Beneficiary account – Sarah Long http://sarahlong.org/ Tue, 20 Sep 2022 05:37:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sarahlong.org/wp-content/uploads/2021/10/icon-44-120x120.png Beneficiary account – Sarah Long http://sarahlong.org/ 32 32 From today old age pension can be applied with “Macau One Account” https://sarahlong.org/from-today-old-age-pension-can-be-applied-with-macau-one-account/ Tue, 20 Sep 2022 05:37:00 +0000 https://sarahlong.org/from-today-old-age-pension-can-be-applied-with-macau-one-account/ MACAO, September 20 – Starting today, eligible seniors can submit their old-age pension claims without leaving home, on the “Macau One Account” mobile app or website. The system will automatically calculate the amount of old-age pension the applicant can receive based on his actual situation and display the basic information of the applicant. Applicants only […]]]>

MACAO, September 20 – Starting today, eligible seniors can submit their old-age pension claims without leaving home, on the “Macau One Account” mobile app or website. The system will automatically calculate the amount of old-age pension the applicant can receive based on his actual situation and display the basic information of the applicant. Applicants only need to provide their bank details and perform facial recognition to complete the application process. The steps are simple and there is no need to go in person to a service point throughout the process.

Whether they are over 65, over 60 but under 65, Social Security beneficiaries affiliated before January 1, 2011 (old system) or after the date (new system), from that the beneficiary fulfills the conditions to make contributions for at least 60 months and having his habitual residence in Macao for at least seven years, he can apply for an old-age pension without leaving his home, by connecting to the mobile application or the website Internet “Macau One Account”.

After entering the old-age pension application page of “Macau One Account”, the system will display information such as the amount of old-age pension the applicant can receive, the accumulated contribution months and the age percentage. of pre-retirement. old-age pension, if applicable, depending on the actual situation of the applicant. After confirming the information, he/she will enter the app information page. The system will automatically display basic information such as applicant name and beneficiary number. The applicant only needs to select the receiving bank and fill in the personal bank account number of the MOP. If necessary, the applicant can also change their address on the records of the Social Security Fund and then upload the bank information photo showing the bank name, account name, account number and currency. After verifying that all information in the request is correct and after following the prompts to complete facial recognition, the request can be submitted successfully. The operation steps are very simple. The steps for the web version are the same, but the applicant must use a mobile device with facial recognition capability, such as a cellphone, to assist with the facial recognition step. Once the application is completed, the beneficiary can check the status of their application at any time by logging into “Macau One Account”.

]]>
Global streamers account for 16% of European original content investment, according to a new report from the European Audiovisual Observatory https://sarahlong.org/global-streamers-account-for-16-of-european-original-content-investment-according-to-a-new-report-from-the-european-audiovisual-observatory/ Thu, 15 Sep 2022 10:52:33 +0000 https://sarahlong.org/global-streamers-account-for-16-of-european-original-content-investment-according-to-a-new-report-from-the-european-audiovisual-observatory/ 09/15/2022 – In 2021, Netflix injected around half of global streamer investment into Europe, but other players have now started to catch up by Netflix The crowna great example of a global streamer investing in European original content Last week, the European Audiovisual Observatory published a new report entitled “Investments in Original European Content: A […]]]>

– In 2021, Netflix injected around half of global streamer investment into Europe, but other players have now started to catch up

by Netflix The crowna great example of a global streamer investing in European original content

Last week, the European Audiovisual Observatory published a new report entitled “Investments in Original European Content: A 2011-2021 analysis”, authored by Gilles Fontaine.

The paper explores the evolution of funding for European original content by global broadcasters and streamers since 2011. In the study, the term “original content” refers to all categories of original works (encompassing fiction, documentaries , game shows, talk shows etc. on), while ‘European’ refers to the EU27, UK and Norway.

(The article continues below – Commercial information)

The analysis is based on a dataset provided by UK-based company Ampere Analysis and combines two different categories of data – namely, profit and loss spending for broadcasters and cash investments for global streamers.

