What is overdraft facility Jan Dhan Yojana?
Overdraft facility is usually offered for the withdrawal of a limited amount of money. The Centre’s scheme allows the Jan Dhan account holders to withdraw money upto ₹10,000 in the form of a short-term loan. This limit was earlier ₹5,000 but the government doubled the amount last year.
What is the overdraft limit of Jan Dhan Yojana?
Rs.5000
Overdraft facility upto Rs. 5000/- will be available to one account holder of PMJDY per household after 6 months of satisfactory conduct of the account. To avoid duplication Aadhaar number will also be required.
What is overdraft facility?
An overdraft facility in a Current Account allows you to withdraw from even though the balance is zero. It is a form of extension of a stipulated limit offered by banks; the said amount of funds is known as overdrawn.
How do I avail overdraft facility in PMJDY?
Elaborating upon the overdraft facility under Pradhan Mantri Jan Dhan Yojana, SEBI registered tax and investment expert Manikaran Singhal said, “To become eligible for the overdraft facility, a new Jan Dhan account holder needs to maintain a healthy positive balance for the first six months and should do regular cash …
What is the minimum and maximum overdraft limit under PMJDY account?
Overdraft limit was doubled from Rs 5,000 to Rs 10,000. The facility of OD up to Rs 2,000 without conditions was also introduced.
What is the upper age limit for availing PMJDY OD?
The Pradhan Mantri Jan Dhan Yojana Account Eligibility Criteria entails that the applicant should be from the age group 18-59 years.
Which type of account is bank overdraft?
OD account stands for Overdraft account. It is a type of account in which you can withdraw amount even if there is no fund in your account. The bank sanctions a specific limit and your account can go in negative up to that limit. You have to pay interest only on the amount taken as loan.
Is overdraft good or bad?
Overdrafts can be useful for some people. They can help you avoid fees for bounced or returned payments. These happen when you try to make a payment but your account doesn’t have enough money in it. But overdrafts should only be used for emergencies or as a short-term option.
Can we get loan on Jan Dhan?
Yes, it is available under the Pradhan Mantri Jan Dhan Yojana. An account holder can avail loan up to Rs. 5000 against his/her bank account opened under PMJDY. However, in order to avail this benefit any account holder needs to continue the account for six months.
What overdraft means?
An overdraft occurs when you don’t have enough money in your account to cover a transaction, but the bank pays the transaction anyway.
Who is not eligible for PMJDY?
Individuals who are aged 10 years and above can open an account under PMJDY scheme. However, till they do not attain the age of 18, they will be treated as minors. Above it, individuals can open the account until the age of 60 years.