Pradhan Mantri Jan Dhan Yojana (PMJDY) – A Comprehensive Guide
The Pradhan Mantri Jan Dhan Yojana (PMJDY) is one of the most significant financial inclusion schemes launched by the Government of India. Introduced by Prime Minister Narendra Modi on August 28, 2014, this scheme aims to provide universal access to banking facilities, ensuring that every household has a bank account.
Key Objectives of PMJDY
- To provide access to banking services to the unbanked population.
- To promote financial literacy and awareness among rural and urban populations.
- To offer affordable insurance and pension schemes to economically weaker sections.
- To integrate the underprivileged into the formal financial system.
Also Check: Sukanya Samriddhi Yojana
Benefits of PMJDY
1. Zero-Balance Bank Account
- Accounts under PMJDY can be opened with zero balance in any public sector bank.
- However, to avail of a cheque book, maintaining a minimum balance may be required.
2. RuPay Debit Card
- Every account holder receives a RuPay debit card, which can be used for online transactions, ATM withdrawals, and PoS purchases.
3. Overdraft Facility
- Account holders can avail an overdraft facility of up to ₹10,000 after maintaining the account satisfactorily for six months.
4. Life Insurance Cover
- The scheme provides life insurance cover of ₹30,000 for eligible account holders.
5. Accidental Insurance Cover
- A ₹2 lakh accident insurance cover is provided under the RuPay debit card scheme.
6. Access to Government Subsidies
- Direct Benefit Transfer (DBT) for government subsidies and welfare schemes is facilitated through these accounts.
7. Easy Access to Credit & Pension Schemes
- PMJDY account holders can also enroll in other government schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY).
Eligibility Criteria
- Any Indian citizen above the age of 10 years can open a PMJDY account.
- Accounts can be opened at any bank branch or Business Correspondent (Bank Mitr) outlet.
- Aadhaar is not mandatory but recommended for seamless account opening.
How to Apply for PMJDY?
Follow these steps to open a PMJDY account:
- Visit your nearest bank offering PMJDY services.
- Fill out the application form with necessary details such as name, address, and Aadhaar number.
- Submit identity proof (Aadhaar Card, PAN Card, Voter ID, or other government-approved documents).
- Receive your RuPay debit card and passbook after successful verification.
Important Links |
|
Official PMJDY Website |
Click Here |
List of Participating Banks |
Check Here |
RBI Guidelines on PMJDY |
Read Here |
Conclusion
The Pradhan Mantri Jan Dhan Yojana (PMJDY) has revolutionized the banking system in India by providing financial services to millions of unbanked citizens. With its vast benefits, such as zero-balance accounts, insurance coverage, and direct benefit transfers, this scheme has played a crucial role in promoting financial inclusion.
If you haven’t yet opened a PMJDY account, visit your nearest bank today and take advantage of this government-backed initiative! 🚀