The Prime Minister of India launched Pradhan Mantri Jan Dhan Yojana on August 27, 2014, for the welfare of the people.
Pradhan Mantri Jan Dhan Yojana
National Mission aims to achieve financial Inclusion such as Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension, and much more in reach of all sections of people.
Pradhan Mantri Jan-Dhan Yojana (PMJDY) account is requested to open from any bank branch or Business Correspondent (Bank Mitra) outlet.
This opening bank accounts for the poor, giving them electronic means of payment (via RuPay cards), and placing them in a position to avail themselves of credit and insurance.
What is Financial Inclusion?
Financial Inclusion is the delivery of financial services at very affordable prices to financially low-income sections of society, where those services aren’t accessible or affordable.
Also read: PM Kisan Money Not Credited? Here’s what you can do
Features and Benefits under PMJDY Scheme.
- PMJDY account is a zero balance account, so you need to invest any amount in the opening.
- PMJDY provides accidental Insurance cover of Rs. 1 Lac under the Rupay Scheme, and Accidental insurance cover is Rs. 2 Lac.
- Account holder claim shall be payable if the Rupay Cardholder has performed a minimum of one successful financial or non-financial year.
- Beneficiaries of Government Schemes will get Direct Benefit Transfer in the account holders.
- Government schemes such as the Ujjwala Scheme, Saubhagya Scheme, and much more are eligible.
- Account holder gets satisfactory operation of the account for six months, and an overdraft facility will be permitted.
- Overdraft facility up to Rs. 10000/- is available in only one account per household, preferably lady of the household subject to eligibility and overdraft for Rs. 2000/- is hassle-free.
- The scheme provides a life cover of Rs.30,000/- payable on the beneficiary’s death, subject to fulfillment of the eligibility condition as per norms.
- PMJDY provides an interest rate of 4% on these accounts and an effortless transfer of money across India.
Eligibility Criteria and Documents required to Open PMJDY Account.
- An individual should be a Citizen of India (minors of age ten and older can also open an account with a guardian to manage it).
- Individuals should have proper identity proof authorized by any gazette officer is eligible to open the bank account.
- Proof of Identity such as Pan Card, Driving License, Passport, Voter ID Card, etc.
- Proof of Address such as Aa Aadhaar Card, Voter Card, Passport, etc.
How to apply to open a Pradhan Mantri Jan Dhan Yojana (PMJDY) Account?
1. You can visit the nearest bank or institution authorized by the Government.
The banks authorized to open PMJDY Schemes given below-
- State Bank of India (SBI).
- HDFC Bank Ltd.
- Punjab & Sind Bank.
- Axis Bank.
All nationalized government banks.
2. The Bank staff guide you regarding all the processes. You can fill the account registration form and submit it along with a copy of valid ID proof.
3. You can call Pradhan Mantri Jan Dhan Yojana (PMJDY) customers at 1800 102 77 88.
Also read: PM Kisan Samman Scheme – Apply Online, Registration, Eligibilty, Beneficary List, Scheme Details
Questions 1: What is the Life Cover scheme is Pradhan Mantri Jan Dhan Yojana?
Answer: The Life Cover scheme is Pradhan Mantri Jan Dhan Yojana given below.
- Rupees 30,000/-will be the amount of the life cove.
- The Risk Cover for only the head of the family member.
- If the head of family age is more than 60 years of age, then a second earning person will be covered.
- In a Joint Account holder, the first account holder( Primary Account Holder) will be covered.
Question 2: What are a Small Account and its limitations?
Answer: KYC is not Mandatory But needs to follow limitations.
- Your all credits in small accounts cannot exceed Rupees 1,00,000 in a financial year.
- You can’t credit Rupees 1,00,000 in a financial year in a month.
- The Balance account at any point in time cannot exceed Rupees 50,000.
Question 3: What are the toll-free numbers of the PMJDY?
Answer: The National Toll-Free numbers under the PMJDY are 1800 11 0001/1800 180 1111.
Question 4. Is a minor eligible to apply to open a bank account under Pradhan Mantri Jan Dhan Yojana?
Answer: Yes, a minor is eligible to apply to open a bank account under PMJDY under the guidance of seniors.
Question 5: What is the minimum age required for minors to be eligible for a bank account under Pradhan Mantri Jan Dhan Yojana?
Answer: The minimum age of a minor should be ten years.
Question 6. Are minors eligible to receive RuPay Cards offered under PMJDY Bank accounts?
Answer Yes, minors are also getting RuPay Cards. There are four times in a month for cash withdrawal.
Question 7: What are the documents required for opening a bank account under PMJDY?
Answer: You need to have documents such as Aadhaar Card, Passport, Voter ID Card, Driving license, etc.
Question 8: Can I open a bank account under PMJDY without an Aadhaar Card?
Answer Yes, You can open a PMJDY account without an Aadhaar Card.
In the absence of an Aadhaar Card, you submit any one of the following documents -Voter ID Card, Driving License, PAN Card, Passport, or NREGA Card.
Question 9: What is the maximum age limit to get scheme benefit from the Pradhan Mantri Jan Dhan Yojana?
Answer The maximum age limit is 60 years.
Question 10. What is the minimum balance requirement to open a Pradhan Mantri Jan Dhan Yojana account?
Answer: Applicants don’t need to have any minimum balance in their account.
Question 11: Is there an overdraft facility available under the Pradhan Mantri Jan Dhan Yojana account?
Answer: Yes, An account holder can avail loan of up to Rs. 5000 against his/her bank account on this credit history.