Seven Government Schemes That Could Change Your Financial And Social Status

The government of India has introduced various schemes to help Indian citizens improve their financial situations. Besides improving the financial condition of the citizens these schemes have been designed to contribute to the country’s growing economy as well. But not many are aware of these schemes and their benefits. So, here are the seven schemes that could help you change your financial and social status:

  • Pradhan Mantri Jan Dhan Yojna (PMJDY)

The PMJDY scheme was introduced with an aim of financial inclusion for all citizens to ensure easy access to financial services such as banking, savings and deposit accounts, credit, insurance, pension. Under this scheme, accounts are opened with zero balance.


  • Interest on deposit
  • Accidental insurance cover of INR 1 lac
  • No minimum balance required
  • Easy money transfer across India
  • A life cover of INR 30,000 payable on the death of the beneficiary, subject to fulfillment of eligibility condition
  • Access to pension, insurance products
  • 4 percent interest per annum on money deposit


  • Pradhan Mantri Mudra Yojana (PMMY)

The scheme was launched to provide loans to microenterprises/ units those are in manufacturing, trading and services sector including allied agricultural activities with credit limits of up to Rs 10 Lakhs. The scheme enables the borrower to borrow from all Public sector banks for loans of up to Rs 10 lac. There are 3 categories under the scheme based on the quantum of finance – Shishu (Up to INR 50,000), Kishore ( From 50,001 – 5 lac), Tarun (From 5,00,001- to 10 lac)


  • No processing fee
  • No collateral
  • Repayment period of the loan is extended up to 5 years


  • Sukanya Samriddhi Yojna (SSY)

The scheme is targeted at the parents of girl children and encourages parents to build a fund for the future education and marriage expenses of their girl child. The scheme was launched as a part of Beti Bachao, Beti Padhao campaign and currently provides an interest rate of 8.1 % and tax benefits.


  • The account can be opened and operated by a parent or guardian as soon as their daughter turns 10
  • Once the girl turns 18, upto 50% balance can be withdrawn to meet her educational requirements
  • Easy money transfer from one bank to another
  • Interest rate of 8.1% and additional tax benefits


  • Rajiv Gandhi Jeevandayee Arogya Yojana (RGJAY)

The RGJAY is a Universal healthcare scheme run by the Maharashtra government for the economically backward people of Maharashtra. The scheme provides free access to medical care in government empanelled hospitals.


  • Free access to medical care in 488 government hospitals
  • Free of cost treatment for 971 diseases and surgeries
  • Free treatment that costs up to INR 1.5 Lakh per year per family


  • Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)

For the growth of the poor and low-income section of society, the central government of India launched the PMJJBY. The scheme is available for people between 18-50 years of age and provides a yearly insurance coverage of INR 2 Lac in case of demise of the insured pension.


  • A death coverage of 2 lac to the beneficiary of the policy
  • A risk coverage of 1 year
  • Life cover of 2 lac is available at just INR 330 per annum


  • Rashtriya Swasthya Bima Yojana (RSBY)

RSBY is a health insurance program for the economically weaker sections of the society which aims to provide health insurance coverage to the BPL category people


  • Health insurance coverage to unorganized sectors such as construction, registered under Welfar boards, portars, workers, auto and taxi drivers etc.
  • A cover of INR 30,000 to a family of 5 members on floater basis
  • A cover of INR 100 per visit to the hospital
  • With a premium of just INR 30, allows a holder to claim medical expenses of up to INR 30,000 p.a


  • National Social Assistance Scheme

This program provides financial assistance to the elderly, widows and disabled in the form of social pensions.


  • A grant of Rs 2000 per month per beneficiary to a person of 65 years or higher and belonging to BPL
  • Pension to BPL widows of age group 40-64 years


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1 Comment

  1. Yagnesh

    Bank have given lot of loans on these schemes. 11000crores to be recovered on these unsecured schemes. All political drama for votes. Banks are on loss now. Who will recover.

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