Skip to content

CS Professional · Banking and Insurance - Laws and Practice · Various Government Schemes

Meena, a homemaker in a village in Bihar, has no bank account. She visits a bank branch to open a PMJDY account. The branch manager says she must first show a minimum opening balance of Rs 1,000. Under the PMJDY scheme, which statement is correct?

The branch is wrong. A PMJDY account is a basic savings bank deposit account opened with zero balance, with no minimum balance requirement. Demanding Rs 1,000 or tying the account to an overdraft or gender contradicts the scheme's objective of universal financial inclusion.

  1. AThe branch is wrong; a basic savings bank account under PMJDY can be opened with zero balanceCorrect
  2. BThe branch is right; PMJDY requires Rs 1,000 as the minimum balance
  3. CThe branch is right, but only for women account holders
  4. DThe branch is wrong, but only if she also takes an overdraft

Explanation

PMJDY accounts are basic savings bank deposit accounts that can be opened with zero balance, and no minimum balance has to be maintained. The branch's demand for Rs 1,000 is contrary to the scheme. Linking to an overdraft is not a condition for opening the account.

Did you get it right without looking?

One question tells you little. A timed set on Various Government Schemes shows your real accuracy, how long you take and where you lose marks.

Practise Various Government SchemesFree diagnostic mock

More Various Government Schemes questions