Recently Sh. Narendra Modi led NDA Government in India has launched following financial literacy scheme for all citizen of India specially for those who were far away from banking facilities:-

 

1. Pradhan Mantri Jan-Dhan Yojana (PMJDY): To open Saving Bank A/c in any bank India.

2. Pradhan Mantri Suraksha Bima Yojana (PMSBY): Accidental death insurance of Rs.2 lacs.

3. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Life Insurance of Rs.2 lacs.  

4. Atal Pension Yojana (APY): Monthly pension upto Rs.5,000/- after age of 60. 

 

Pradhan Mantri Jan-Dhan Yojana (PMJDY): Saving Bank A/c in any bank India

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.

Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. 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.

Special Benefits under PMJDY Scheme

  1. Interest on deposit.
  2. Accidental insurance cover of Rs.1.00 lac
  3. No minimum balance required.
  4. Life insurance cover of Rs.30,000/-
  5. Easy Transfer of money across India
  6. Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
  7. After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
  8. Access to Pension, insurance products.
  9. Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
  10. Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.

Documents required to open an account under Pradhan Mantri Jan-Dhan Yojana

  1. 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.
  2. If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”.
  3. 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:
    1. Identity Card with applicant’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;
    2. Letter issued by a gazette officer, with a duly attested photograph of the person.

Related rules/guideline of RBI/Government

  1. RBI Guidelines Jan Dhan Yojana
  2. Financial Literacy and Credit Counselling Centres (FLCCs)- Model Scheme
  3. Trainer’s guide for conduct of Financial Literacy Camps

Pradhan Mantri Suraksha Bima Yojana (PMSBY): Accidental Insurance of Rs.2 lacs.

Silent Features

  1. For all Bank account holders whose age is between 18 to 70 years.
  2. Insurance amount can also be availed if in a handicapped state.
  3. Accident insurance worth Rs. 2 lacs at just Rs. 12 per annum.
  4. Period of Insurance Annual : 1st June – 31st May
  5. The premium will be deducted from the account holder’s saving bank account through ‘auto debit’ facility.
  6. The person would be eligible to join the scheme through one saving bank account only.
Related rules/guideline of RBI/Government
  1. RULES FOR THE PRADHAN MANTRI SURAKSHA BIMA YOJANA
  2. Frequently Asked Question (FAQ)
  3. Consent-cum-Declaration Form
  4. Claim Form

 

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Life Insurance of Rs.2 lacs

Silent Features

  1. For all Bank account holders whose age is between 18 to 50 years.
  2. Life Insurance amount for your family, in your absence.
  3. Life insurance worth Rs. 2 lacs at just Rs. 330 per annum.
  4. Period of Insurance
    Annual : 1st June – 31st May
  5. The premium will be deducted from the account holder’s saving bank account through ‘auto debit’ facility.
  6. The person would be eligible to join the scheme through one saving bank account only.
Related rules/guideline of RBI/Government
  1. RULES FOR PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA
  2. Frequently Asked Question (FAQ)
  3. Consent-cum-Declaration Form
  4. Claim Form

 

Atal Pension Yojana (APY): Monthly pension upto Rs.5,000/- after age of 60

Silent Features

  1. For all Bank account holders whose age is between 18 to 40 years.
  2. Period of Insurance Annual : 1st June – 31st May
  3. The premium will be deducted from the account holder’s saving bank account through ‘auto debit’ facility.
  4. The person would be eligible to join the scheme through one saving bank account only.
  5. Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs. 1000 and Rs. 5000 per month.
  6. The benefit of minimum pension would be guaranteed by the GoI.
  7. GoI will also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower. Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer.
  8. GoI will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme between the period 1st June, 2015 to 31st December, 2015. The benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries.
  9. All bank account holders may join APY.

Eligibility

  1. APY is applicable to all citizen of India aged between 18-40 years
  2. Aadhaar will be the primary KYC. Aadhar and mobile number are recommended to be obtained from subscribers for the ease of operation of the scheme. If not available at the time of registration, Aadhar details may also be submitted later stage.

Charges for default

  1. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below:
    • Re. 1 per month for contribution upto Rs. 100 per month.
    • Re. 2 per month for contribution upto Rs. 101 to 500/- per month.
    • Re 5 per month for contribution between Rs 501/- to 1000/- per month.
    • Rs 10 per month for contribution beyond Rs 1001/- per month.
  2. The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.

Important information for subscriber: Discontinuation of payments of contribution amount shall lead to following:

  1. After 6 months account will be frozen.
  2. After 12 months account will be deactivated.
  3. After 24 months account will be closed.

Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount.

Exit :

On attaining the age of 60 years: The exit from APY is permitted at the age with 100% annuitisation of pension wealth. On exit, pension would be available to the subscriber.

In case of death of the Subscriber due to any cause: In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.

Exit Before the age of 60 Years: Exit before 60 years of age is not permitted however it is permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.

 

Table of contribution levels, fixed monthly pension of Rs. 5,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana

Age of Joining

 Years of Contribution Indicative Monthly Contribution(in Rs.) Monthly Pension to the subscribers and his spouse(in Rs.)

Indicative Return of Corpus to the nominee of the subscribers         (in Rs.)

18

 42 210 5,000 8.5 Lakh

20

 40 248 5,000

8.5 Lakh

25

 35 376 5,000

8.5 Lakh

30

 30 577 5,000

8.5 Lakh

35

 25 902 5,000

8.5 Lakh

40

 20 1,454 5,000

8.5 Lakh

 

Related rules/guideline of RBI/Government