Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan-Dhan Yojana was launched in 2014 with the objective to offer easy access to financial services that are related to Credit, Insurance, Remittance, Pension, Savings and Deposit Accounts. The highlighting part of the Pradhan Mantri Jan-Dhan Yojana account is that it can be opened in any bank branch with zero balance. But the user will have to maintain a minimum balance if he or she wants to get a chequebook in his name.

The aim behind launching the PMJDY was to tackle and get rid of the financial woes our citizens have been facing for years. With this scheme, the vision has been to ensure a bank account for every Indian household. Following are the few important features of Pradhan Mantri Jan Dhan Yojana:

  • No minimum balance to be maintained
  • Transfer of money is very simple
  • Overdraft facility available

Benefits of the PMJDY scheme :

  • Under the PMJDY scheme, the interest rate is offered on the deposits made towards the savings account.
  • As per the PMJDY scheme, the Individuals need not maintain a minimum balance in their bank accounts.
  • If in case a subscriber is already a beneficiary of a government scheme, Direct Benefit Transfer option is provided.
  • There is also an overdraft facility of Rs.5,000 available to a single account in the household. Usually, this facility is provided to a lady in the house

Let us go through an example to understand the Pradhan Mantri Jan-Dhan Yojana scheme better :

For example : if the holder of the policy dies in an accident, the nominee will get up to Rs.2 lakhs under this policy. Apart from this, if the insured person undergoes permanent disability, Rs.2 lakhs can be availed.

In the case of permanent partial disability, Rs.1 lakh can be obtained. Pradhan Mantri Suraksha Bima Yojana is one of the best social security schemes that are offered along with minimum premium rates. PMJDY covers death, accident, and disabilities that are caused by any natural calamities. Apart from this, death due to murder is also covered in this policy. Any individual can sign up for this scheme easily. With the PMJDY scheme, now life protection can also be accessed by people with lesser means without putting a drain on their savings.

Eligibility & Opening Jan Dhan Yojana Account

The process of opening a Jan Dhan Account is very simple. Here’s how you can easily open your account:

  • Visit https://www.pmjdy.gov.in/scheme
  • Download the application form
  • Fill it up and submit the form along with other documents

Here are the eligibility criteria you must meet before opening a Jan Dhan Yojana Account:

  • You should be an Indian citizen
  • You must be 10 or above in age
  • You must not have any prior bank account

Frequently Asked Questions

  • What are the documents required to open a PMJDY account?
    You will be needing any of the following documents to open your PMJDY account:
    • Passport
    • Permanent Account Number (PAN) Card
    • Aadhaar
    • The National Rural Employment Guarantee Act (NREGA) issued job card.
    • Driving licence
    • Voter ID
    • Identity card with a photo issued by the central or state government departments.
    • A photograph that is attested with a letter from any Gazetted officer.
  • Can I have a joint account open under this scheme?
    Yes, you can do that.
  • What does a chotakhata or small account mean under this scheme?
    A small account can be opened by a person who does not possess have valid documents to open an account.
  • Can I get my life insurance coverage under my PMJDY account?
    Yes, you can.
  • How much life insurance coverage is offered under PMJDY?
    Under the PMJDY you can get insurance cover of INR 30,000.
  • What is death benefit eligibilty if any under the Pradhan Mantri Jan Dhan Yojana scheme?
    Under the death benefit eligibility, the nominee would be receiving a death benefit of INR 30,000 if in case something unexpected happens to the subscriber of the scheme.
  • Will minors also get the RuPay cards offered under the PMJDY scheme?
    Yes, minors are also eligible to receive the RuPay cards that are offered under this scheme.
  • Can illiterate users also avail RuPay debit card?
    Yes, they can.
  • How much interest am I applicable to receive on my savings account under the PMJDY scheme?
    Usually, the applicable rate of interest under the PMJDY scheme is 4%.
  • Will I need to give any kind of opening fees for opening my account under PMJDY?
    No, as per the rules, the banks don’t charge any kind of opening fees if you choose to open an account under PMJDY scheme.
  • Is there any minimum balance that I need to maintain in my bank account?
    As mentioned earlier, the accounts opened under the PMJDY scheme is a zero balance account thus, there is no need for you to maintain any minimum balance.
  • Is there any exit age for this scheme?
    The exit age under the Pradhan Mantri Jan Dhan Yojana is 60 years.
  • Can I open my bank account under PMJDY if I don’t have an Aadhar Card?
    Yes, you can open your account even if you don’t have an Aadhaar card. You can submit either your Voter ID card, Driving License or PAN Card.
  • What if I don’t have any documents with me? How will I open my account then?
    Even if you don’t have a bank account present under the PMJDY scheme, you can still open a bank account and continue it for 12 months. This account is known as a small account or chotakhata. After the completion of 12 months, you can submit the required documents for continuing this account.
  • If needed can I change my address in the bank account?
    Yes, you can change your address in your bank account. All you need to do is provide a self-declaration certificate by offering supporting documents.