Important Schemes Launched by Government of India

Pradhan Mantri Jan Dhan Yojana

It is a nationwide scheme launched by Indian government in August 2014. In this scheme financial inclusion of every individual who does not have a bank account is to be achieved.

Highlights of the scheme:
  1. Objective:Financial Inclusion
  2. Slogan:“Mera Khata – Bhagya Vidhaata”
  3. Eligibility: Every person will be eligible to receive an accident insurance cover of up to Rs. 1 Lakh. HDFC Ergo General Insurance will provide the accident cover under the scheme
  4.  Special benefits 

Interest on deposit

Accidental insurance cover of Rs.1.00 lac

No minimum balance required. However, for withdrawal of money from any ATM with Rupay Card, some balance is advised to be kept in account.

Life insurance cover of Rs.30,000/-

Easy Transfer of money across India

Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.

After satisfactory operation of the account for 6 months, an overdraft facility will be permitted

Access to Pension, insurance products

Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.

Overdraft facility up to Rs.5000/- is available in only one account per household, preferably lady of the household.

Pradhan Mantri Jeevan Jyoti Bima Yojana

It is a term life insurance policy that can be renewed either on a yearly basis or for a longer period of time. It will provide life insurance coverage on the death of the policyholder.

Highlights of the scheme:
1. Age at Entry Min: 18 years (Age last birthday)
Max: 50 years (Age nearest birthday)
2. Maximum Maturity Age 55 years (Age nearest birthday)
3. Policy Term One year renewable
4. Sum Assured Rs. 200,000 (Two lakhs only)
5. Premium Amounts Rs. 330 /- (Exclusive of Service tax* and inclusive of Rs. 41 towards administrative charges of participating banks).

Atal Pension Yojana (APY)

It is a government-backed pension scheme in India targeted at the unorganised sector. The scheme will be administered by the Pension Fund Regulatory and Development Authority (PFRDA) and replace the previous government’s Swavalamban Yojana NPS Lite.

Highlights of the scheme
  1. Age of Entry: Min: 18 years (Age last birthday), Max: 40 years (Age nearest birthday), maximum maturity age-60 years.
  2. Who can apply: Any bank account holder or workers of private sector or employed in occupations that do not give them the benefit of pension can apply for the scheme.
  3. Minimum & Maximum pension: Fixed pension of INR 1,000 or 2,000 or 3,000 or 4,000 or 5,000 on attaining the age of 60
  4. Contribution period: Minimum period of contribution by the subscriber under APY would be 20 years or more.
  5. Funding of APY: Government would provide (i) fixed pension guarantee for the subscribers; (ii) would co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to eligible subscribers; and (iii) would also reimburse the promotional and development activities including incentive to the contribution collection agencies to encourage people to join the APY.

Pradhan Mantri Suraksha Bima Yojana

The scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.

Highlights of the scheme:
  1. Age Limit: Min: 18 years (Age last birthday)  Max: 70 years (Age nearest birthday)
  2.  Maximum Maturity Age: 70years (Age nearest birthday)
  3. Premium: Rs.12/- per annum per member.
  4. Policy period: The cover shall be for one year period starting from June 1, 2015 to May 31, 2016 for which option to join / pay by auto-debit from the designated Savings Bank account on the prescribed forms will be required to be given by May 31, 2015 – extendable up to November 30, 2015. For the saving A/c holder joining after May 31, 2015 and on or before November 30, 2015 the cover shall end on May 31, 2016.
Table of Benefits Sum Insured
a. Death Rs. 2 Lakh
b. Total and 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 hand or foot Rs. 2 Lakh
c. Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot

Sukanya Samriddhi Yojana

It is a small deposit scheme for the girl child.

