The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a flagship financial inclusion program launched by the Government of India in August 2014. The primary aim of this scheme is to ensure access to financial services such as banking, credit, insurance, and pension for all Indian citizens, especially those living in rural and remote areas. This article will provide an overview of the benefits and eligibility criteria of the PMJDY scheme, along with the steps for opening an account under this program.
There are numerous benefits under the PMJDY scheme for individuals:
- Account holders can earn interest on their savings, helping them grow their wealth over time.
- No minimum balance requirement
- Rs. 1 lakh insurance cover for accidents
- RuPay debit cardholders receive accidental insurance coverage of up to INR 2 lakhs.
- PMJDY account holders between 18 and 59 years of age can avail a life insurance cover of INR 30,000, provided they meet specific eligibility criteria – provided by LIC
- Hassle-free transfer all around India
- Government scheme beneficiaries receive Direct Benefit Transfer in this account
- PMJDY account holders can avail an overdraft facility after 6 months of account operation of up to INR 10,000 after six months of satisfactory account operation.
- PMJDY account holders can access various social security schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana.
Eligibility Criteria for Pradhan Mantri Jan Dhan Yojana:
- Individual’s age should be between 18 years of age to 69 years.
- Life insurance cover is provided only for the head of the family. If he or she is above 60, then the second eldest earning member is offered life cover. If there are joint account holders under this scheme, then the first one will get the life cover. If you are a part of another government scheme like ‘Aam Aadmi Bima Yojana’, you will not be eligible for the life cover offered by Pradhan Mantri Jan Dhan Yojana.
- Minors more than 10 years old can also open an account under this scheme. However, this account will have to be run by their guardian.
- Minors are also eligible for Rupay cards through which they can withdraw money.
- To be entitled to the benefits that PMJDY offers, individuals can also transfer their normal savings account to a PMJDY account.
- Even individuals that have no proof of Indian nationality are allowed to open PMJDY accounts provided they are marked as ‘low risk’ by the concerned bank after doing a thorough background check.
How to open a Pradhan Mantri Jan Dhan Yojana account:
- Visit the nearest bank branch that offers PMJDY accounts or download the account opening form online.
- Fill in the required details and submit the form along with necessary documents such as Aadhaar Card, PAN Card, or Voter ID for KYC purposes.
- If you do not have any of these documents, you can still open a PMJDY account by providing a self-attested photograph and signing a declaration form stating that you do not have any of the officially valid documents.
Once the account is opened, you will receive a passbook, a RuPay debit card, and an account number. Remember to keep your passbook and debit card safe for future transactions and account-related activities.
Here’s a summary of the key features and benefits of the Pradhan Mantri Jan Dhan Yojana:
|Feature / Benefit||Details|
|Account Opening||Zero balance account; available at banks and online|
|Interest on Deposits||Earn interest on savings|
|Overdraft Facility||Up to INR 10,000 after six months of satisfactory account operation|
|Accidental Insurance Cover||Up to INR 2 lakhs for RuPay debit cardholders|
|Life Insurance Cover||INR 30,000 for eligible account holders (18-59 years old)|
|Direct Benefit Transfer (DBT)||Government subsidies and benefits directly deposited|
|Access to Social Security Schemes||PMJJBY, PMSBY, and Atal Pension Yojana|
In conclusion, the Pradhan Mantri Jan Dhan Yojana is a significant initiative by the Indian Government to promote financial inclusion. By offering a range of benefits such as zero balance accounts, interest on deposits, insurance coverage, and access to social security schemes, PMJDY aims to empower individuals and contribute to the overall growth and development of the nation.