5 5 Banking Awareness Schemes

Banking Awareness
Schemes
Banking Awareness
Schemes
Schemes
Pradhan Mantri Jan Dhan Yojana:
Establishment: August 28, 2014
Objective: To provide easy access to financial services such as Remittance, Credit,
Insurance, Pension, savings & deposit accounts to the poor and needy section of our
society.
Features:
● Zero Balance Account can be opened by Individuals.
● Overdraft Facility is available.
● Transfer of money is Simple.
● The overdraft facility of Rs.10,000 is available is available.
● The amount Deposited earns an Interest Rate
● Accidental Insurance cover – Rs.2 lakh.
Eligibility:
● Must be a citizen of India.
● Should be at least 10 years of age
● You should not have a bank account.
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Banking Awareness
Schemes
Benefits:
● You will be eligible for Direct Benefit Transfer as well as other welfare schemes by
the government. Interest earned for the Deposited amount.
● Free Insurance coverage to cover the financial risks associated with Accidental
death or disablement.
● Overdraft allows you to access funds in financial emergencies.
● Account holders can check their balance using the mobile banking facility.
Pradhan Mantri Surakhsha Bima Yojana (PMSBY):
Establishment: May 9, 2015
Objective: Pradhan Mantri Suraksha Bima Yojana is a government-backed accident
insurance scheme in India
Premium: Rs. 20 per annum
Features:
1. After the insured's untimely death in an accident, the policy's beneficiaries will get
the death benefit.
2. The amount of the health insurance premium is automatically deducted from the
associated savings account.
3. Applicants can opt for long-term coverage or an annually renewable plan, depending
on their needs.
4. The exit and re-entry procedures are straightforward.
5. It comes with a number of tax advantages.
Eligibility:
1. This health insurance policy provides accidental insurance coverage at a low cost.
Banking Awareness
Schemes
2. If the insured dies in an accident, the policy gives financial assistance to his or her
dependents.
3. The insured no longer has to worry about missing premium payment deadlines with
the auto-debit option.
4. The policy provides secure processing as well as ongoing coverage.
5. The insured has the option of continuing or terminating the plan as they see fit.
Coverage: Rs. 2 lakhs for Permanent total disability and Rs. 1 lakh for Permanent Partial
Disability
Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY):
Establishment: 2015
Objective: Life insurance plan specially designed for underprivileged families in India
Premium: Rs. 436 annually
Features:
1. Simple Renewal
It gives one year of life insurance and can be renewed every year.
2. More comprehensive insurance coverage
PMJJBY provides life insurance coverage of Rs. 2 lakhs for a yearly payment of Rs. 436.
3. There Are No Maturity Benefits
Because it is a term insurance plan, the policy solely covers life risks and no maturity
benefits can be collected.
4. Only a savings account is required.
To purchase this plan, the policyholder must have a savings bank account, and it can be
purchased at any partnered banks in India that have tie-ups with LIC and other private
Banking Awareness
Schemes
insurance providers.
5. No-hassle procedures
The coverage for life insurance begins 45 days following the date of enrolment. However, in
the event of death as a result of an accident, the total assured amount will be paid. Even if
a policyholder leaves the scheme for whatever reason, he or she can simply rejoin it.
Eligibility
 The PMJJBY is available to people in the age group of 18 to 50 years having a bank
account who give their consent to join / enable auto-debit.
 Aadhar would be the primary KYC for the bank account.
Pradhan Mantri Mudra Yojana (PMMY):
Establishment: April 8, 2015 under the Companies Act 2013.
Objective: To encourage entrepreneurs and small business units to expand their
capabilities and operations, to reduce over indebtedness and to provide formal system of
credit (finance).
Loan Limit: Loans up to 10 lakhs to the non-corporate, non-farm small/micro enterprises.
Provider: Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs.
Eligibility:
1. Should be a citizen of India
2. Age limit: 18 years to 65 years
3. Requirement of credit must be up to Rs. 10 Lakhs.
4. The loans are basically for people having a business plan in a Non-Farming
Sector with Income generating activities like the following:

Banking Awareness
Schemes
● Manufacturing
● Processing
● Trade
● Service Sector
Products:
1. Shishu: Covering Loans up to Rs.50,000
2. Kishore: Covering Loans above Rs.50,000 to Rs.5 lakhs
3. Tarun: Covering Loans above Rs.5 lakh to Rs.10 lakhs
Kisan Credit Card Scheme:
Introduced in: August 1998
Recommendation: R V Gupta Committee
Objective: This scheme is introduced especially to provide financial support for farmers. Its
main objective is to meet the comprehensive credit requirements of the agriculture sector
and for fisheries and animal husbandry by giving financial support to farmers.
Participating Organisations: All commercial banks, Regional Rural Banks, and state co-
operative banks.
Eligibility:
● Farmers-Individuals/Joint borrowers who are owner-cultivators.
● Self Help Groups or Joint Liability Groups of farmers which include tenant farmers,
share croppers etc.
● Tenant farmers, Share Croppers and Oral lessees etc.
Benefits:
1. To meet the short term credit requirements for cultivation of crops.