Highlights of the scheme:
  1. Objective: To promote the welfare of Girl Child
  2. Who can open the account: A natural/ legal guardian on behalf of a girl child
  3. Maximum number of accounts: Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children
  4. Minimum and Maximum Amount of Deposit: Min.1000 of initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs.150000 in a financial year
  5. Tenure of the Deposit: 21 years from the date of opening of the account
  6. Maximum period upto which deposits can be made: 14 years from the date of opening of the account
  7. Interest on Deposit: As notified by the GOI, compounded annually with option for monthly interest pay-outs to be calculated on balance in completed thousands.( Current rate 9.20%)
  8. Tax Rebate: As applicable under section 80C of the IT Act, 1961.
  9. Premature Closure: Allowed in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life threatening diseases to be authorized by an order by the Central Government
  10. Irregular Payment/ Revival of account: By payment of penalty of Rs.50 per year alongwith the minimum specified amount per year
  11. Mode of Deposit: Cash/Cheque/ Demand Draft
  12. Withdrawal : 50% of the balance lying in the account as at the end of previous financial year for the purpose of higher education, marriage after attaining the age of 18 years.

Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)

It is central scheme that aims at providing irrigation facilities to every village in the country by converging ongoing irrigation schemes implemented by various ministries.

Highlights of the scheme:
  1.  Objective: Aims at providing ‘end-to-end solution’ in irrigation supply chain by implementing new programme in a “project mode” with decentralised state-level planning and execution.
  2. Budgetary allocation: 1,000 crore rupees for fiscal year 2015-16.
  3. Funding Pattern: Centre- States will be 75: 25 per cent. In case of north-eastern region and hilly states it will be 90:10.

Pradhan Mantri Kaushal Vikas Yojana (PMKVY)

Highlights of the scheme:
  1. Objective: Aims to impart skill training to youth with focus on first time entrants to the labour market and class 10 and class 12 drop outs.
  2. Implemented By: The scheme will be implemented by the Union Ministry of Skill Development and Entrepreneurship through the National Skill Development Corporation (NSDC).  It will cover 24 lakh persons and skill training would be based on the National Skill Qualification Framework (NSQF) and industry led standards

Rashtriya Avishkar Abhiyan (RAA)

Former President of India Dr. APJ Abdul Kalam on 9 July 2015 launched the Rashtriya Avishkar Abhiyan (RAA) in New Delhi. The concept is developed by the Ministry of Human Resource Development.

Highlights of the scheme:
  1. Objective:The abhiyan aims to inculcate a spirit of inquiry, creativity and love for Science and Mathematics in school children. It is an effort to take forward the Prime Minister Narendra Modi’s vision of Digital India, ‘Make in India’ and ‘Teach in India’.

Aapki Beti Humari Beti girl child scheme

The scheme launched by Haryana Chief Minister Manohar Lal Khattar in the state (Haryana).

Highlights of the scheme:
  1. Objective: To combat the problem of declining child sex ratio in the state.
  2. Focal Areas: The scheme will be implemented in both rural and urban areas of the state.
  3. Eligibility: Under this scheme, the first girl child born on or after January 22, 2015, in SC and BPL families will be eligible to receive Rs 21,000. Similarly, all second girl children born on or after January 22, 2015 of all families will also get Rs 21,000. Families, where twin girls or multiple girls are born, will get Rs 21,000 per girl child.

New Urban Rejuvenation Mission to replace JNNRUM

According to the Urban Development Minister Venkaiah Naidu, government will replace Jawaharlal Nehru National Urban Renewal Mission, JNNRUM with a new Urban Rejuvenation Mission to bring more areas for development under its ambit.

Highlights of the scheme:
  1. Which cities will be covered: Under the proposed scheme, cities with population of 1 Lakh or above will also be covered.
  2. Focus Points: The new mission will focus on modern concept for cities planned using Geographic information system (GIS), best transport facilities and will have solid and liquid waste management system to develop clean cities.” JNNRUM had already completed its term, which was launched by previous UPA government.

Bhagyashree scheme

Maharashtra Government today launched ‘Bhagyashree’ scheme in place of the Sukanya scheme which caters to girls from Below Poverty Line (BPL) families.

Highlights of the scheme:
  1. Objective: The scheme aims at providing one 1 lakh rupees on maturity after the girl completes 18 years of age.
  2. Deposits: The state government will deposit an amount of 21200 rupees in bank for a girl child born in a Below the Poverty Line (BPL) family.
  3. Other schemes attached: The scheme would be linked to the Beti Bachao Beti Padhao scheme of Union Government.


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