What is a Zero Balance Account under PMJDY?
- A zero balance account opened under the PMJDY refers to a bank account which has no minimum balance requirements.
- Although a zero balance account is meant for people below the poverty line, it can be opened by any individual with valid KYC documents.
- A maximum of two members in one family can have zero balance accounts opened under the Pradhan Mantri Jan Dhan Yojana.
- The main objective of zero balance accounts is to facilitate poor people in having a bank account so that they can pool their savings and avail the banking services.