SBI Has Opened 2.10 Crore Savings Accounts In Financial Year 2017-18

Out of 2.10 crore SBI savings accounts, 1.10 crore are Pradhan Mantri Jan-DhanYojana (PMJDY) accounts, State Bank of India (SBI) said.

Banking & Financial Services | | Updated: March 27, 2018 14:20 IST
SBI Has Opened 2.10 Crore Savings Accounts In Financial Year 2017-18

State Bank of India (SBI) said that PMJDY accounts are exempt from maintaining average monthly balance.

State Bank of India (SBI) has opened 2.10 crore savings bank accounts in financial year 2017-18 or fiscal year ending on March 31, the bank said on Tuesday. Out of these 2.10 crore savings bank accounts, 1.10 crore are Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts, SBI said. PMJDY accounts are exempt from maintaining any average monthly balance, SBI, the largest lender of the country, said on Twitter. Recently, SBI had closed over 41 lakh savings bank accounts until February 2018, according to an RTI query. SBI, however, later clarified that these bank accounts were not closed suo-motu.
Here are five things you should know about SBI's Pradhan Mantri Jan-DhanYojana (PMJDY) accounts:
 
  1. Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, banking/ savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner, said SBI on its website sbi.co.in. (Also Read: National Pension System (NPS) - State Bank Of India Points Out Five Rules To Know)
  2. PMJDY focuses on coverage of households as against the earlier plan which focused on coverage of villages. It focuses on coverage of rural as well as urban areas, said SBI. (Also Read: SBI Zero Balance Account Rule, Penalty For Insufficient Balance, Interest Rates, Other Details)
  3. The earlier plan targeted only villages above a population of 2,000 people while under PMJDY, the whole country is to be covered by extending banking facilities in each sub-service area consisting of 1,000 - 1,500 households such that the facility is available to all within a reasonable distance, say about 5 km, said SBI. (Also Read: Why SBI Mattered In 2017-2018 - From Management Rejig To Minimum Balance Rules To Penalty For Insufficient Balance)
  4. Joint account can be opened under the PMJDY scheme, SBI said. (Also Read: Important Things To Do Before March 31 If You're An SBI Customer)
  5. The account can be opened in any bank branch or business correspondent (Bank Mitr) outlet, said SBI.