The report highlights five key points. Firstly, total investment in original European content has increased sharply with the entry of global streamers into the European market, exceeding €17.4 billion in 2021. Additionally, “investment growth accelerated from 2015 until the pandemic and rebounded strongly in 2021”.

Second, streamer investments have come with what the report defines as an “interesting ripple effect.” […]. Faced with new competition and new standards for television broadcasts, private broadcasters also increased their investments while public broadcasters faced budgetary constraints,” the study concludes.

Third, the share of global broadcasters’ investments in European original content has grown rapidly to reach 16% in 2021, and their investments in original European production have grown faster than their acquisitions.

Fourth, Netflix now accounts for “more than half of global streamers’ investment in European original content, up from 92% in 2019, as other streamers including Amazon Prime have increased their investment” and started to catch up. .

Fifth, Spain is the main beneficiary of streamer investments (with an estimated 38% share, which compensates for the low level of investments by pubcasters in the country). At the same time, the role of the United Kingdom as the first market for the production of European original content has been reinforced, since 30% of investments in European original content go to British works. In addition, pubcasters “are particularly invested in original content in Denmark (74%), Germany (57%) or the Netherlands (61%)”.

You can access the full report by clicking here.

(The article continues below – Commercial information)

]]>
Do you have a Computershare account? Maybe it’s time to consider shutting it down or updating it – Muddy River News https://sarahlong.org/do-you-have-a-computershare-account-maybe-its-time-to-consider-shutting-it-down-or-updating-it-muddy-river-news/ Wed, 14 Sep 2022 15:19:24 +0000 https://sarahlong.org/do-you-have-a-computershare-account-maybe-its-time-to-consider-shutting-it-down-or-updating-it-muddy-river-news/ Do you have a Computershare account? Good estate planning advice might be to close the account or at least determine if it needs to be updated. Computershare is a very large Australian stock transfer company, providing global services as transfer agent and stock holder. It also provides many other financial services. As an estate planning […]]]>

Do you have a Computershare account? Good estate planning advice might be to close the account or at least determine if it needs to be updated.

Computershare is a very large Australian stock transfer company, providing global services as transfer agent and stock holder. It also provides many other financial services.

As an estate planning attorney, I have rarely seen large accounts with Computershare due to the wide availability of brokerage firms serving our communities. What I often see with Computershare are small holdings, often worth a few hundred dollars or at most a few thousand dollars.

Nothing to worry about, you might think, but accounts can be troublesome when settling an estate.

Computershare holds shares | Photo courtesy of Pexels.com

Do you have a Computershare account?

You may have a Computershare account, but don’t think too much about it.

Many Computershare accounts were created for people who held policies with the Prudential Insurance Company of America or the Metropolitan Life Insurance Company. These companies were owned by policyholders, but were later “demutualized” and converted from a mutual life insurance company to a stock life company. The policyholders ended up with their policies and shares in the company.

Prudential became Prudential Financial, Inc. (trading symbol PRU) and Metropolitan became MetLife, Inc. (trading symbol MET). Rather than issuing stock certificates, the two companies opened accounts for their new shareholders with Computershare Inc.

Other companies have shares held by Computershare. AT&T is one. AT&T is not alone. Stock registration with Computershare often follows when a company separates or splits into multiple entities.

Because it is often a small asset, many people forget about the Computershare account. An annual or periodic statement is received but set aside and forgotten. If the account is small enough, a tax form is not even sent. Some dividend checks may be received, again often small and barely enough to pay for a dinner out. Many of these checks are not even cashed and end up as unclaimed property. The Computershare account receives little attention.

Have you planned the Computershare account?

Have you planned the Computershare account? | Photo courtesy of Pexels.com

Small Computershare accounts can be a problem

Computershare accounts are often a problem after death.

One of the main reasons for this hassle is that Computershare – even for small holdings – requires a Medallion signature guarantee. The guarantee is well-meaning because it confirms that the signature authorizing the sale or transfer of shares is genuine and that the signer has the legal capacity and authority to sign the transfer documents. There can be a whole pile of paperwork to fill out and provide.

