Small Accounts under PMJDY

A small account or ‘Chota Khata’ is a bank account opened under PMJDY in case you don’t have the required documents at the time of opening the bank account under this Yojana. This small account is valid for 12 months and before the expiration you have to submit the required documents. 

Pradhan Mantri Jan Dhan Yoajna or prime minister’s people’s wealth scheme was announced by the government of India on 15th August 2014 to make the banking system simple and affordable.  It also aims to expand the bank system in terms of bank accounts, pensions, insurance, credit cards, etc. In this, minors who are at age of 10 or above can open a bank account with consent to a guardian and can manage it. On the inauguration day, 15 million bank accounts were opened. By 27th June 2018, over 318 million bank accounts were opened and Rs.792 billion were deposited.

The scheme was launched under the slogan “Mera Khatha, Bhagya Vidhatha” which means “My account brings me a good fortune”. The scheme was launched after the failure of previous schemes like Swabhimaan.

Different Types of bank account under PMJDY

As PMJDY bank accounts are primarily opened for the poor and needy sections of the society that’s why Income is not a bar to open a bank account under PMJDY.

There are two types of bank accounts under PMJDY

• Zero balance account
• Small account or Chota credit account

Zero Balance Account

This account is opened under the PMJDY and it can be maintained in zero balance. You don’t have to pay the processing fee to maintain the bank account. In this, you also get a RuPay card so that the money can be easily withdrawal. This account allows you to deposit or withdraw cash, request a mini statement, or transfer funds from a bank account to another. 

Small Account

The person who doesn’t have the sufficient documents required to open a zero balance account under PMJDY can opt for the small account. This account is opened for 12 months and in these 12 months, the account holder has to submit the required documents needed to open a PMJDY account. The account holder can maximum deposit Rs. 50,000 in his bank account and can only withdraw Rs. 10,000 a month. 

Working of a Small Account under PMJDY

This account is especially for those people who don’t have valid documents to open a PMJDY account. These people can open this account for 12 months and they can submit the documents before the expiry of the account to protect it from deactivating. You can deposit a maximum of Rs.50,000 in this account and the maximum credit limit is Rs.100,000. Only Rs.10,000 is allowed to withdrawal per month. 

Documents Required for PMJDY Account

The small bank account is ideal for those subscribers who don’t have the required documents for opening a bank account under PMJDY.

• Self-attested photograph of yours.
• A signature or a thumbprint in front of the bank officials.

Frequently Asked Questions

Q1. How long the small bank account remains active?
Ans. 12 months.

Q2. My account get’s deactivated or remains active after 12 months if I have not submitted the required documents?
Ans. Your bank account gets deactivated if in 12 months you have not submitted the required documents to the bank.

Q3. If I am outside my state for some purpose, can I open a bank account in that state?
Ans. Yes, you can open a small bank account from your current location.

Q4. What is the maximum credit limit of a small account under PMJDY?
Ans. The credit limit is Rs.100,000 under the small bank account.