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Pradhan Mantri Jan Dhan Yojana (PMJDY)
Hon’ble Prime Minister announced Pradhan Mantri Jan Dhan Yojana as the National Mission on Financial Inclusion in his Independence Day address on 15th August 2014, to ensure comprehensive financial inclusion of all the households in the country by providing universal access to banking facilities. Under this, a person not having a savings account can open an account without the requirement of any minimum balance and, in case they self-certify that they do not have any of the officially valid documents required for opening a savings account, they may open a small account.
Thus, PMJDY offers unbanked persons easy access to banking services and awareness about financial products through financial literacy programs. In addition, they receive a RuPay debit card, with inbuilt accident insurance cover of ₹2 lakh, and access to an overdraft facility upon satisfactory operation of account or credit history of six months. Further, through Prime Minister’s Social Security schemes, launched by the Hon’ble Prime Minister on 9th May 2015, all eligible account holders can access their bank account's personal accident insurance cover under Pradhan Mantri Suraksha Bima Yojana, life insurance cover under Pradhan Mantri Jeevan Jyoti Bima Yojana, and guaranteed minimum pension to subscribers under Atal Pension Yojana.
PMJDY was conceived as a bold, innovative and ambitious mission. The inclusive aspect of this is evident from the fact that 28.70 crore (66.69%) of PMJDY accounts are in rural areas and 23.87 crore (over 55.47%) PMJDY account holders are women.
The deposit base of PMJDY accounts has expanded over time. As on 18.08.2021, the deposit balance in PMJDY accounts is ₹1,46,230.71 crore. The average deposit per account has more than Triple from ₹1,064 in March 2015 to ₹3397 in August 2021.
From Jan Dhan to Jan Suraksha
For creating a universal social security system for all Indians, especially the poor and the under-privileged the Hon’ble Prime Minister launched three Social Security Schemes in the Insurance and Pension sectors on 9th of May, 2015.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
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 is the primary KYC for the bank account. The life cover of ₹2 lakh is for the one year period stretching from 1st June to 31st May and is renewable. Risk coverage under this scheme is for ₹2 lakh in case of death of the insured, due to any reason. The premium is ₹436 per annum which is to be auto-debited in one instalment from the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by the Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. As on 30.06.2022, cumulative enrolment is over 13.11 crore under PMJJBY.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhaar would be the primary KYC for the bank account. The risk coverage under the scheme is ₹2 lakh for accidental death and full disability and ₹1 lakh for partial disability. The premium of ₹20 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one instalment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. As on 30.06.2022, cumulative enrolment is over 29.01 crore under PMSBY.
Atal Pension Yojana (APY)
The Atal Pension Yojana (APY) was launched on 09.05.2015 to create a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector. APY is administered by Pension Fund Regulatory and Development Authority (PFRDA).
APY is open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen. From 01.10.2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY
Subscribers would receive the guaranteed minimum monthly pension of₹1000 or ₹2000 or ₹3000 or ₹4000 or ₹5000 at the age of 60 years.
The monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.
In case of premature death of subscriber (death before 60 years of age), spouse of the subscriber can continue contribution to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years.
The minimum pension would be guaranteed by the Government, i.e., if the accumulated corpus based on contributions earns a lower than estimated return on investment and is inadequate to provide the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the returns on investment are higher, the subscribers would get enhanced pensionary benefits.
Subscribers can make contributions to APY on monthly/ quarterly / half-yearly basis.
Subscribers can voluntarily exit from APY subject to certain conditions, on deduction of Government co-contribution and return/interest thereon.
Pradhan Mantri Mudra Yojana (PMMY)
The scheme was launched on 8thApril, 2015. Under the scheme a loan of upto ₹50,000 is given under sub-scheme ‘Shishu’; between ₹50,000 to ₹5.0 Lakhs under sub-scheme ‘Kishore’; and between ₹5.0 Lakhs to ₹10.0 Lakhs under sub-scheme ‘Tarun’. Loans taken do not require collaterals. These measures are aimed at increasing the confidence of young, educated or skilled workers who would now be able to aspire to become first generation entrepreneurs; existing small businesses, too, will be able to expand their activities. As on 20.08.2021, ₹16,22,203 crores have been sanctioned in 30.7 crores accounts.