The problem is that it is very difficult locally to obtain a Medallion Signature guarantee. Many banks, credit unions, brokers, and finance companies don’t offer it at all. Those who generally limit it to customers, and even then, customers may not qualify for the guarantee unless they fall into specific categories of customers. This is understandable, as there are risks in providing the guarantee.

Yes, sometimes there are alternatives to the Medallion Signature Guarantee. However, only at an additional cost.

It is not worth the trouble.

The best advice may be to close or update the Computershare account

If you have a small Computershare account, the best advice might be to sell all the shares and close the account after taking into account any tax liability. Enjoy the product. It’s much easier for you to do that than for those who will inherit from you.

Other ideas could be to transfer the shares to a brokerage account, donate the shares, give them to the family now, add a co-owner, or designate Transfer On Death (TOD) beneficiaries. Even then, in the event of death, the Signature Medallion Guarantee may be required. Closing a small account usually makes the most sense.

What you don’t want to do is let things drag on thinking it’s not worth worrying about. This will be a problem for someone down the road.

Jim Rapp is a Quincy-based practicing attorney. He publishes and lectures extensively on estate planning, business, education law and other legal issues. He is a founding partner and contributor to Muddy River News LLC.

Miss Clipping Out Stories to save for later?

Click the Buy a Story button below to order a print of this story. We’ll print it for you on matte photo paper to keep forever.

purchase history

close

]]>
Saudi Citizens Account program brings in over $34.66 billion since launch https://sarahlong.org/saudi-citizens-account-program-brings-in-over-34-66-billion-since-launch/ Mon, 12 Sep 2022 04:15:33 +0000 https://sarahlong.org/saudi-citizens-account-program-brings-in-over-34-66-billion-since-launch/ RIYADH – Total payments from the Citizens Account Program have reached SR130 billion since its launch. SR 7.1 billion of the total disbursed is compensation for previous payments. The total payments were revealed after the Citizens Account Scheme announced that it had deposited around SR2.3 billion on Sunday, allocated as support for the month of […]]]>

RIYADH – Total payments from the Citizens Account Program have reached SR130 billion since its launch. SR 7.1 billion of the total disbursed is compensation for previous payments.

The total payments were revealed after the Citizens Account Scheme announced that it had deposited around SR2.3 billion on Sunday, allocated as support for the month of September to beneficiaries whose applications have been completed.

The total number of beneficiaries who meet the Lot 58 eligibility criteria has reached 10.1 million beneficiaries and dependents.

Abdullah Al-Hajri, chief communications officer of the Citizen Account Program, said 77% of recipients received support from this batch.

He noted that the average breadwinner per family stood at 1,845 SRs and the number of household heads reached over 2 million, a percentage of 89%.

The number of dependents reached 7.8 million beneficiaries, while the number of dependents meeting the eligibility criteria reached more than 258,000 beneficiaries, or 11% of the total main beneficiaries.

Al-Hajri added that the number of heads of households reached 89%, while the number of female heads of households reached 11%. The percentage of self-employed women is 43%, while self-employed men constituted 57%.

A total of 83% of the total number of dependents received the full entitlement, which amounted to SR 720 per dependent.

Al-Hajri reiterated his conformation on the need for beneficiaries of the program to disclose all types of income, such as monthly salary, including all allowances, as well as dependents’ income and income resulting from property returns. , activities, commercial and others.

It should be noted that the eligibility criteria for the program require adding the number and age of family members and their total monthly income. This is in addition to the fact that the main beneficiary must disclose any data likely to change within a maximum period of 15 days from its occurrence.

