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Important Financial Schemes by the Gov in India 2023

financial schemes by the gov

India has witnessed a remarkable transformation through various financial government schemes that aim to uplift marginalised communities, provide financial security, and boost socio-economic development.

 

These government scheme are for the benefit of the Indian citizens and you can avail the benefit of the best schemes for your needs.

 

In this blog, we will explore the most significant government schemes, along with their eligibility criteria and the wide range of benefits they offer. Let’s delve into these impactful initiatives that have reshaped the financial landscape of the country.

 

1) Pradhan Mantri Jan Dhan Yojana (PMJDY)

 

Purpose: Universal Financial Inclusion

Eligibility: Open to all Indian citizens above the age of 10

 

Benefits:

 

1) One Account: Each person without a bank account can open one BSBD account.

 

2) No Minimum Balance: There is no requirement to maintain a minimum balance in the account, and it remains operable even with a zero balance.

 

3) Interest Earned: The deposited amount in the account earns an interest rate.

 

4) RuPay Debit Card: A RuPay debit card is issued to the account holder.

 

5) Accident Insurance Cover: The debit card includes an Accident Insurance Cover of Rs.1 lakh (for accounts opened before 28th August 2018) or Rs.2 lakhs (for accounts opened thereafter).

 

6) Overdraft Facility: Eligible account holders can avail of an overdraft facility up to Rs.10,000 and direct benefit transfer

 

How to Open an Account

 

 

 

 

 

 

2) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

 

Purpose: Affordable Life Insurance of Rs. 2 lakhs.

 

Eligibility: Indian citizens aged 18 to 50

Benefits: Affordable life insurance coverage of ₹2 lakh in case of the insured’s death, available at a nominal premium

 

Features:

Coverage period: 1st June to 31st May

Note: In joint accounts, each account holder can take separate covers of Rs. 2 lakhs by paying separate premiums per life.

 

Termination of Assurance

 

The assurance on the life of the member will cease in the following situations, and no benefit will be payable:

 

 

 

 

 

3) Pradhan Mantri Suraksha Bima Yojana (PMSBY)

 

Purpose: Accidental Insurance Coverage

 

Eligibility: Indian citizens aged 18 to 70, Must have a bank account and provide consent for auto-debit
Aadhaar serves as the primary KYC for the bank account

Benefits: Affordable accidental insurance coverage of ₹2 lakh in case of death or total disability, and ₹1 lakh for partial disability

 

Coverage and Premium

 

 

Insurance Providers: Public Sector General Insurance Companies or any other General Insurance Company

 

4) Atal Pension Yojana (APY)

 

Purpose: Ensuring Retirement Security for unorganised sector employees

 

Eligibility: Indian citizens aged 18 to 40

 

Benefits

 

 

 

 

 

 

 

 

 

How to apply

 

  1. Visit your bank branch.
  2. Fill out the application form.
  3. Submit it with two photocopies of your Aadhaar card.
  4. Provide your active mobile number.

 

5) Pradhan Mantri Mudra Yojana (PMMY)

 

Purpose: Empowering Micro Enterprises

 

Eligibility: Indian citizens with income-generating activities in non-farming sectors can avail loans under PMMY.

 

Benefits: Access to collateral-free loans up to ₹10 lakh, facilitating the growth and expansion of small businesses

 

Types of PMMY Loans

 

Shishu: Up to ₹50,000
Kishor: ₹50,000 to ₹5,00,000
Tarun: ₹5,00,000 to ₹10,00,000

 

Conclusion

 

These financial schemes in India have played a pivotal role in fostering financial inclusion and driving growth for the economy. As Indian citizens, we are entitled and even encouraged to avail the benefits of these scheme and contribute meaningfully towards the development of the country.

 

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