Stand-Up India Scheme
Government of India launched the Stand-Up India scheme on 5th April, 2016. The scheme facilitates bank loans between ₹10 lakh and ₹1 crore to at least one Scheduled Caste (SC)/ Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up greenfield enterprises. This enterprise may be in manufacturing, services or the trading sector activities allied to agriculture. The scheme which is being implemented through all Scheduled Commercial Banks is to benefit at least 2.5 lakh borrowers. The scheme is operational and the loan is being extended through Scheduled Commercial Banks across the country.
Stand-Up India scheme caters to promoting entrepreneurship amongst women, SC & ST category i.e. those sections of the population facing significant hurdles due to lack of advice/mentorship as well as inadequate and delayed credit. The scheme intends to leverage the institutional credit structure to reach out to these underserved sectors of the population in starting greenfield enterprises. It caters to both ready and trainee borrowers.
To extend collateral free coverage, Government of India has set up the Credit Guarantee Fund for Stand-Up India (CGFSI). Apart from providing credit facility, Stand-Up India Scheme also envisages extending hand holding support to the potential borrowers. It provides for convergence with Central/State Government schemes. Applications under the scheme can also be made online on the dedicated Stand-Up India portal(www.standupmitra.in).
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
The ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY) has been launched by the Government to protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions, as also to provide social security during old age. The scheme is implemented through the Life Insurance Corporation of India (LIC) and open for subscription upto 31st March, 2023.
PMVVY offers an assured rate of return 7.40% per annum for the financial year 2020-21 for policy duration of 10 years. In subsequent years, while the scheme is in operation, there will be annual reset of assured rate of return with effect from April 1st of the financial year in line with applicable rate of return of Senior Citizens Saving Scheme(SCSS) upto a ceiling of 7.75% with fresh appraisal of the scheme on breach of this threshold at any point.
Mode of pension payment under the Yojana is on a monthly, quarterly, half-yearly or annual basis depending on the option exercised by the subscriber. Minimum purchase price under the scheme is ₹1,62,162/- for a minimum pension of ₹1000/- per month and the maximum purchase price is ₹15 lakh per senior citizen for getting a pension amount of ₹9,250/- per month.
आगे पढ़ें...
Pradhan Mantri Jan Dhan Yojana (PMJDY)
Hon’ble Prime Minister announced Pradhan Mantri Jan Dhan Yojana as the National Mission on Financial Inclusion in his Independence Day address on 15th August 2014, to ensure comprehensive financial inclusion of all the households in the country by providing universal access to banking facilities. Under this, a person not having a savings account can open an account without the requirement of any minimum balance and, in case they self-certify that they do not have any of the officially valid documents required for opening a savings account, they may open a small account.
Thus, PMJDY offers unbanked persons easy access to banking services and awareness about financial products through financial literacy programs. In addition, they receive a RuPay debit card, with inbuilt accident insurance cover of ₹2 lakh, and access to an overdraft facility upon satisfactory operation of account or credit history of six months. Further, through Prime Minister’s Social Security schemes, launched by the Hon’ble Prime Minister on 9th May 2015, all eligible account holders can access their bank account's personal accident insurance cover under Pradhan Mantri Suraksha Bima Yojana, life insurance cover under Pradhan Mantri Jeevan Jyoti Bima Yojana, and guaranteed minimum pension to subscribers under Atal Pension Yojana.
PMJDY was conceived as a bold, innovative and ambitious mission. The inclusive aspect of this is evident from the fact that 28.70 crore (66.69%) of PMJDY accounts are in rural areas and 23.87 crore (over 55.47%) PMJDY account holders are women.
The deposit base of PMJDY accounts has expanded over time. As on 18.08.2021, the deposit balance in PMJDY accounts is ₹1,46,230.71 crore. The average deposit per account has more than Triple from ₹1,064 in March 2015 to ₹3397 in August 2021.
From Jan Dhan to Jan Suraksha
For creating a universal social security system for all Indians, especially the poor and the under-privileged the Hon’ble Prime Minister launched three Social Security Schemes in the Insurance and Pension sectors on 9th of May, 2015.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
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 is the primary KYC for the bank account. The life cover of ₹2 lakh is for the one year period stretching from 1st June to 31st May and is renewable. Risk coverage under this scheme is for ₹2 lakh in case of death of the insured, due to any reason. The premium is ₹436 per annum which is to be auto-debited in one instalment from the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by the Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. As on 30.06.2022, cumulative enrolment is over 13.11 crore under PMJJBY.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhaar would be the primary KYC for the bank account. The risk coverage under the scheme is ₹2 lakh for accidental death and full disability and ₹1 lakh for partial disability. The premium of ₹20 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one instalment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. As on 30.06.2022, cumulative enrolment is over 29.01 crore under PMSBY.
