Depression in the country also boosts the amount of money deposited in public money accounts

New Delhi, November 7, 2019, Thursday

Despite the economic downturn in the country, billions of people's money accounts opened in banks across the country are seeing a boom.

According to one report, the amount of deposits in these accounts has almost tripled in the last five years.

It is worth mentioning that, under this scheme, 37 million bank accounts have been opened across the country. Of this, 1.06 lakh crore was deposited. The scheme was launched in 2014. This was one of PM Modi's ambitious plans. The scheme facilitates zero balance.

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This means, there is no need to have a minimum balance in this account. The government has also increased the amount of accidental insurance from Rs one lakh to Rs 2 lakh for a bank account opened after August 28.

The deposit amount has now increased. On average, the amount deposited in each account has increased from Rs 1000 to Rs 2885 in the last five years.