© Copyright 2022 The Saudi Gazette. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

]]>
Citizens Account Program has raised over SR130 billion since launch https://sarahlong.org/citizens-account-program-has-raised-over-sr130-billion-since-launch/ Sun, 11 Sep 2022 14:34:17 +0000 https://sarahlong.org/citizens-account-program-has-raised-over-sr130-billion-since-launch/ Saudi Gazette report Riyadh — Total payments from the Citizens Account Program have reached SR 130 billion since its launch. SR 7.1 billion of the total disbursed is compensation for previous payments. The total payments were revealed after the Citizens Account Scheme announced that it had deposited around SR2.3 billion on Sunday, allocated as support […]]]>

Saudi Gazette report

Riyadh — Total payments from the Citizens Account Program have reached SR 130 billion since its launch. SR 7.1 billion of the total disbursed is compensation for previous payments.

The total payments were revealed after the Citizens Account Scheme announced that it had deposited around SR2.3 billion on Sunday, allocated as support for the month of September to beneficiaries whose applications have been completed.

The total number of beneficiaries who meet the Lot 58 eligibility criteria has reached 10.1 million beneficiaries and dependents.

Abdullah Al-Hajri, chief communications officer of the Citizen Account Program, said 77% of recipients received support from this batch.

He noted that the average breadwinner per family stood at 1,845 SRs and the number of household heads reached over 2 million, a percentage of 89%.

The number of dependents reached 7.8 million beneficiaries, while the number of dependents meeting the eligibility criteria reached more than 258,000 beneficiaries, or 11% of the total main beneficiaries.

Al-Hajri added that the number of heads of households reached 89%, while the number of female heads of households reached 11%. The percentage of self-employed women is 43%, while self-employed men constituted 57%.

A total of 83% of the total number of dependents received the full entitlement, which amounted to SR 720 per dependent.

Al-Hajri reiterated his conformation on the need for beneficiaries of the program to disclose all types of income, such as monthly salary, including all allowances, as well as dependents’ income and income resulting from property returns. , activities, commercial and others.

It should be noted that the eligibility criteria for the program require adding the number and age of family members and their total monthly income. This is in addition to the fact that the main beneficiary must disclose any data likely to change within a maximum period of 15 days from its occurrence.

]]>
How to Backup Your Google Account: A Step-by-Step Guide https://sarahlong.org/how-to-backup-your-google-account-a-step-by-step-guide/ Sun, 11 Sep 2022 11:41:08 +0000 https://sarahlong.org/how-to-backup-your-google-account-a-step-by-step-guide/ Having a backup of your Google account is important. It protects your photos, apps and other data. Your Android smartphone is most likely your central device containing all your important data. While most phones automatically back up your data, you can check it manually on your device. To do this, go to the Settings app […]]]>

Having a backup of your Google account is important. It protects your photos, apps and other data. Your Android smartphone is most likely your central device containing all your important data. While most phones automatically back up your data, you can check it manually on your device.

To do this, go to the Settings app on your phone. Head to Google, then tap Backup. If the Backup to Google toggle isn’t enabled by default, disable it. This will enable backing up your phone data to the Google account linked to your device.

How to backup your Gmail account

– Visit myaccount.google.com

– Go to Privacy and Personalization

– Click on Manage your data and privacy settings

– Scroll down to upload/delete your data

– Here, click on Download your data

– You will be redirected to the Google Takeout page

– Here you can (de)select the Google service for which you want to download your data. For example, if you want to download Gmail data only, deselect everything first, then choose Gmail

– Now click Next Step

– After that, click on the small arrow below to choose the delivery method

– You can also choose to export your data by selecting the type of compression to use (.zip or .tgz) and the maximum file size. To do this, click Create Export.

In recent news, Google CEO Sundar Pichai hinted at possible layoffs at the company as he wants to make the company 20% more efficient after years of rapid hiring. At a code conference in Los Angeles, Pichai explained how he plans to run the business more efficiently in anticipation of economic uncertainty and a broader slowdown in ad spending, which Google has been most affected by. big beneficiary to date, CNBC reported. “The more we try to understand macroeconomics, the more we feel very uncertain about it,” he said, adding that “macroeconomic performance is correlated with advertising spending, consumer spending, etc.”

Catch all the tech news and updates on Live Mint. Download the Mint News app to get daily market updates and live trade news.

