PMJDY Pradhan Mantri Jan-Dhan Yojana: Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a National Mission on Financial Inclusion. The plan envisages universal access to banking facilities with at least one basic banking account for ‘every adult’, financial literacy, access to credit, insurance, and pension facility.
Pradhan Mantri Jan-Dhan Yojana
Pradhan Mantri Jan-Dhan Yojana Elegibility Citeriya
At branch channel – No age restriction
At BC channel – Age of 10 years and above The customer can not have any other Saving Bank Account if he/she has a Basic Saving Bank Account- If the customer already has a Saving Bank Account, the same will have to closed within 30 days of opening a Basic Saving Bank Deposit Account.
Minimum Balance: Nil- Zero Balance Requirements
To open a Jan Dhan account is free of cost and does not require any amount to be deposited initially. Most savings bank accounts require an initial deposit to open a bank account and also a minimum balance to be maintained on a monthly or quarterly basis. But with a Jan Dhan account, these requirements are done away with so that anyone can open this account even if they do not have money to deposit right away.
Pradhan Mantri Jan-Dhan Yojana Benefits
Special benefits attached to the scheme are:
- Interest on deposit.
- Accidental insurance cover of Rs.1.00 lac (Rs 2.00 lac for new PMJDY accounts opened after 28.08.2018)
- No minimum balance required.
- Easy Transfer of money across India
- Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
- After the satisfactory operation of the account for 6 months, an overdraft facility will be permitted, subject to eligibility criteria.
- Access to Pension, insurance products.
UP to 4% Interest on Deposits
Deposits made into the Jan Dhan accounts are eligible to earn interest at the rate declared which is subject to change from time to time. Interest rates will be similar to that offered by various public and private banks.
Free Cheque Book Facility
Account holders can avail a chequebook from their bank if they require. This will be helpful in making payments without cash. To get a cheque book, there is a minimum balance required in the account.
Savings for the family
The Jan Dhan scheme provides for an account for each family. This facility ensures they have some form of financial inclusion that allows them to start saving and growing their money.
Rupay Debit Card Facility
Along with the Jan Dhan bank account, every family will get a RuPay debit card. This gives account holders easy access to their money when they need it. They can deposit the money and earn interest on it and withdraw it from an ATM when the need arises.
Pradhan Mantri Jan Dhan Yojana is an aadhaar-linked scheme which helps avoid fraud related to account opening. Individuals who receive various benefits under various government schemes like LPG subsidy can now receive the amount directly into their PMJDY accounts. Aadhaar-linking ensured transparency, eliminates fraud and proves to be highly beneficial for the government and the citizens.
Access to Pension Schemes
Holding a Jan Dhan account will provide easy access to pension schemes available from the government. It is important for every citizen to start saving even a small amount to ensure a dignified old age.
Pradhan Mantri Jan Dhan account can be used to transfer money to and from various other public and private banks across the country. Account transfer for Pradhan Mantri Jan Dhan Yojana can be done from one bank in the country to another. This is possible since all participating banks are connected via the core banking solution or CBS.
Apart from the above listed standard benefits of the scheme, the Yojana also offers the following benefits for the entire nation to progress.
- Pradhan Mantri Jan Dhan Yojana might prove instrumental in reducing the dependency of farmers on local money lenders. This is one of the topmost reasons for farmers getting stuck in a vicious circle of debt. Loan and overdraft facility linked with this account will allow farmers to avoid borrowing from small money lenders who have no formal account-keeping processes and are known to indulge in fraudulent transactions to extract higher payments from borrowers.
- Under the Pradhan Mantri jan Dhan Yojana, at the time of account opening, customers will be handed over a kit that includes account passbook, cheque book as well as a financial literacy guide. However, the contents of this kit might differ from one bank to another, too.
- The scheme will help enlighten a majority of the unorganised sector of the benefits of banking and being included in the financial system.