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

Sunita, a small trader in Jaipur, holds a bank account opened under PMJDY as a basic savings account. Which benefit is she entitled to under the scheme as per its core features?

Under PMJDY, Sunita gets a zero-balance basic savings account with a RuPay debit card that carries accident insurance cover. The scheme aims at financial inclusion, so no minimum balance is required, and no automatic large loan is granted.

  1. AA mandatory minimum balance of Rs 10,000
  2. BZero-balance account with a RuPay debit card carrying accident insurance coverCorrect
  3. CAn automatic loan of Rs 10 lakh
  4. DExemption from KYC for all transactions

Explanation

PMJDY accounts are basic savings accounts that can be opened with zero balance and come with a RuPay debit card that includes accident insurance cover. There is no minimum balance requirement, no automatic Rs 10 lakh loan, and KYC norms still apply, though simplified.

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