? Ans. PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria, if any, of the bank. Q. 10. What are the direct / special benefits attached to PMJDY? Ans. Special benefits attached to the scheme are: i) interest on deposit ii) Accidental insurance cover of Rs1.0 Lac iii) No minimum balance required. However, for a withdrawal of money from any ATM with Rupay Card, some balance is advised to be kept in account iv) Life insurance cover of Rs.30,000/- v) Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts vi) After satisfactory operation of the account for 6 months, an overdraft facility will be permitted Access to Pension, insurance products Q.11. How much interest savings would earn in PMJDY Account? Ans. Interest rate applicable for Saving Bank Accounts (presently @ 4 % in most of the banks) shall be admissible to accounts opened under PMJDY Scheme. Q. 12. How much interest will be charged by bank on overdraft facility in PMJDY? Ans. Base Rate + 2 % or 12 %, whichever is lower. At present it will be 12 %. Q. 13. Whether banks will be organizing Account Opening Camps in future also? Ans. Yes. Nationalised banks have been asked to organize camps on all Saturdays from 8.00 AM to 8.00 PM. Banks can hold additional camps on other days also. Q. 14. Do you have to pay some fee to open a Bank account under PMJDY? Ans. No. There is absolutely no charge / fee for opening an account under PMJDY. Q. 15. Can a minor (below 18 years of age) can open an account under PMJDY? Ans. A minor of above the age of 10 years can open his / her Savings Bank account in any bank. Q. 16. What is USSD based transaction and how to use it ? Ans. USSD is abbreviated form of Unstru-ctured Supplementary Service Data. USSD based Mobile Banking offers basic Banking facilities like Money Transfer, Bill Payments, Balance Enquiries, Merchant Payments etc. on a simple GSM based Mobile Phone, without the need to download application on a Phone as required at present in the Immediate Payment Service (IMPS) based Mobile Banking. Transa- ctions can be performed on basic phone handsets. The user needs to approach his bank and get his mobile number registered. The bank will issue an MPIN (Mobile PIN) to the user. The user thereafter needs to dial *99# and the menu for using USSD opens. Thereafter customer has to follow selections on the menu to complete the transaction. Charges as applicable by the Telecom Operator (not more than Rs.1.50 per transaction as mandated by TRAI) may be applicable. Q. 17. How is PMJDY different from the earlier Financial Inclusion Plan (Swabhimaan)? Ans. 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. Earlier plan targeted only villages above 2000 population while under PMJDY whole country is to be covered by extending banking facilities in each Sub-Service area consisting of 1000 - 1500 households such that facility is available to all within a reasonable distance, say about 5 Km. Q. 18. Who is Business Correspondent Agent / Bank Mitra and what is their role in PMJDY? Ans. Business Correspondent Agents (Bank Mitras) are retail agents engaged by banks for providing banking services at locations where opening of a brick and mortar branch / ATM is not viable. Scope of activities of Business Correspondents / Bank Mitra are as under: a) Creating Awareness about savings and other products and education and advice on managing money and debt counseling. b) Identification of potential customers. c) Collection and preliminary processing of various forms for deposits including verification of primary information /data. d) Filling of applications / account opening forms e) Collection and payment of small value deposits and withdrawals. f) Receipt and delivery of small value remittances / other payment instructions. g) Furnishing of mini account statements and other account information. h) Any other service on behalf of the Bank, duly authorized by the appropriate authority etc.
Posted on: Thu, 11 Dec 2014 13:47:26 +0000
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