Atal Pension Yojana (APY)
The Atal Pension Yojana (APY) was launched on 09.05.2015 to create a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector. APY is administered by Pension Fund Regulatory and Development Authority (PFRDA).
APY is open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen. From 01.10.2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY
Subscribers would receive the guaranteed minimum monthly pension of₹1000 or ₹2000 or ₹3000 or ₹4000 or ₹5000 at the age of 60 years.
The monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.
In case of premature death of subscriber (death before 60 years of age), spouse of the subscriber can continue contribution to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years.
The minimum pension would be guaranteed by the Government, i.e., if the accumulated corpus based on contributions earns a lower than estimated return on investment and is inadequate to provide the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the returns on investment are higher, the subscribers would get enhanced pensionary benefits.
Subscribers can make contributions to APY on monthly/ quarterly / half-yearly basis.
Subscribers can voluntarily exit from APY subject to certain conditions, on deduction of Government co-contribution and return/interest thereon.
Pradhan Mantri Mudra Yojana (PMMY)
The scheme was launched on 8thApril, 2015. Under the scheme a loan of upto ₹50,000 is given under sub-scheme ‘Shishu’; between ₹50,000 to ₹5.0 Lakhs under sub-scheme ‘Kishore’; and between ₹5.0 Lakhs to ₹10.0 Lakhs under sub-scheme ‘Tarun’. Loans taken do not require collaterals. These measures are aimed at increasing the confidence of young, educated or skilled workers who would now be able to aspire to become first generation entrepreneurs; existing small businesses, too, will be able to expand their activities. As on 20.08.2021, ₹16,22,203 crores have been sanctioned in 30.7 crores accounts.
Stand-Up India Scheme
Government of India launched the Stand-Up India scheme on 5th April, 2016. The scheme facilitates bank loans between ₹10 lakh and ₹1 crore to at least one Scheduled Caste (SC)/ Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up greenfield enterprises. This enterprise may be in manufacturing, services or the trading sector activities allied to agriculture. The scheme which is being implemented through all Scheduled Commercial Banks is to benefit at least 2.5 lakh borrowers. The scheme is operational and the loan is being extended through Scheduled Commercial Banks across the country.
Stand-Up India scheme caters to promoting entrepreneurship amongst women, SC & ST category i.e. those sections of the population facing significant hurdles due to lack of advice/mentorship as well as inadequate and delayed credit. The scheme intends to leverage the institutional credit structure to reach out to these underserved sectors of the population in starting greenfield enterprises. It caters to both ready and trainee borrowers.
To extend collateral free coverage, Government of India has set up the Credit Guarantee Fund for Stand-Up India (CGFSI). Apart from providing credit facility, Stand-Up India Scheme also envisages extending hand holding support to the potential borrowers. It provides for convergence with Central/State Government schemes. Applications under the scheme can also be made online on the dedicated Stand-Up India portal(www.standupmitra.in).
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
The ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY) has been launched by the Government to protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions, as also to provide social security during old age. The scheme is implemented through the Life Insurance Corporation of India (LIC) and open for subscription upto 31st March, 2023.
PMVVY offers an assured rate of return 7.40% per annum for the financial year 2020-21 for policy duration of 10 years. In subsequent years, while the scheme is in operation, there will be annual reset of assured rate of return with effect from April 1st of the financial year in line with applicable rate of return of Senior Citizens Saving Scheme(SCSS) upto a ceiling of 7.75% with fresh appraisal of the scheme on breach of this threshold at any point.
Mode of pension payment under the Yojana is on a monthly, quarterly, half-yearly or annual basis depending on the option exercised by the subscriber. Minimum purchase price under the scheme is ₹1,62,162/- for a minimum pension of ₹1000/- per month and the maximum purchase price is ₹15 lakh per senior citizen for getting a pension amount of ₹9,250/- per month.