Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana is the National Mission for Financial Inclusion in India and whose objective is to provide banking facilities to all the families across the country and to open a bank account of every family.  The scheme was announced on 15 August 2014 and was launched by the Indian Prime Minister Shri Narendra Modi on 28 August 2014.  Before the formal launch of the project, the Prime Minister sent an e-mail to all the banks in which he declared 'Bank Account for Every Family' as a 'National Priority' and more than seven crore families should be admitted and their account under the scheme.  All the banks were asked to gear up to open.  1.5 crore bank accounts were opened on the day of the inauguration of the scheme.

Phase I (15 August 2014 to 14 August 2015):-

Ensuring everyone's access to banking facilities.

Providing basic bank account with overdraft facility of Rs 5000 after 6 months and Rupee Debit Card and Rupee Kisan Card facility with built-in accident insurance cover of Rs 1 lakh.

Financial Literacy Program |

Phase II (15 August 2015 to 15 August 2018) 

Establishment of Credit Guarantee Fund to cover defaults in overdraft accounts.

micro insurance

Unorganized sector insurance scheme like Swavalamban.

Apart from this, families living in hilly, tribal and inaccessible areas will be included in this phase.  Not only this, the focus will also be on the remaining adult members of the family and the students in this phase.

Documents required to open an account under Pradhan Mantri Jan-Dhan Yojana:-

If Aadhar Card / Aadhar Number is available then no other documents are required.  If the address has changed, self attestation of the current address is sufficient.

If Aadhaar card is not available, any of the following officially valid documents (OVD) are required: Voter ID, Driving License, PAN Card, Passport and NREGA Card.  If these documents also include your address, it can serve as both a proof of identity and address?

If a person does not have any of the officially valid documents mentioned above, but it is classified as low risk by banks, he can open a bank account by submitting any one of the following documents:

Identity Card with photograph of the applicant issued by Central / State Government Departments, Statutory / Regulatory Authority, 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 Pradhan Mantri Jan-Dhan Yojana-

interest on deposit

accident insurance cover of lakhs

No minimum balance is required.

Life insurance cover of Rs.30,000/-.

Easy money transfer across India.

Beneficiaries of government schemes will get direct benefit transfer in these accounts.

After 6 months of satisfactory operation of the account, an overdraft facility will be allowed.

Accident insurance cover, Rupay Debit Card must be used at least once in 45 days.

5000/- is available only in one account per household, preferably the female of the household.

Objectives of Pradhan Mantri Jan-Dhan Yojana (PMJDY):-

Providing banking facilities through bank branches, mobile van, BC model etc. and opening of rural people accounts in 3.24 lakh villages out of 5.92 lakh villages of India.

To open at least one bank account from each family.

Opening of accounts in all banks to cover all the families of the country.  It is noteworthy that 6 crore rural and 1.5 crore urban households in India do not have a bank account.

Providing RuPay ATM card to every account holder.

To provide accident insurance benefit of up to Rs.1 lakh to the beneficiary through RuPay ATM card.

To provide financial literacy to the customers during account opening.

To provide overdraft facility up to Rs.5000 to them after 6 months of satisfactory operation of the account.

To provide micro insurance products and micro pension to the customers.

Benefits of Pradhan Mantri Jan-Dhan Yojana (PMJDY):-

The amount received by the subscriber from government schemes like MNREGA, Social Security Scheme, Social Pension Scheme etc. will be deposited directly in his account and corruption will be stopped.

With the accounts having the benefit of insurance, the customers will get protection.  Low cost deposits in banks will increase.

ATM, mobile and internet banking, credit/debit card etc. will increase the trend and the country will move towards development.

Account can be opened with zero balance.

Each account holder will get an overdraft facility up to Rs.5000.