PMJDY: Pradhan Mantri Jan Dhan Yojana

Introduction

Pradhan Mantri Jan Dhan Yojana (PMJDY) was introduced by the Indian government. Pradhan Mantri Jan Dhan Yojana aims to provide simple access to several financial products and/or services like Credit, Pension, Remittance, Insurance, Savings, etc. to the underprivileged strata of the country. It would ensure safe and secure access to the earnings of the account holders.

Information on Pradhan Mantri Jan Dhan Yojana

• The interest rates offered under PMJDY depend on the savings account.

• For PMJDY, a zero balance Jan Dhan account is required.

• PMJDY provides Rs. 1,00,000 accidental coverage for Rupay Scheme, and Rs. 2,00,000 for an account opened after August 28, 2018.

• Jan Dhan Yojana provides an overdraft facility. 

Why Jan Dhan Yojana was launched

Jan Dhan Yojana was launched in August 2014 to help with financial products and services for people without bank accounts. The transfer of any amount of money in this scheme is quite easy. The scheme had been introduced to ensure that the poor have access to easy banking services without too many hurdles.

Procedure to open Jan Dhan Account

The PMJDY scheme application form is known as the financial inclusion account opening form. The application form has 3 sections in which you need to mention your details, the nominee’s details, and bank details. The following are the simple steps that you have to follow:

1. Fill the PMJDY scheme application form on the PMJDY official website (https://www.pmjdy.gov.in/scheme).

2. Submit it with the required documents .

PM Jan Dhan Yojana Eligibility

To be able to apply for a Jan Dhan account, you must fulfil the following criteria:

• You must be an Indian citizen. 

• You must be at least ten years old.

• You must not have any bank account. 

Documents needed for a PM Jan Dhan Yojana account

The following are the necessary documents that you need to have to apply for a Jan Dhan Yojana account:

• Passport 

• Aadhar 

• PAN card 

• NREGA card 

• Voter ID

• Driving license

• ID card from state/central government, undertakings of the public sector, regulatory or statutory authorities, commercial banks

• Attested photograph with a Gazetted officer’s letter

Jan Dhan scheme benefits

Here are the various benefits of the Jan Dhan scheme:

• You do not need to have any minimum balance as part of the Jan Dhan scheme.

• Overdraft facility will be provided if you maintain your account for six months under Dhan Yojana .

• Accident insurance coverage is provided under Dhan Yojana.

• A life coverage of Rs. 30,000 will be provided if your Dhan Yojana account has been opened between August 20, 2014, and January 31, 2015.

• The Pradhan Mantri Jan Dhan Yojana also provides access to facilities like pension.

• Pradhan Mantri Jan Dhan Yojana features also include Direct Benefit Transfer .

• Rs. 5000 of an overdraft facility is given to the woman in a household.

• Pradhan Mantri Jan Dhan Yojana features allows you to check your balance using mobile phone banking facilities.

Which banks provide the Dhan Mantri scheme?

The Dhan Mantri scheme is provided by the following private banks:

• YES bank

• Dhanalaxmi Bank 

• Karnataka Bank

• Kotak Mahindra Bank

• Indusind Bank 

• HDFC Bank 

• Federal Bank 

• ING Vyasa Bank 

• ICICI Bank 

• Axis Bank

The Dhan Mantri scheme is provided by the following public banks:

• UBI

• OBC

• Allahabad Bank

• Syndicate Bank

• Dena Bank

• SBI 

• BoB

• BoI

• Andhra Bank

• Corporation Bank

• IDBI Bank

• Canara Bank

• Bank of Maharashtra

• Indian Bank

• PNB

• Punjab and Sind Bank

• Central Bank of India

• Vijaya Bank

Pradhan Mantri Jan Dhan Yojana is a scheme that would be functioning actively to reduce the farmers’ dependency on money lenders. This scheme would be highly beneficial for farmers and other daily wage workers and help them avoid borrowing money from local lenders who often turn out to be frauds and have no official records or documents.