Pradhan Mantri Jan Dhan Yojana (PMJDY) is one of the most popular banking schemes in the country as it provides for one basic bank account for every unbanked adult. For this account, there is no need to maintain any balance and also no charges are levied on this account. In the account, a free-of-cost RuPay Debit card with an in-built accident insurance cover of Rs 2 lakh is also provided to promote digital transactions. PMJDY account holders are also eligible for getting an overdraft of up to Rs 10,000 to cover exigencies.
As per the Government of India, around 53 crore people were brought into the formal banking system through the opening of Jan Dhan Accounts. “These bank accounts have garnered a deposit balance of Rs. 2.3 lakh crore, and resulted in the issuance of over 36 crore free-of-cost RuPay cards, which also provide for a Rs 2 lakh accident insurance cover,” Finance Minister Nirmala Sitharaman had said two months ago.
The PMJDY was launched in 2014 and a massive 10.5 crore PMJDY saving accounts were opened between August 2014 to December 2014. These 10.5 crore accounts which were opened in 2014 have either turned or turning 10 years old this year. Now, as per the rule, these accounts must undergo periodic updation or re-KYC.
So, if you have also opened your Jan Dhan account in 2014, then you must get the re-KYC done to ensure that you don’t face any transaction issues. Also, if your Jan Dhan account has been lying unused for more than two years, then the re-KYC is mandatory, else your account may turn inoperative.
On Monday, Financial Services Secretary M Nagaraju asked banks to carry out a fresh KYC (know your customer) process for Jan Dhan accounts which are due for updation. The government is planning to use fingerprints, face recognition, and declarations where no change in KYC documents occurred, to get the re-KYC done. The re-KYC process can be completed through channels like ATMs, mobile banking, internet banking, and other available digital channels.
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