Learn to Earn, Online or Offline by Ethical Means [ Established 2011 ]
by Navneet Sood · 17/10/2017
I had opened saving fund account under PMJDY popularly known as Prime Minister Jan Dhan Yojana which found its place in Guinea’s Book of Records. I have not been able to avail overdraft in my PMJDY so far. What should I do? How to avail Overdraft in Saving account under PM Jan Dhan Yojana?
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@JB GUPTA, In addition to the above overdraft facility the public opening the new bank account under Jan Dhan Yojana will also get various benefits like:
1. Zero Balance Account, with no minimum balance condition or charges.
2. Rupay Debit cards.
3. With the help of this account the bank account holder can even go for an easy loan option.
4. This special scheme also provides a life insurance cover of 30,000.
5. The account will have an overdraft limit after a period of 6 months from the date of opening of account. The overdraft limit will be of 5000 rupees and it will be activated only if the account is kept active.
6. Once they successfully repay the overdraft amount then the limit might be increased to 15,000 rupees.
@Navneet, Now most of the banks have allowed to opt for the overdraft facility in saving account under Prime Minister Jan Dhan Yojana (PMJDY) to the extent of Rs.5000.00 maximum with a minimum of Rs.500.00 through internet banking channels. For example net banking users of Punjab National Bank (PNB) has been allowed to submit online request through PMJDY link wherein the user is to accept the terms and conditions and submit the online application. However in case your bank has allowed the availment of overdraft facility through net banking or you are not using internet then you need to visit your bank to sign the “Terms and Conditions” physically which may read as under:
1. I hereby apply for overdraft in my Savings Bank A/c under PMJDY for 36 months @ Base rate + 2% (presently _______%)subject to annual review of account. ROI will depend upon base rate of respective banks.
2. Quantum of Loan amount will be as under :
a) 4 times of average monthly balance of my PMJDY account. b) OR 50% of credit summation in my account during the preceding 6 months. c) OR Min. Rs. 500/- or Max. Rs. 5000/-, whichever is lower.
3. I shall abide by the terms and conditions stipulated by the bank in this regard. Further, I undertake that :-
a) Details of family members who have availed OD facility under PMJDY b) Details of family members having any other liability towards the bank c) Details of any other bank account of the PMJDY account holder in any other bank. d) I shall route all Govt. benefits/earnings through above said account e) I hereby authorize the Bank to disclose all or any particulars or details or information relating to my loan accounts with the Bank, to any other financial institution, government or any agency(ies) as may be considered necessary or desirable by the Bank f) It will be in order for the bank to disqualify me from receiving any credit facilities from the Bank in case it is proved that the declaration of my outside borrowings made above contain misrepresentations of facts. g) I hereby undertake to abide by the terms and conditions that the Bank may stipulate in sanction of this loan/overdraft h) I hereby declare that the particulars given above are true and correct to the best of my knowledge and belief i) I hereby agree that in the event of breach of undertaking or terms and conditions subject to which overdraft facility has been sanctioned and/or any of the undertakings or information, the Bank at its sole discretion may discontinue the overdraft facility.