Pradhan Mantri Jan-Dhan Yojana
Objective of "Pradhan Mantri Jan-DhanYojana (PMJDY)" is
ensuring access to various financial services like availability of
basic savings bank account, access to need based credit, remittances
facility, insurance and pension to the excluded sections i.e. weaker
sections & low income groups. This deep penetration at affordable
cost is possible only with effective use of technology.
PMJDY is a National Mission on Financial Inclusion
encompassing an integrated approach to bring about comprehensive
financial inclusion of all the households in the country. The plan
envisages universal access to banking facilities with at least one basic
banking account for every household, financial literacy, access to
credit, insurance and pension facility. In addition, the beneficiaries
would get RuPay Debit card having inbuilt accident insurance cover of ₹ 1
lakh. The plan also envisages channeling all Government benefits (from
Centre / State / Local Body) to the beneficiaries accounts and pushing
the Direct Benefits Transfer (DBT) scheme of the Union Government. The
technological issues like poor connectivity, on-line transactions will
be addressed. Mobile transactions through telecom operators and their
established centres as Cash Out Points are also planned to be used for
Financial Inclusion under the Scheme. Also an effort is being made to
reach out to the youth of this country to participate in this Mission
Mode program.
Scheme Details
Pradhan Mantri Jan-DhanYojana (PMJDY) is National Mission for
Financial Inclusion to ensure access to financial services, namely,
Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance,
Pension in an affordable manner.
Account can be opened in any bank branch or Business Correspondent
(Bank Mitr) outlet. PMJDY accounts are being opened with Zero balance.
However, if the account-holder wishes to get cheque book, he/she will
have to fulfill minimum balance criteria.
Documents required to open an account under Pradhan Mantri Jan-DhanYojana
- If Aadhaar Card/Aadhaar Number is available then no other documents is required. If address has changed, then a self certification of current address is sufficient.
- If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport& NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”.
- If a person does not have any of the “officially valid documents” mentioned above, but it is categorized as ‘low risk' by the banks, then he/she can open a bank account by submitting any one of the following documents:
- Identity Card with applicant's photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;
- Letter issued by a gazette officer, with a duly attested photograph of the person.
Special Benefits under PMJDY Scheme
- Interest on deposit.
- Accidental insurance cover of Rs.1.00 lac
- No minimum balance required.
- Life insurance cover of Rs.30,000/-
- Easy Transfer of money across India
- Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
- After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
- Access to Pension, insurance products.
- Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
- Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.
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