More less

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.

Post your comment

]]>
Explained: Is it legal to claim unclaimed account funds from international banks? https://sarahlong.org/explained-is-it-legal-to-claim-unclaimed-account-funds-from-international-banks/ Wed, 07 Sep 2022 12:25:04 +0000 https://sarahlong.org/explained-is-it-legal-to-claim-unclaimed-account-funds-from-international-banks/ In the United Arab Emirates, there are rules that govern the handling of inactive accounts and unclaimed balances. These regulations are referred to as Central Bank Circular No. 1 of 2020 (Banking Regulations), issued by the Central Bank of the United Arab Emirates. The banking regulations have been issued in accordance with Federal Decree-Law No. […]]]>

In the United Arab Emirates, there are rules that govern the handling of inactive accounts and unclaimed balances.

These regulations are referred to as Central Bank Circular No. 1 of 2020 (Banking Regulations), issued by the Central Bank of the United Arab Emirates. The banking regulations have been issued in accordance with Federal Decree-Law No. 14 of 2018 concerning the Central Bank and the organization of financial institutions and activities. All banks that are licensed to engage in banking/financial activities in accordance with the applicable banking laws of the United Arab Emirates are required to comply with the provisions of the Banking Regulations.

What is an inactive account?

Generally, for an account to be inactive, Article 2 of the Banking Regulations states that the customer must not have another active liability account with the same bank, have an unknown current address, and not have any disputes or disputes. regulatory requirements for the bank account. If there is correspondence from the Client regarding another account held with the same bank, this will be taken as evidence that the Client is still active and will not meet the definition of a “dormant client”.

Additionally, each type of account will have its own terms based on which the account will be treated as “dormant”.

For example, for an individual or corporate savings or current account, if there have been no transactions for a period of 3 years and no communication has been received from the client, then the account will be treated as dormant.

A term deposit account will be treated as inactive if there is no automatic renewal clause and the deposit has matured but no request for renewal or complaint has been made within Last 3 years since deposit maturity.

The term deposit account could also be treated as inactive in a situation where there is an automatic renewal clause, but no communication has been received from the client for 3 years since the date of the first maturity.

What actions can a customer take to claim funds from an inactive account?

First of all, it should be noted that you can only claim funds from an inactive account if the account is yours. This is because money in an inactive account remains the property of the account holder, or their legal heirs, in the event of the account holder’s death. This is clearly stated in Article 7/1 of the Bank’s Regulations.

Under Article 4 of the Banking Regulations, if a customer has funds in an inactive account, the relevant bank should be contacted, either personally or through legal counsel, and a request should be made to prove the identity of the customer. The bank is required to verify the identity of the customer and should be satisfied with the other details provided and then pay the amount of the dormant account to the customer with interest, if any.

Banks, under Article 4/4 of the Banking Regulations, must closely monitor the accounts of such customers to ensure that such accounts are not used for money laundering or fraudulent purposes.

Transfer of funds to the Central Bank

If the account is inactive for 5 years from the date of the last transaction or if the bank cheque, bank draft or cash order is unclaimed for 5 years from the date of issue, the bank is required to transfer the net amount to an unclaimed balance. account with the Central Bank under Article 8 of the Bank’s Regulations.

Once the funds have been transferred to the Central Bank, these will be kept by the Central Bank from the date of the transfer until they are claimed by the beneficiary.

Conclusion

The Central Bank has provided customers with a way to claim their funds which may have been in an inactive account and therefore customers can contact their bank to initiate the process of claiming their money.

]]>
What does the first housing savings account mean for new buyers? – Downtown Stittsville https://sarahlong.org/what-does-the-first-housing-savings-account-mean-for-new-buyers-downtown-stittsville/ Thu, 01 Sep 2022 21:23:33 +0000 https://sarahlong.org/what-does-the-first-housing-savings-account-mean-for-new-buyers-downtown-stittsville/ In the 2022 federal budget, Deputy Prime Minister of Finance Chrystia Freeland announced a new tax holiday plan to help more Canadians buy their first home and enter the housing market – the first Home Ownership Savings Account (FHSA) which will come into effect in 2023 . Here are some of the basics you need […]]]>

In the 2022 federal budget, Deputy Prime Minister of Finance Chrystia Freeland announced a new tax holiday plan to help more Canadians buy their first home and enter the housing market – the first Home Ownership Savings Account (FHSA) which will come into effect in 2023 .

