SARAL TECHNOLOGY SERVICES PRIVATE LIMITED IS A CORPORATE BUSINESS CORRESPONDENT WITH BANK OF INDIA UNDER FINANCIAL INCLUSION INITIATIVE
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Financial Inclusion Schemes in India
The Government of India has been introducing several exclusive schemes for the purpose of financial inclusion. These schemes intend to provide social security to the less fortunate sections of the society. Let us take a list of the financial inclusion schemes in the country:★ Pradhan Mantri Jan Dhan Yojana (PMJDY): ☛ It is a national mission for financial inclusion to ensure access to financial services, namely, banking/ savings and deposit accounts, remittance, credit, insurance, pension in an affordable manner. Account can be opened in any bank branch or business correspondent (Bank Mitr) outlet. PMJDY accounts are being opened with zero balance.
☛ Interest on Deposit
☛ No minimum balance required
★ Atal Pension Yojana (APY): ☛ It is a Social Security Scheme introduced by Govt. of India, aimed at providing a steady stream of income after the age of 60 to all citizens of India.
☛ It is based on National Pension Scheme (NPS) frame work. Permanent Retirement Account Number (PRAN) will be provided to the subscriber immediately by the branch.
★ Pradhan Mantri Suraksha Bima Yojana (PMSBY): ☛ Insurance Cover: Rs. 2 lakhs are payable on a subscriber’s death or disability due to accident. In case of partial disability Rs. 1 lakh.
☛ Premium: Rs. 20 per annum per subscriber
☛ Tenure of Policy: 1year, renewal every year
☛ Coverage Period: 1st June to 31st May (1 Year)
★ Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
☛ Insurance Cover: Rs. 2 lakhs are payable on a subscriber’s death due to any reason.
☛ Insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.
☛ Tenure of Policy: 1 year, Renewal every year, Maximum upto the age of 55 years.
☛ Coverage Period: 01st June to 31st May (1 year).
★ Sukanya Samriddhi Yojana (SSY) ☛ The Sukanya Samriddhi Yojana is a government savings scheme created with the intention to benefit girl child under the initiative called “Beti Bachao – Beti Padhao”. The parent or guardian of the girl child who is 10 years of age or younger can open an account under this scheme. This scheme carries a higher interest rate along with several tax benefits.
★ Pradhan Mantri Mudra Yojana (PMMY): ☛ This is a flagship scheme of Government of India. The scheme facilitates Loan up to Rs. 10 lakhs to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY. These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs. The borrower can approach any of the lending institutions mentioned above or can apply online. Under the aegis of PMMY, MUDRA has created three products namely 'Shishu', 'Kishore' and 'Tarun' to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and also provide a reference point for the next phase of graduation / growth.
☛ Insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.
☛ Tenure of Policy: 1 year, Renewal every year, Maximum upto the age of 55 years.
☛ Coverage Period: 01st June to 31st May (1 year).
★ Sukanya Samriddhi Yojana (SSY) ☛ The Sukanya Samriddhi Yojana is a government savings scheme created with the intention to benefit girl child under the initiative called “Beti Bachao – Beti Padhao”. The parent or guardian of the girl child who is 10 years of age or younger can open an account under this scheme. This scheme carries a higher interest rate along with several tax benefits.
★ Pradhan Mantri Mudra Yojana (PMMY): ☛ This is a flagship scheme of Government of India. The scheme facilitates Loan up to Rs. 10 lakhs to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY. These loans are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs. The borrower can approach any of the lending institutions mentioned above or can apply online. Under the aegis of PMMY, MUDRA has created three products namely 'Shishu', 'Kishore' and 'Tarun' to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and also provide a reference point for the next phase of graduation / growth.
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Become a Banking & Financial service provider
SaralMoney gives you an opportunity to turn your own shop into a Banking & Financial institution. Customers who do not have bank accounts and still want to transfer money using cash can do so at your shop, withdraw their money from their bank account using their Aadhar number and fingerprint only. You can pay their utility bills, recharge their mobiles/DTH. You can generate their motor insurance policies and mediclaim policies. You can also offer them SIP through mutual funds and provide NPS and earn in every service you give. It's very SARAL.
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