Zero Balance Account: Jan Dhan Scheme, launched by Prime Minister Narendra Modi, had helped in connecting people living in remote rural areas with banking services. This account, which runs on zero balance, helped crores of people to easily get benefits like savings account, insurance and pension. This scheme also played a full role in fulfilling the objectives of Direct Benefit Transfer (DBT). However, not many people are aware of all the features of Jan Dhan account. Today we will tell you about one such facility of this account, in which you can get Rs 10,000 anytime if needed.
Zero balance account can also avail overdraft facility
In Jan Dhan account, account holders get overdraft facility up to Rs 10,000. Account holders can take overdraft (OD) or credit up to Rs 10,000 anytime in this zero-balance account. Earlier the overdraft limit was Rs 5,000. Now it has been reduced to Rs 10,000. You can avail this facility if needed.
Interest is charged on overdraft
On availing overdraft or credit facility, you have to pay nominal interest to the bank. But with this, the minor needs of low income group customers are easily fulfilled. They don’t have to extend their hands to anyone. You can use this money without taking the hassle of making any additional documents and files.
What is overdraft?
Overdraft is a type of easy loan. Under this, the bank allows customers to borrow a certain amount. The bank also charges interest on this loan. You may also have to pay fees on overdraft.
These people can get benefits
If you have operated the Basic Savings Account well for at least six months, you can easily get an OD of Rs 10,000. Apart from this, overdraft is available to earning members of the family or women. For this, it is very important to have continuous money coming into your account through DBT. Your account should be linked to Aadhaar number. Also, you should not have your Jan Dhan account anywhere else. The age of the applicant should be between 18 to 65 years.