Here are some of the basics you need to know if you are considering taking advantage of this opportunity:

Eligibility criteria – To be eligible to open an FHSA, a contributor must: be a resident of Canada, be at least 18 years of age, and not have lived in a home they own during the year the account or previous four years.

make contributions – Contributions to the plan will be tax deductible (like RRSP contributions) and growth within an FHSA will be tax deferred (similar to RRSP and TFSA income). Eligible contributors will be able to contribute up to $8,000 per year to the First Home Savings Account (FHSA), up to a lifetime maximum of $40,000.

Use of funds – Account holders will have 15 years from account opening to use FHSA funds to purchase a home. After making a tax-free withdrawal for the purchase of a home, the account must be closed within one year and an FHSA cannot be opened in the future. Withdrawals for purposes other than the purchase of a first home will be fully taxable in the year of the withdrawal.

One thing to note is that the FHSA cannot be used with the RRSP Home Buyers Plan (HBP).

The federal government has yet to announce when in 2023 the FHSA will be available or the finer details such as eligible investments and beneficiary designations on this account.

Conclusion

The FHSA and RAP are effective strategies to use if you’re saving for your first home. Which one you choose really depends on which strategy will work best for you and help you achieve your goals.

(This article was provided by Darryl Metzger, Financial Advisor at Edward Jones, Stittsville. Contact Darryl to find out more about how he can help you with your financial planning – 1300 Stittsville Main Street, Suite 200, Stittsville, Ontario. Phone 613-831-8028 Visit Edward Jones’ website: https://www.edwardjones.ca/ca-en/financial-advisor/darryl-metzger.)


SUPPORT THE LOCAL STITTSVILLE


]]>
Zero balance bank account..? Chance of winning Rs.10,000..? https://sarahlong.org/zero-balance-bank-account-chance-of-winning-rs-10000/ Tue, 30 Aug 2022 04:50:11 +0000 https://sarahlong.org/zero-balance-bank-account-chance-of-winning-rs-10000/ Zero balance bank account..! ? Chance of winning Rs.10,000..? Many do not know that the central government has introduced the ability to withdraw cash up to 10,000 rupees even if there is zero balance in the bank. It is known that the central government introduced the Pradhan Mantri Jan Dhan Yojana scheme in 2014. Under […]]]>
Zero balance bank account..! ? Chance of winning Rs.10,000..?

Many do not know that the central government has introduced the ability to withdraw cash up to 10,000 rupees even if there is zero balance in the bank. It is known that the central government introduced the Pradhan Mantri Jan Dhan Yojana scheme in 2014. Under this scheme, the central government aims to provide certain facilities to every Indian citizen. It should be noted that the Prime Minister’s Jandhan Yojana program was started after the bjp took over the center and is very well implemented. It is to be noted that under this scheme, bank account holders can open a zero balance bank account and various facilities are available for those who open this account.
Every client who opens a Pradhan Mantri Jan Dhan Yojana bank account will benefit from the overdraft facility. For this, it is to be noted that the client of Jandhan Yojana can arrange an overdraft facility by talking to the bank manager and through this, you can easily get a loan of Rs.10,000 in your bank account. It is important to note that the loan of Rs 10,000 received through this account must be paid daily interest and to obtain this facility, Jan Dhan’s bank account must be open for at least six months. To open an account under Prime Minister Jan Dhan Yojana’s program, any document such as an Aadhaar card, PAN card or driver’s license and a passport size photo are sufficient. Any Indian citizen above the age of 10 can open this account. It should also be noted that those who open a Jandan Yojana bank account will receive a Rupay debit card and through this card will receive an insurance amount of Rs 2 lakh at ATMs. customers will also receive life insurance worth Rs 30,000 with this bank account. According to the central government, so far, 46.25 million beneficiaries have opened accounts and are enjoying various facilities under the Pradhan Mantri Jan Dhan Yojana scheme. It is said that the number of people who opened bank accounts under this scheme in 2015 was 14.72 crores and it has now tripled to 46.25 crores. It should also be noted that 56% of those who opened this bank account are women.

