Do you also have an account with Pradhan Mantri Jan Dhan Yojana? If yes, then this news is essential for you. The government has made it clear that it is mandatory to get KYC (Know Your Customer) done in Jan Dhan accounts that have been open for more than 10 years. If you ignore this work, then your account may become inactive, due to which you will neither be able to do transactions nor will the money from government schemes come to your account. Let us know why it is necessary for Jan Dhan account holders to get KYC done and how it can be completed.
Mandatory KYC in Jan Dhan accounts
The objective of Pradhan Mantri Jan Dhan Yojana, which started in 2014, was to connect every family with banking facilities. Under this scheme, lakhs of poor and middle-class families opened accounts on zero balance, due to which they started getting direct benefits of government schemes. But now the bank has made KYC mandatory again to keep these accounts active. This simply means that if you do not get your account KYC done on time, it will become inactive. It is a kind of identity card for your bank account, which is necessary to update from time to time.
What will be the loss if KYC is not done
If you do not complete the KYC of your Jan Dhan account on time, then you may suffer many losses.
- Your account will become ‘inactive’, due to which you will not be able to do any transactions from it.
- The amount of subsidy or other benefits received from various government schemes will not come to your account.
- In many cases, banks also temporarily close the account if KYC is not done, which can cause big trouble.
- One of the big advantages of getting KYC done is that it identifies fake accounts and ensures that the benefits of government schemes reach the right beneficiaries only.
How to complete the KYC of your account
To complete your Jan Dhan account KYC, you need to follow some simple steps:
Visit the nearest branch of the bank where you have your Jan Dhan account.
You will need your Aadhaar card, PAN card, and passport-size photo.
Take the KYC form from the bank employee and fill it with the correct information.
The bank employee will verify your documents and update your information.
After this process is completed, your account will be reactivated, and you will be able to use it without any interruption. So, if your account has been active for 10 years, do not ignore it and get your KYC completed as soon as possible.
