Various Important Schemes Launched by NDA Government

Various Important Schemes Launched by NDA Government

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. Banking & Financial inclusion

 

A. Pradham Mantri Jan Dhan Yojana:

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking / Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.

Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.

Special Benefits under PMJDY Scheme

• Interest on deposit.
• Accidental insurance cover of Rs.1.00 lac
• No minimum balance required.
• Life insurance cover of Rs.30,000/-
• Easy Transfer of money across India
• Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
• After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
• Access to Pension, insurance products.
• Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
• Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.
  

Documents required to open an account under Pradhan Mantri Jan-Dhan Yojana   

If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”

HIGHLIGHTS:

• scheme for comprehensive financial inclusion launched by the Prime Minister of India, Narendra Modi on 28 August 2014
• Run by Department of Financial Services, Ministry of Finance
• inauguration day, 1.5 Crore bank accounts were opened under this scheme
• By 28 January 2015, 12.58 crore accounts were opened, with around ₹10590 crore

B. Kisan Vikas Patra (KVP) (Re-Introduced):

• The re-launched Kisan Vikas Patra (KVP) will be available to the investors in the denomination of Rs. 1000, 5000, 10,000 and 50,000, with no upper ceiling on investment. 
• The certificates can be issued in single or joint names and can be transferred from one person to any other person / persons, multiple times. The facility of transfer from one post office to another anywhere in India and of nomination will be available. The certificate can also be pledged as security to avail loans from the banks and in other case where security is required to be deposited. Initially the certificates will be sold through post offices, but the same will soon be made available to the investing public through designated branches of nationalised banks.
• Kisan Vikas Patras have unique liquidity feature, where an investor can, if he so desires, en cash his certificates after the lock-in period of 2 years and 6 months and thereafter in any block of six months on pre-determined maturity value. The investment made in the certificate will double in 100 months.
• Reintroduction of Kisan Vikas Patra (KVP) is a welcome step not only in the direction of providing safe and secure investment avenues to the small investors but will also help in augmenting the savings rate in the country. The scheme will also safeguard small investors from fraudulent schemes. With a maturity period of 8 years 4 months, the collections under the scheme will be available with the Govt. for a fairly long period to be utilized in financing developmental plans of the Centre and State Governments and will also help in enhancing domestic household financial savings in the country.

  

* INTEREST RATE - 8.7%

HISTORY:

Kisan Vikas Patra (KVP) – a certificate savings scheme was launched by the Government on 1st April, 1988. The scheme provided facility of unlimited investment by way of purchase of certificates from post offices in various denominations. The maturity period of the scheme when launched was 5 ½ years and the money invested doubled on maturity. 

The scheme was very popular among the investors and the percentage share of gross collections secured in KVP was in the range of 9 % to 29 % against the total collections received under all National Savings Schemes in the country. Gross collections under the scheme in the year 2010-11 were Rs. 21631.16 crores which was 9 % of the total gross collections during the year. In the year of its closure, the scheme secured gross collections of Rs. 7575.95 crores (April 2011 to November 2011).

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