The government has announced the scheme of 'Jan Dhan Yojana' to encourage adults to open bank accounts. Which of the following is incorrect about the scheme?

1. The account holders get accidental insurance coverage.
2. Wages, social security payments, and old age pensions directly get transferred to bank accounts.
3. There is a need to keep a minimum bank balance.
4. The account does not allow overdraft facilities.
5. This scheme promotes thrift habits.

Choose the correct answer from the options given below:

(C) and (D) only

The government has also introduced a few schemes to provide health insurance to poor people. From 2014, a scheme called Pradhan Mantri Jan-Dhan Yojana is available in which people in India are encouraged to open bank accounts. Besides promoting savings habit, this scheme intends to transfer all the benefits of government schemes and subsidies to account holders directly. Each bank account holder is also entitled to Rs. 1- 2 lakh accidental insurance cover.

Benefits under PMJDY

• One basic savings bank account is opened for unbanked person.
• There is no requirement to maintain any minimum balance in PMJDY accounts.
• Interest is earned on the deposit in PMJDY accounts.
• Rupay Debit card is provided to PMJDY account holder.
• Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.
• An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
• PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.