Pradhan Mantri Jan Dhan Yojana (PMJDY) is a National Mission Financial Inclusion to ensure access to financial services namely, banking/savings and deposit accounts, remittances, credit, insurance, pension in an affordable manner. This scheme aims to have a Bank account to all the people of India. Under this scheme, anyone can get many benefits by opening a zero balance account.
The Pradhan Mantri Jan Dhan Yojna was announced on 15th August 2014 by PM Narendra Modi.
The account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet. PMJDY accounts are being opened with zero balance. However, if the account holder wants to check the book, he/she must fulfill the minimum balance criteria.
Benefits under the Pradhan Mantri Jan-Dhan Yojana
- There is no required to maintain any minimum balance in PMJDY accounts.
- Interest is earned on the deposit in PMJDY accounts on the basis of saving.
- Rupay Debit card is provided to PMJDY account holder.
- Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.
- Life insurance covered of Rs.30,000/- on account opened between 15 Aug 2014 to 31 January 2015
- Money can be easily transfer across India
- The account holder can avail overdraft facility of Rs, 5000 after 6 month of opening the account under Pradhan Mantri Jan-Dhan Yojana
- An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
- PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.
- Access to pension, insurance products.
Also read: Jagananna Jeeva Kranthi Scheme 2023
Objective of Pradhan Mantri Jan-Dhan Yojna
- Ensure access of financial products & services at an affordable cost
- Use of technology to lower cost & widen reach
Pradhan Mantri Jan-Dhan Yojana Eligibility Criteria
- You should be a citizen of India
- You should be aged 10 years or over
- You should not have a bank account
How can you open an account under PMJDY
Account can be open in any branch of bank or Business Correspondent (Bank Mitr) outlet. The account is being opened with Zero Balance.
Documents required to open an account under Pradhan Mantri Jan-Dhan Yojana
- If Aadhar Card/Aadhar Number is available then no other document is required. If the address has changed then self-certification of the current address is sufficient.
- If Aadhar Card is not available then any one of the following Officially Valid Documents (OVD) will be required: Voter ID Card, Driving License, PAN Card, Passport and NREGA Card. If your address is also present in these documents, then it can act as both “proof of identity and address”.
- If a person does not have the “Valid Government Documents” mentioned above, but is classified as ‘low risk’ by the bank, he/she can open a bank account by submitting any one of the following documents:
- Identity cards bearing the applicant’s photo issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;
- Letter issued by a Gazetted Officer with duly attested photograph of the said person.
FAQ
Q1. What is Pradhan Mantri Jan Dhan Yojana?
Ans. Pradhan Mantri Jan Dhan Yojana (PMJDY) is a National Mission Financial Inclusion to ensure access to financial services namely, banking/savings and deposit accounts, remittances, credit, insurance, pension in an affordable manner.
O2. Whether joint account can be opened in Pradhan Mantri Jan Dhan Yojana?
Ans. Yes you can open joint account.
Q3. How much interest can be earn from the PMJDY Account?
Ans. Presently 4% interest can be earn from Saving bank accounts under PMJDY.
Q4. Can a minor can open PMJDY Account?
Ans. A minor above 10 years is eligible to open saving fund account under PMJDY.