]]>
PMJDY Bank Account News: Rs 10,000 Overdraft Facility and Other Details to Know as Program Ends 8 Years https://sarahlong.org/pmjdy-bank-account-news-rs-10000-overdraft-facility-and-other-details-to-know-as-program-ends-8-years/ Sun, 28 Aug 2022 12:20:54 +0000 https://sarahlong.org/pmjdy-bank-account-news-rs-10000-overdraft-facility-and-other-details-to-know-as-program-ends-8-years/ The government’s flagship financial inclusion program – Pradhan Mantri Jan Dhan Yojana (PMJDY) – has completed its eight years. The program has been successful in bringing unbanked sections of society into the banking system. At present, there are 46.25 million beneficiaries banked under PMJDY since its inception. The program has been the cornerstone of many […]]]>

The government’s flagship financial inclusion program – Pradhan Mantri Jan Dhan Yojana (PMJDY) – has completed its eight years. The program has been successful in bringing unbanked sections of society into the banking system. At present, there are 46.25 million beneficiaries banked under PMJDY since its inception.

The program has been the cornerstone of many people-centered economic initiatives. Whether it is direct benefit transfers, COVID-19 financial assistance, PM-KISAN, wage increases under MGNREGA, life and health insurance coverage, the The first step in all of these initiatives is to provide every adult with a bank account, which PMJDY has nearly completed.

PMJDY offers the poor a way to bring their savings into the formal financial system. It also provides a way to return money to their families in the villages in addition to getting them out of the clutches of loan sharks. Here is an overview of some key features of bank accounts opened under this program:

  • The scheme provides basic savings bank accounts with an overdraft facility of Rs. 10,000 to each eligible adult.
  • The upper age limit for OD has been raised from 60 to 65 years old.
  • The overdraft up to Rs 2000 is authorized without any condition.
  • RuPay Card Insurance: PMJDY provides free accident insurance cover on RuPay cards which has been increased from Rs. 1 lakh to Rs. 2 lakh for PMJDY accounts opened after 28.8.2018.
  • Insurance: Accident cover up to Rs. 1,00,000 and life cover of Rs. 30,000 on accounts opened between 15th August 2014 and 31st January 2015.
  • A PMJDY account is considered inoperative if there are no customer-induced transactions on the account for a period of two years.

Also Read: Top 7 Savings Account Benefits You Should Know About

PMJDY accounts tripled from 14.72 crore in March 2015 to 46.25 crore as of 2022-08-10. As of August 10, 2022, 55.59% (25.71 crore) of Jan Dhan account holders are women and 66.79% (30.89 crore) of Jan Dhan accounts are in rural and semi-urban areas. The total deposit balances under the PMJDY accounts stands at Rs. 1,73,954 crores. The average deposit per account is Rs. 3,761.

Also read: How to choose a suitable savings account

Commenting on the 8-year completion of PMJDY, Finance Minister Nirmala Sitharaman said in a statement: “The success of PMJDY since August 28, 2014 is reflected in terms of opening more than 46 crore bank accounts with a balance of deposit of Rs 1.74 lakh crore with its coverage extended to 67% of rural or semi-urban areas as well as 56% of female Jan Dhan account holders.The pursuit of PMJDY beyond 2018 saw a Marked shift in approach… There has been a shift in focus from “every household” to “every adult”, with added emphasis on using accounts by improving direct benefit transfer (DBT) flows through these accounts, promoting digital payments through the use of RuPay cards, etc.

]]>