Pradhan Mantri Jan Dhan Yojana or PMJDY

Pradhan Mantri Jan Dhan Yojana or PMJDY was launched in the year 2014, by the Prime Minister Narendra Modi, with an objective of Financial Inclusion. The primary motive of this scheme is to make sure that people belonging to the weaker section and low-Income group can also access to the financial services at a national level. Its aim is to bring all the individuals under the umbrella of opening Bank account. Through PMJDY, individuals can access to services such as banking, savings and deposit account, remittance, pension, and Credit Insurance.

You can open the account at any bank branch or correspondent bank also known as Bank Mitr. Under Pradhan Mantri Jan Dhan Yojana, individuals can open a zero balanced account. However, if the account holder requires a chequebook, then he/she needs to fulfil the conditions related to minimum balance. The best part about this scheme is that it can be opened by any individual. For the individuals looking forward to using its cheque Facility, it is mandatory for them to maintain a minimum balance in the given account. For opening the account under the given scheme, no charges are levied.

Latest Update

In the Union Budget 2023, Finance Minister Nirmala Sitharaman said that 47.8 crore JanDhan accounts have been opened since its launch.

Pradhan Mantri Jan Dhan Yojana - Eligibility Criteria

The eligibility criteria for Pradhan Mantri Jan Dhan Yojana are as follows:

• Individuals who are Indian nationals are eligible to open an account under this scheme. Even minors above 10 years old are eligible to open an account under this scheme. Nevertheless, for minors, the accounts are managed by guardians. The minors are eligible for RuPay Card that can be used to withdraw money four times a month.

• Individuals who already have an existing Savings Account can also open an account under this scheme. They can even transfer their account balance to the PMJDY scheme so as to enjoy the benefits.

• If in case, individuals are not able to meet the above do not have any documents to establish their nationality then, bank conducts a primary check on the individual and classified them as low-risk individual. These individuals are allowed to open a temporary account which can be done permanent by submitting the required documents within 12 months from the date of opening the account.

Documents Required & Steps for Offline Application

Individuals need to have a valid address proof for opening an account under PMJDY.

• Some of these documents include passport, driving license, Permanent Account Number (PAN), voter’s identity card, and aadhaar card.

• Aadhaar Card is a must document for opening an account. If individuals do not have a valid Aadhaar number then, they first need to get registered for the same and submit it later.

• Individuals also need to submit two passport size photographs.

• If individuals are not able to satisfy the above-given criteria, then can open Small Accounts and are classified as low-risk individuals.

In order to open an account under the PMJDY scheme, an individual can visit the nearest bank branch or correspondent bank also known as Bank Mitra. Individuals can even open their bank accounts by enrolling themselves at a camp conducted in their areas. For individuals who are classified as low-risk individuals, can open Small Accounts. These accounts are opened on the Basis of a self-attested photograph and by putting a thumb Impression/ or signatures in the presence of bank officials. However, such accounts have limitations regarding the number of withdrawals, deposit and bank balance.

The account is valid for a period of 12 months. Post this tenure, the account will be allowed to continue for a further period of 12 months, if the individuals furnish a document that they have applied for a valid identity proof.

Jan Dhan Yojana Account Online

You can easily open the PM Jan Dhan Yojana account online. All you are required is to access the online application form, which is available in both English as well as Hindi. The application form can be obtained from the official website of PMJDY. You can fill up the form easily and submit the same along with the important documents.

The application form for applying for the PM Jan Dhan Yojana is referred to as the Financial Inclusion Account Opening application form. There are three separate sections in the form. In the given sections, you are required to provide the necessary details along with information related to the nominee and where the account is getting opened.

Jan Dhan Bank Account Rates

Interest gets offered on the deposits being made towards the savings account that is opened under the given scheme. The account rates is going to be based on the saving bank account interest rate offered by different banks.

Benefits of PM Jan Dhan Yojana Bank Account

• Account holders are not required to maintain any minimum balance under the given scheme. On the other hand, if they would like to make use of the cheque facility of the bank, then there is the requirement of maintaining the minimum balance.
• When the individuals are able to maintain the bank account in a good manner for around six months, then the overdraft facility is awarded to them.
• Individuals with this bank account also receive access to the accidental insurance cover of around INR 1 Lakh as per the latest RuPay scheme.
• If the PM Jan Dhan Yojana account was launched between the period of 20th August 2014 & 31st January 2015, then the overall life cover of around INR 30,000 is offered in case the beneficiary of the account would pass away.
• Under the given scheme, pension access and insurance products are also offered.
• If the individuals are beneficiaries of some government-based scheme, then the option of Direct Benefit Transfer is also offered to them.
• An overdraft facility amounting to INR 5,000 is offered to a single account in a particular household. In most cases, the given facility is being offered to the lady in the household.
• The insurance cover for Personal Accident can be claimed only once the holder of the RuPay card goes forward with making a financial or non-financial transaction.

Key Details of PM Jan Dhan Yojana

Age Criteria

Individuals who are aged 10 years and above can open an account under PMJDY scheme. However, till they do not attain the age of 18, they will be treated as minors. Above it, individuals can open the account until the age of 60 years.

Minimum Investment

There is no minimum deposit amount required to open an account under PMJDY scheme. Individuals can open a zero balance account under this scheme. However, if they wish to own a chequebook, then they need to fulfil the criteria of minimum balance.

Maximum Withdrawal

From PMJDY account, individuals can withdraw money for maximum four times in a month. The maximum amount that can be withdrawn from the account per month is INR 10,000.

Maximum Deposit

The maximum amount that an account holder can deposit under PMJDY account is INR 1,00,000.

Why Should You Open Jan Dhan Account?

There are numerous benefits of Jan Dhan Account. Some of them are discussed below as follows:

• It is not mandatory to hold a minimum balance amount in the accounts opened under PMJDY scheme. Individuals can maintain zero balance also.
• The amount deposited in the bank account under PMJDY scheme earns an interest of 4% p.a.
• The scheme covers an accidental insurance cover of INR 1 Lakh.
• The scheme also provides a life cover of INR 30,000 payable to the beneficiary on the account holder’s death. However, in this case, individuals need to fulfil certain criteria.
• Beneficiaries of government schemes will get direct benefit transfer in this account.
• Individuals can access to insurance, and pension-related schemes.
• Overdraft facility is permitted in the account up to INR 5,000 preferably, to the female member of the household. This facility can be availed after 6 months of satisfactory operation of the account.

Therefore, if you want to enjoy the benefits of banking, insurance, government benefits, and other financial avenues then open a bank account Pradhan Mantri Jan Dhan Yojana today.