PMJDY under the National Mission for Financial Inclusion was launched initially for a period of four years on 15^th August 2014. It envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension.

PMJDY has provided a platform for the three social security schemes viz. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).

The government has decided to extend the comprehensive PMJDY programme beyond 28^th August 2018 with the change in focus from “every household” to “every adult”.

Opening of Basic Savings Bank Deposit Accounts and Small Accounts:

We are opening PMJDY accounts through BC Points (Business Correspondents/Bank Mitras) as well as through branches. All our branches have been issued with latest guidelines of the scheme. RBI guidelines to display the features of Basic Savings Bank Deposit Account (BSBDA) and Basic Savings Bank Deposit Small Accounts (BSBDS) including relaxed KYC documents have been followed by branches.

On the basis of collection of KYC documents PMJDY accounts can either be opened by submitting full KYC documents or by submitting self-attested photograph as per the extant guidelines of RBI. Namely,

• Basic Saving Bank Deposit Account (BSBDA) – KYC Compliant Account
• Basic Savings Bank Deposit Small Account (BSBDS) – Accounts opened with limited KYC

Basic Savings Bank Deposit Account (BSBDA)-

Salient Features:

• Normal Banking Services can be availed through BSBDA accounts.
• There is no requirement to maintain Minimum Balance.
• Basic minimum facilities given in BSBDA Account are free of charge.
• The services available in the account will include Deposit and Withdrawal of cash at Bank Branch as well as ATMs / CDMs; receipt / credit of money through electronic payment channels or by means of deposit / collection of cheques drawn by Central / State Government agencies and Departments;
• There is no limit on the number and value of deposits that can be made in a month.
• Four withdrawals in a month, including ATM Withdrawals are free of charge.
• Facility of ATM Card or ATM-cum Debit Card;
• BSBDA Account holders are eligible to avail cheque book facility by paying additional charges as per extent guidelines applicable for Savings Bank Account holders without the requirement of maintaining any minimum balance in BSBD Account.
• The holders of BSBD Account (BSBDA) cannot open any other Savings Bank Deposit Account in the Bank.  If a customer has any existing Savings Bank Deposit Account, then they are required to close it within 30 days from the date of opening a BSBD Account. A declaration must be given by the customer that they are not having a BSBD account in any other Bank. An existing Savings Bank account can be converted to BSBD account at the request of the Customer.
• The instructions issued on free transactions available for normal Savings Bank account in own bank / other bank ATMs are not applicable for BSBD Accounts. Four withdrawals available to the BSBD Account holders can be made at all ATM (own bank / other bank ATMs)
• RuPay Debit Card Personal Accident Insurance cover of Rs. 2 lakhs is available to PMJDY Customer (accounts opened after 28^th August, 2018) as per terms and conditions of the policy.
• BSBDA Customers are eligible to avail Overdraft facility upto Rs. 10,000/- as per terms and conditions.
• Women PMJDY customers who are also SHG members are eligible for Overdraft facility of Rs. 5,000/- as per eligibility.
• The BSBD Account are subjected to RBI instructions on KYC/AML for opening of Bank Accounts issued vide Master Direction DBR. AML. BC. No. 81/14.01.001/2015-16 dated February 25,2016 – Annexure on ‘Master Direction – Know your Customer (KYC) Direction, 2016’, as amended from time to time.                              

Instant Account opening through Business Correspondents (BCs)- 

Bank has implemented opening of instant accounts through e-KYC from BC/Bank Mitra locations also. Under this channel BSBDA Accounts will be opened for customer after authentication of his/her biometrics from Aadhaar. All e-KYC accounts will be treated as full KYC compliant accounts. However, customers will be able to operate initially at BC locations only. If customer want to operate the account from Branch also and to obtain the RuPay Card/Cheque book etc., and to do other digital transactions, he/she is required to visit the Branch concerned and submit the account opening form along with photocopy of Aadhaar, Pan Card/Form 60 or 61 and subscribe signature/thumb impression on account opening form. Branch will update their record and deliver the RuPay card, Cheque book etc. to customer.

Basic Savings Bank Deposit – Small Accounts - (BSBDS)-

A ‘BSBD - Small Account’ is opened based on simplified KYC norms, by obtaining a self-attested photograph from the customer. Such Accounts are subject to the following restrictions as per RBI instructions on Know Your Customer (KYC) / Anti- Money Laundering (AML) policy–

Salient Features:

• The aggregate of all credits in an account during the financial year does not exceed rupees one lakh (Rs.1,00,000);
• The aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand (Rs. 10,000) and
• The balance in an account at any point of time does not exceed rupees fifty thousand (Rs. 50,000).
• The Operations in the account shall be withheld upon breaching the above restrictions.
• Foreign remittance is not allowed to be credited into BSBDS account.
• The account remains operational initially for a period of twelve months only which can be extended for a further period of twelve months, provided the account holder applies and furnishes evidence of having applied for any of the OVDs during the first twelve months of the opening of the said account.
• The entire relaxation provisions shall be reviewed after twenty-four months.