Banking Awareness
Schemes
2. Providing insurance coverage
3. Providing working capital for activities allied to agriculture such as dairy animals,
inland fishery etc
4. Offering protection against loss of crops due to pest attacks, natural calamities, etc.
Note: In an effort to reduce loan turnaround times, the Reserve Bank of India (RBI) will
launch a pilot project for the end-to-end digitalization of Kisan Credit Card (KCC) lending.
This initiative is being developed by the central bank and its subsidiary Reserve Bank
Innovation Hub (RBIH).
Pradhan Mantri Kisan Sammann Nidhi (PM KISAN)
Establishment: 2019
Aim: To supplement the financial needs of the small and marginal farmers in procuring
various farm inputs to ensure proper crop health and appropriate yields, commensurate
with the anticipated farm income at the end of each crop cycle
Income Support: Income support of Rs.6000 per annum is provided to all eligible farmer
families across the country in three equal instalments of Rs.2000 each for every four
months
Eligibility: Small and marginal farmer families having combined land holding/ownership of
upto 2 hectares.
Gold Monetization Scheme:
Establishment: 2015
Aim: To mobilize gold held by households and institutions in the country and put them to
productive use. The scheme aims to bring down the import of gold in the long term.
Banking Awareness
Schemes
Eligibility:
1. The minimum amount of gold which will be accepted as a deposit is 30 grams of 995
fineness
2. Resident Indians -Individuals, HUFs, Proprietorship & Partnership firms
Features & Benefits:
1. Mobilise Idle Gold
2. Earn Interest
3. This scheme Provides Short term(1-3yrs) , Medium deposits (5-7yrs) and long term
(12-15yrs) with no Maximum investment limit
4. This scheme allows Premature Withdrawal Facility after a minimum lock-in period
Sovereign Gold Bond Scheme
Introduced in: November 2015
Objective: To reduce the hassles involved with gold investments, as bullions and other
physical forms of investments required proper and secure storage.
Issued by: Reserve Bank of India
Limit- 1 gram to 4 kgs.
For entities such as trusts and universities, 20 kgs of gold are permissible.
Maturity Period: 8 years . Can Exit the bond from the Fifth year
Benefits:
1. To get a lower price than physical gold when applied online.
2. Fixed interest rate on these gold bonds.
3. Gold bonds have no holding or storage cost.

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Banking Awareness

Pradhan Mantri Jan Dhan Yojana:

Establishment: August 28, 2014

Objective: To provide easy access to financial services such as Remittance, Credit,

● Zero Balance Account can be opened by Individuals.

● Overdraft Facility is available.

● Transfer of money is Simple.

● The overdraft facility of Rs.10,000 is available is available.

● The amount Deposited earns an Interest Rate

● Accidental Insurance cover – Rs.2 lakh.

● Must be a citizen of India.

● Should be at least 10 years of age

● You should not have a bank account.

the government. Interest earned for the Deposited amount.

● Overdraft allows you to access funds in financial emergencies.

Pradhan Mantri Surakhsha Bima Yojana (PMSBY):

Establishment: May 9, 2015

Objective: Pradhan Mantri Suraksha Bima Yojana is a government-backed accident

insurance scheme in India

Premium: Rs. 20 per annum

the death benefit.

associated savings account.

4. The exit and re-entry procedures are straightforward.

5. It comes with a number of tax advantages.

the auto-debit option.

4. The policy provides secure processing as well as ongoing coverage.

Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY):

Premium: Rs. 436 annually

2. More comprehensive insurance coverage

3. There Are No Maturity Benefits

benefits can be collected.

4. Only a savings account is required.

account who give their consent to join / enable auto-debit.

 Aadhar would be the primary KYC for the bank account.

Pradhan Mantri Mudra Yojana (PMMY):

Establishment: April 8, 2015 under the Companies Act 2013.

Objective: To encourage entrepreneurs and small business units to expand their

Loan Limit: Loans up to 10 lakhs to the non-corporate, non-farm small/micro enterprises.

1. Should be a citizen of India

2. Age limit: 18 years to 65 years

3. Requirement of credit must be up to Rs. 10 Lakhs.

Sector with Income generating activities like the following:

1. Shishu: Covering Loans up to Rs.50,000

2. Kishore: Covering Loans above Rs.50,000 to Rs.5 lakhs

3. Tarun: Covering Loans above Rs.5 lakh to Rs.10 lakhs

Kisan Credit Card Scheme:

Introduced in: August 1998

Recommendation: R V Gupta Committee

● Farmers-Individuals/Joint borrowers who are owner-cultivators.

share croppers etc.

● Tenant farmers, Share Croppers and Oral lessees etc.

1. To meet the short term credit requirements for cultivation of crops.

2. Providing insurance coverage

inland fishery etc

Innovation Hub (RBIH).

Pradhan Mantri Kisan Sammann Nidhi (PM KISAN)

Gold Monetization Scheme:

2. Resident Indians -Individuals, HUFs, Proprietorship & Partnership firms

Features & Benefits:

1. Mobilise Idle Gold