The Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a flagship national mission to ensure universal access to financial services, including banking, savings, deposit accounts, remittance, credit, insurance, and pensions.
This initiative seeks to provide affordable financial solutions to every household across India, particularly targeting weaker sections and low-income groups.
Key Features of PMJDY
Zero Balance Account: Under the PMJDY scheme, individuals can open a basic savings bank deposit (BSBD) account at any bank branch or through a Business Correspondent (Bank Mitra) outlet. This account can be opened with zero balance, though a minimum balance is required if the holder wishes to receive a chequebook.
Overdraft Facility: Account holders can avail of an overdraft facility of up to ₹10,000, with ₹2,000 available without any conditions. The account must be active for at least six months to qualify for the full overdraft. The upper age limit for this facility has been increased from 60 to 65 years.
Direct Benefit Transfer (DBT): PMJDY accounts can receive government benefits directly from their accounts under the Direct Benefit Transfer (DBT) scheme. This simplifies the distribution of subsidies and welfare payments.
Insurance and Pension Coverage: The scheme includes a life insurance cover of ₹30,000 and an accidental insurance cover of ₹1 lakh (enhanced to ₹2 lakh for accounts opened after August 28, 2018). Additionally, PMJDY account holders can access insurance and pension products like the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY).
RuPay Debit Card: Beneficiaries receive a RuPay Debit Card, which provides accident insurance coverage and must be used at least once every 45 days to maintain insurance benefits.
Opening a PMJDY Account
To open an account under the Pradhan Mantri Jan Dhan Yojana, the following documents are required:
- Aadhaar Card: If available, no other documents are needed. A self-certification of the current address is sufficient if the address has changed.
- Alternate Documents: In the absence of an Aadhaar Card, other valid documents like Voter ID, Driving License, PAN Card, Passport, or NREGA Card can be used. These documents must include the applicant’s address to serve as Proof of Identity and Address.
- Low-Risk Category: Individuals without these documents but classified as low-risk by banks can open an account using an Identity Card with a photograph issued by government departments or a letter from a gazette officer with a duly attested photograph.
| Name of the Scheme | Pradhan Mantri Jan Dhan Scheme |
|---|---|
| Website | https://www.india.gov.in/ |
| Schemes Portal | https://pmjdy.gov.in/ |
| Account Opening Form | Download Pradhan Mantri Jan Dhan Yojana Account Opening Form |
Special Benefits under PMJDY
- Interest on Deposits: Account holders earn interest on deposits made in the PMJDY accounts.
- Ease of Money Transfer: The scheme enables easy and quick money transfer across India, enhancing financial accessibility for all.
- Government Scheme Benefits: Beneficiaries of government schemes receive direct transfers into their PMJDY accounts, ensuring timely and transparent delivery of subsidies and benefits.
The Pradhan Mantri Jan Dhan Yojana (PMJDY) represents a significant step towards achieving financial inclusion for all.
The scheme ensures that even the most underserved communities in India have access to essential banking and financial products by providing a comprehensive suite of financial services.
This initiative empowers individuals and plays a crucial role in driving economic growth and development across the country.