Under the ambitious Pradhan Mantri Jan Dhan Yojana, people are comparatively saving more. Started with the sole purpose of invoking a feeling of ‘saving before spending’, the scheme has done wonders across the country especially in the rural villages. The older strata of the society have used the Jan Dhan Yojana to increase their savings and are extremely happy with the results.
“People who opened Jan Dhan accounts are enjoying more savings,” claimed the Research wing of State Bank of India. It was also reported that the account openers have observed a fall in expenditure on buying alcohol and tobacco. It was also reported that areas having more than 50% accounts are witnessing a fortunate economic circulation of money.
It was also reported that a larger fraction of 30cr Jan Dhan accounts was opened after Demonetisation on November 8. Maximum Jan Dhan accounts in the country were opened in Uttar Pradesh which numbered around 4.7 crore accounts, as per reports.
The account holders are however eyeing an increase in the interest rate (deposit rate) offered by the bank. They say they could save more if banks increase the interest rate. According to the research report, people will be more inclined to deposit more if the deposit rates are increased.
Apart from maintaining financial stability, the practice of depositing money in Jan Dhan accounts also bolstered the dream of financial inclusion across the country. Jan Dhan accounts have not only invoked the feeling of savings but also saved the countrymen from indulging in foul activities.
