Banks to start transfer of Rs 500 to Women PMJD account holders from Fri: IBA

New Delhi, Apr 2 () Women bank account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) will start getting a sum of Rs 500 per month from Friday in line with the announcement made by Finance Minister Nirmala Sitharaman last week, IBA said.

This is the first of the 3 monthly instalments under the Pradhan Mantri Garib Kalyan Yojana announced last week, the Indian Banks' Association (IBA) said in a statement.

In order to maintain social distancing and to ensure orderly withdrawal of money by the beneficiaries, IBA has designed a schedule to be followed by all banks for the month of April. The transfer has been staggered over 5 days to avoid rush at the bank branches.

As per the schedule, women PMJDY account holders having account number with last digit as 0 and 1 will get the money in their account on April 3, while account number ending with 2 or 3 can approach the bank on April 4.Advertisement

On April 7, beneficiaries with account number ending with 4 or 5 can collect their money and account number with last digit of 6 or 7 may withdraw on the following day.

The last tranche would be remitted on April 9 for account number ending with 8 or 9, it said.

It further said beneficiaries may withdraw any day at their convenience after April 9.

IBA requested all beneficiaries to kindly cooperate and ensure safety and comfort of everyone.

"As this money is being deposited into the bank accounts, the beneficiaries need not rush for withdrawal, money can be drawn at your convenience at any later date," it said. Beneficiaries are encouraged to use the neighbourhood ATMs with RuPay cards, Bank Mitras, CSPs as much as possible to avoid crowding at the branches, it said.Advertisement

"Please note that there will be no charges for withdrawing money from other bank ATMs, at present, as per the government directives," it said.

Besides, banks will have to handle PM-Kisan. Under this, farmers who get Rs 6,000 annually under scheme will get first instalment of Rs 2,000.

Banks have been asked to remit an ex-gratia amount of Rs 1,000 to 3 crore poor widows poor pensioners and poor disabled over the next three months. DP HRS

(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)