No Need to Open Another Bank Account to Avail of Benefits Under Pradhan Mantri Jan Dhan Yojana (PMJDY);

Anybody Desirous of Opening an Account Can Take One Page Application form to the Nearest Bank Branch/Bank Mitr for Opening the Account; People Who do not Have Officially Valid Documents or Aadhaar Numbers Can Still Get Bank Accounts Opened by Submitting Two Copies of Signed Photographs at the Bank Branch; 4.18 Crore Accounts Opened as on Date Under PMJDY

Department of Financial Services, Ministry of Finance, Government of India has issued instructions that in case people are already holding bank accounts, they need not open another bank account to avail of benefits under Pradhan Mantri Jan Dhan Yojana (PMJDY). In fact insurance benefits are available through the RuPay Card. The existing account holders can submit an application to the concerned branch to enable them to get a RuPay Debit Card in order to avail of the benefits of insurance under PMJDY. Micro credit limit of ₹ 5000/- can also be extended in existing bank accounts on application depending on the satisfactory conduct of the account.

There had been complaints from some places about the availability of the Account Opening Forms due to huge rush and certain people taking advantage of such situation. In view of this, an advertisement has been issued in all major Newspapers where the Account Opening Form has been published. Anybody desirous of opening an account can come and take this Application Form to the nearest bank branch/bank mitr for opening the account. This one page Account Opening Form is also available on the website of the Department www.financialservices.gov.in .

RBI has issued guidelines dated 26th August, 2014, where people who do not have officially valid documents or Aadhaar Numbers can still get bank accounts opened by submitting two (2) copies of signed photographs at the bank branch. However, these accounts will be called small accounts and shall normally be valid for 12 months and shall be continued subject to showing of proof that he/she has applied for any of the officially valid document within 12 months of opening of such ‘Small Account’’. These accounts have certain limitations such as balance at any point of time should not exceed ₹ 50,000/-, total credit in one year should not exceed Rs. one lac, and total withdrawal should not exceed ₹ 10,000/- in a month.

As on date 4.18 crore accounts have been opened under PMJDY.

No new account required to access PMJDY benefits; existing accounts can receive RuPay cards and microcredit on application. Existing bank account holders need not open new accounts to obtain PMJDY benefits; they can apply to their branch to receive a RuPay Card for insurance access and may seek extension of microcredit limits subject to satisfactory conduct. Where customers lack valid ID or Aadhaar, banks may open restricted Small Accounts on two signed photographs under RBI guidelines, with specified balance, credit and withdrawal caps and continuation contingent on applying for valid identification within the prescribed period.