PMJDY under the National Mission for Financial Inclusion was launched initially for a period of Four years on 15th 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 scheme viz.Pradhan Mantri Jivan Jyoti Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY)

The government has decided to extend the comprehensive PMJDY programme beyond 28.08.2018 with the change in focus from “every household to every adult”.

Opening of Basic Saving Bank Deposit Accounts and Small Accounts:

We are opening PMJDY accounts through BC points (Bank Mitrs) 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 Saving Bank Deposit Account (BSBDA) and Basic Saving Bank Deposit Small Accounts (BSBDS) including relaxed KYC documents have been followed by branches.

Bank has categorised PMJDY accounts in two categories as per the extant guidelines of RBI on the basis of KYC compliance as under -

• Basic Saving Bank Deposit Account (BSBDA)- KYC compliant account
• Basic Saving Bank Deposit Small Account (BSBDS)- Accounts opened with limited KYC

Basic Saving Bank Deposit Account (BSBDA)-

• This account is not having the requirement of maintaining the minimum balance.
• Interest is earned on the deposit in PMJDY accounts.
• The services available in the account include deposit and withdrawal of cash at bank branch as well as ATMs; 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 number of deposits that can be made in a month but maximum number of withdrawals permitted in the account is restricted to four only including ATM withdrawals.
• Facility of RuPay Debit Card is available to all PMJDY account holders. Accident cover of Rs.1 lakh (enhanced to Rs.2 lakh to new PMJDY accounts opened after 28.08.2018) is available with RuPay card issued to the PMJDY account holder.
• The above facilities are provided without any charges. No charge will be levied for non-operation/activation of in-operative Basic Saving Bank Deposit Account.
• All existing no frill accounts under SBFRL/SBNFL/SBZER schemes are eligible for conversion in BSBDA scheme.
• Nomination facility is available.

Instant Account opening through Business Correspondents (BCs)-

Bank has implemented opening of instant accounts through e-KYC from BC/Bank Mitr 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 theaccount 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 Rupaycard, Cheque book etc. to customer.

Basic Saving Bank Deposit Small Accounts (BSBDS)-

• To achieve the objective of Universal Financial Inclusion and to minimize the inconvenience of the prospective last mile customers, RBI has issued guidelines on opening of saving bank accounts of people with small means & migratory workers (who normally do not have proof of residence at their place of work) with relaxed KYC requirements which is known as Small Accounts under prevention of Money Laundering Rules.
• Small accounts can be opened without insisting upon documentary proof of identity & residence.
• As per Government of India notification dated December 16, 2010, BSBDA – Small Accounts are subject to the following conditions:
  1. Total credit in such accounts should not exceed Rs. 100000/- in a year.
  2. Maximum balance in the account should not exceed Rs. 50000/- at any time.
  3. The total debits by way of cash withdrawals and transfers will not exceed Rs.10000/- in a month.
  4. Foreign remittance cannot be credited to Small Accounts without completing normal KYC formalities.
  5. Small accounts are valid for a period of 12 month initially which may be extended by another 12 months, if the account holder provides a document showing that he/she applied for any of the Officially Valid Document (OVD).
  6. Conversion of BSBDS accounts to regular BSBDA/SB accounts by obtaining KYC documents in one year is also required so that the account holders should not be deprived of banking services for want of KYC documents.