Is your bank account empty and suddenly need money? Don’t panic! As per Bank Account Rules, an overdraft facility of up to ₹10,000 is available especially for Jan Dhan account holders. Know what this facility is and how you can avail it!
Sometimes in life, there comes a situation when we have no money in our bank account and suddenly some big and necessary work comes up. Such a situation can be stressful. In earlier times, people were forced to take loans, but did you know that under a special government scheme, you can withdraw money from your account even if you have zero balance?
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| Master plan | Prime Minister Jan Dhan Yojana (PMJDY) |
| Important feature | Overdraft (OD) facility |
| Maximum limit | Up to ₹10,000 (subject to eligibility) |
| Main advantage | Urgent financial assistance |
Pradhan Mantri Jan Dhan Yojana: A revolutionary initiative
Pradhan Mantri Jan Dhan Yojana (PMJDY) is an ambitious scheme of the Central Government, which brings changes in Bank Account Rules, the main objective of which is to connect every citizen of the country with banking facilities. Under this scheme, any person can open a bank account with zero balance. There is no requirement to maintain a minimum balance in this account.
Jan Dhan account holders also get a free debit card in the form of a Rupay, which can be used to withdraw money from ATMs and for online transactions. This card also comes with an accident insurance of up to ₹2 lakh, which provides additional protection. The aim of this scheme is to bring the common people out of financial difficulties.
What is an overdraft facility?
- Overdraft is a very useful banking facility. In simple terms, it is a type of credit facility in which you can withdraw a specified amount even if you do not have money in your bank account. This amount is like a temporary and small loan given to you by the bank.
When your account is later credited with salary, pension, or any other amount, the overdraft amount withdrawn is automatically returned to the bank. Jan Dhan account holders can get an overdraft limit of up to ₹10,000 (although this limit may be lower initially and increases over time).
Who benefits from overdraft and how?
- The biggest advantage of this overdraft facility is that in case of sudden financial need or emergency, you get cash immediately, without having to go through a long loan process.
- This facility is especially given to those customers whose dealings with the bank are good and trustworthy. That is, customers who regularly transact in their account, and whose account has been open for more than six months, can get this benefit soon.
- If you have a Pradhan Mantri Jan Dhan account and you want to avail the overdraft facility, you can go to your bank branch and apply. The bank will examine your account and decide the limit based on the transactions.
Caution and important matters
Overdraft facility is a great option, but it needs to be used wisely and responsibly. If you use it frequently and do not repay the amount on time, your credit history can get damaged. Also, you have to pay slightly higher interest on overdraft as compared to a regular savings account.
Conclusion
The overdraft facility provided under the Jan Dhan Yojana in Bank Account Rules is really a big relief for the common man. Pradhan Mantri Jan Dhan account holders can avoid their financial crisis by withdrawing up to ₹10,000 through this facility even on zero balance. However, before availing this facility, you should confirm the terms and conditions of your bank.
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