Financial Inclusion

Overview

Financial inclusion is aimed at providing banking and financial services to all people in a fair, transparent and equitable manner at affordable cost. In other words, financial inclusion is delivery of banking services at an affordable cost to vast sections of disadvantaged and low-income groups.

In our Bank, we are implementing financial inclusion through all our branches and Business Correspondent Agents (BCAs). LVB BCAs work in 134 villages and 230 wards, totaling 364 outlets. Financial inclusion services are provided by the BCAs in the allotted Villages and Wards through micro ATMs which are enabled with AEPS and interoperable facility can offer any (bank) customers both onus/off-us transactions like deposits, withdrawals, Fund Transfer, Balance enquiry & Mini Statement transactions.

Services Offered

Pradhan Mantri Jan Dhan Yojana (PMJDY) :

Pradhan Mantri Jan Dhan Yojana (PMJDY) is the National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. The accounts can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) :

A term life insurance scheme backed by Government of India,renewable year on year offering life insurance cover for death due to any cause.

  • Rs. 2 Lacs payable on subscriber’s death due to any cause
  • The premium payable is Rs. 330/- per subscriber per year

Pradhan Mantri Suraksha Bima Yojana (PMSBY) :

An accidental insurance scheme backed by Government of India renewable year on year offering protection against death or disability due to accident.

  • Rs. 2 lakhs payable on subscriber’s death due to accident
  • Rs. 2 lakhs payable on subscriber’s total irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of use of hand or foot
  • Rs. 1 Lac payable on irrecoverable loss of sight of one eye or loss of use of one hand or foot
  • The premium payable is Rs. 12/- per subscriber per year

Atal pension Yojana (APY) :

Atal Pension Yojana is a Social Security Scheme introduced by Govt. of India, aimed at providing a steady stream of income to all citizens of India on attaining the age of 60. It is based on National Pension Scheme (NPS) frame work.

The Government of India is extremely concerned about the old age income security. To address the longevity risks among the workers in unorganized sector and to encourage the workers in unorganized sector to voluntarily save for their retirement, the DFS/PFRDA had launched many successful Campaigns of which, nearly 57 Lac accounts have been sourced during the FY 2018-19.

Old Age Pension (OAP) distribution :

One of the target groups of Financial Inclusion Plan is the Old Age Pension (OAP) beneficiaries covered under Social Security Schemes of Tamil Nadu State Government, focused on helping the old age people who are not in a position of monthly earning their own livelihood.

OAP disbursements are done at their door step by the BC Agents through Micro ATM enabled with AEPS authentication, which is a safe and secured way of disbursement to the rightful beneficiaries.

Products Offered

Basic Savings Bank Deposit Account (BSBDA)

  • Eligibility : Individual Indian citizens can open this account
  • Salient Features :
    • Minimum Balance Requirement: NIL, this is a zero balance account
    • Free Debit Card
    • Free Passbook Facility
    • 4 withdrawals allowed per month includingfrom ATM, branch, fund transfers, standing Instructions, EMIs etc.,
    • Any number of deposits are allowed

BSBDA-School Children Account

  • Eligibility : Literate School Children age above 10 years and below 19 years
  • Salient Features :
    • Minimum Balance Requirement: NIL, this is a zero balance account
    • Free Debit Card
    • Free Passbook Facility
    • 4 withdrawals allowed per month includingfrom ATM, branch, fund transfers, standing Instructions, EMIs etc.,
    • Any number of deposits are allowed
    • Withdrawal limit is Rs. 10,000/-
    • The aggregate of all credits in a financial year does not exceed Rupees one lakh
    • The aggregate of all withdrawals and transfers in a month does not exceed Rupees ten thousand; and
    • The balance at any point of time does not exceed rupees fifty thousand.

Small Accounts

  • Eligibility : Resident Indian citizen, employed in unorganized sectors / migrant employees
  • Salient Features :
    • Minimum balance requirement: NIL, this is a zero balance account
    • Simplified / no KYC for employees under unorganized sectors / migrant employees
    • Free Debit Card
    • Free Passbook Facility
    • 4 Withdrawals allowed per Month which includes ATM, branch, fund transfers, standing instructions, EMIs etc.,
    • Any number of deposits are allowed
    • The aggregate of all credits in a financial year cannot exceed Rupees One Lakh
    • The aggregate of all withdrawals and transfers in a month cannot exceed Rupees Ten Thousand
    • Balance in the account at any point of time cannot exceed Rupees Fifty Thousand. Provided, that this limit on balance shall not be considered while making deposits through Government grants, welfare benefits and payment against procurements.
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