Crediting PF settlement amounts in PMJDY bank accounts
Employees’ Provident Fund Organisation
Ministry of Labour & Employment, Govt. Of India
Bhayishya Nidhi Bhawan, 14- Bhikaji Cama Place, New Delhi -110066
Web Circular
No. Bkg.7(1)2004/NBA/Vol.VII/546 Date: 08 Sep, 2016
Subject : Difficulties in crediting PF account in the accounts of beneficiaries of where bank accounts have been opened in ‘Pradhan Mantri Jandhan Yojna’.
Sir\Madam
Various reference were received by this office informing that PF settlement amount forwardcd to the member’s Jandhan Bank A/c were being rejected by the bank for the reason that Jandhan Bank A/c has got a credit limit of Rs. 1,00,000/- and no transaction, debit credit beyond that limit is allowed in this account. The matter was taken up with Ministry of finance to relax the conditions imposed on the bank accounts opened in Pradhan Mantri Jandhan Yojna (PMJDY)’
2.It has been clarified by the Department of Financial Services. Ministry of Finance, Government of India that PMJDY envisage opening of ‘Basic Savings Bank Deposit Accounts (BSBDA)’. BSBD Account inter-alia, have following minimum common facilities to all customer:
i. The account shall not have the requirement of any minimum balance.
ii The services available in the account will include deposit and withdrawal of cash at bank branch as well as ATMs; receipt/credit of money through electronic payment channel or by means of deposit collection of cheques drawn by Central /State Government agencies and departments;
iii While there will no limit on number of deposits that can be made in a month, account holder will he allowed a maximum of four withdwarals in a month including ATM withdrawals; and
iv Facility of ATM card or ATM-cum-Debit card.
3. However, those persons who do not have any of the ‘officially valid documents’ stipulated by RBI. can open ‘”small accounts” with banks. A .”Small Accounts” can be opened on the basis of a self attested photograph and putting her/his signature or thumb print in the presence of an official of the bank. Such accounts have limitation regarding the aggregate credit (not more than Rs. One lakh in a year), aggregate withdrawals (not more than Rs. 50000/- in a month) and balance in the accounts (not more than Rs. 50,000/- at any point of time).
4. It has accordingly, been advised by the Department of Financial Services, MoF, GOI that the beneficiaries of EPFO having Small Accounts may be asked to follow ‘KYC/eKYC’, a stipulated by RBI to banks for conversion of their Small Accounts to Basic Savings Bank Deposit Accounts.. which has no such limit restriction.
5. In view of the above, all Regional/Sub-Regional Offices are advised to inform EPFO subscribers accordingly to facilitate efficient electronic services.
Yours faithfully
(M. Narayanappa)
Addl. Central P F Commissioner-I (F&A)
----------- Similar Posts: -----------
