Many people think that if their bank account shows a zero balance, they cannot withdraw money. Under the Pradhan Mantri Jan Dhan Yojana (PMJDY), this is not entirely true. There are provisions that allow account holders to access funds even when their balance is zero.
📌 How It Works
Overdraft Facility:
PMJDY accounts come with an optional overdraft facility.
Eligible account holders can withdraw up to ₹10,000 even if their balance is zero.
Eligibility Criteria:
Account must be active for at least 6 months.
Regular deposits (however small) must have been made in the account.
Account holders must repay the withdrawn amount along with any applicable interest.
Interest and Charges:
Minimal interest may apply on the overdraft amount.
Ensure you check with your bank for specific terms and repayment timelines.
💡 Benefits of the PMJDY Overdraft Facility
Financial Safety Net: Access funds in emergencies without waiting for deposits.
Encourages Banking: Helps first-time account holders experience the benefits of formal banking.
Low-cost Borrowing: Compared to informal loans or credit, PMJDY overdraft has lower interest rates.
📝 How to Avail the Facility
Visit Your Bank: Go to your nearest branch where you hold a PMJDY account.
Request Overdraft: Fill out the application form for overdraft facility.
Provide Required Documents: Basic KYC documents (Aadhaar, PAN if applicable).
Get Approval: Once approved, you can withdraw up to ₹10,000 as per eligibility.
✅ Key Takeaways
PMJDY accounts are designed to support financially weaker sections with easy access to credit.
Even with a zero balance, eligible account holders can withdraw funds up to ₹10,000.
Understanding the terms, repayment, and eligibility is crucial to avoid penalties or interest.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk..jpg)
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