Pradhan Mantri Jan Dhan Yojana was launched by Prime Minister Modi in 2014. The scheme aims to open accounts for the poor in nationalized banks and post offices with zero balance. Throughout this article, we will share all the details about the Pradhan Mantri Jan Dhan Yojana.
Overview of Pradhan Mantri Jan Dhan Yojana
Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by Prime Minister Narendra Modi on 15th August 2014, with the aim of providing zero balance bank accounts to the poor in India. The scheme was fully implemented on 28th August 2014. It benefits both urban and rural populations. Linking the accounts with Aadhaar provides additional government services, such as overdrafts, RuPay Kisan Credit Cards, and RuPay Debit Cards. This allows individuals to access other government schemes through one account.
Key Features of Pradhan Mantri Jan Dhan Yojana
- Alternate Name: The scheme is also known as the Pradhan Mantri Jan Dhan Account.
- Insurance Coverage: Account holders receive life and accident insurance for their families.
- Inclusive: Benefits are provided to both rural and urban citizens, without requiring a minimum balance.
- Overdraft Facility: Account holders can avail of overdrafts and other services.
- Wide Access: More than 47 crore accounts have been opened under this scheme.
Objectives of Pradhan Mantri Jan Dhan Yojana
Before this scheme, many citizens did not have access to bank accounts, leaving them unaware of the benefits of savings and interest. The introduction of PMJDY aimed to ensure that every Indian citizen has a bank account with access to financial services. With no minimum balance requirement, the scheme also provides insurance, pension, remittance, and overdraft benefits.
Eligibility Criteria for Pradhan Mantri Jan Dhan Yojana
- Age Requirement: Individuals above 10 years of age can apply.
- Insurance Benefits: Only people between 18 and 59 years are eligible for insurance benefits.
- Exclusions: Government employees, retired government employees, and taxpayers are not eligible.
- Target Audience: Economically backward individuals, whether from rural or urban areas.
Benefits of Pradhan Mantri Jan Dhan Yojana
- Zero Balance Account: Accounts are opened with zero balance, and interest is provided on deposits.
- Overdraft Facility: Account holders can avail overdraft of up to Rs 2,000 for accounts open for less than six months.
- Government Transfers: Direct transfers of government benefits to accounts.
- Insurance Coverage: The account holder gets a life and accident insurance cover totaling Rs 1.3 lakh (Rs 1 lakh for accident and Rs 30,000 for life insurance).
- Loans: Loan amounts of up to Rs 10,000 are available without documentation for eligible individuals.
- Additional Benefits: Women and families can access overdraft facilities of Rs 15,000.
Additional Features of Pradhan Mantri Jan Dhan Yojana
- RuPay Debit Card: Account holders are given a RuPay card, which includes accident insurance of up to Rs 2 lakh.
- Micro Insurance: Provides basic savings accounts and financial services for all households.
- Micro Credit: If the account is regularly operated for at least six months, the individual is eligible for a credit of Rs 5,000 without collateral.
- Pradhan Mantri Suraksha Bima Yojana: Provides accidental insurance cover of Rs 2 lakh, with a premium of Rs 12.
- Pradhan Mantri Jeevan Bima Yojana: Provides life insurance cover of Rs 2 lakh, with an annual premium of Rs 330.
Documents Needed for Pradhan Mantri Jan Dhan Yojana
- Aadhaar Card
- Identity Card
- PAN Card
- Driving License
- Passport Size Photograph
- Mobile Number
- Proof of Permanent Address
How to Apply for Pradhan Mantri Jan Dhan Yojana
- Visit your nearest bank branch.
- Collect the Jan Dhan Yojana application form.
- Fill in the details and attach the required documents.
- Submit the form to the bank.
- After processing, your account will be opened.
Opening a Pradhan Mantri Jan Dhan Account Online
While the final step requires visiting a bank branch, you can complete the initial steps online by filling out the form on the official PMJDY website (www.pmjdy.gov.in) and submitting the documents to the bank.
Important Restrictions of Pradhan Mantri Jan Dhan Yojana
- Deposit Limit: Maximum deposit of Rs 1 lakh per year.
- Account Balance Limit: Maximum balance of Rs 50,000 at any given time.
- Withdrawal Limit: Maximum withdrawal of Rs 10,000 per month.
- Annual Review: Accounts must be reviewed after one year if these restrictions are not followed.
Converting Your Existing Bank Account into a Jan Dhan Account
You can convert an old bank account into a Pradhan Mantri Jan Dhan account. Visit your bank, request a RuPay card, and fill out the necessary form.
How to Check Balance in Your Pradhan Mantri Jan Dhan Account
- Online Method: Visit the official PMJDY website and enter your account details to check the balance.
- Missed Call Method: Call the number 8004253800 or 1800112211 from your registered mobile number to check the balance.
Progress Report of Pradhan Mantri Jan Dhan Yojana
Visit the official PMJDY website to access the progress report and view the number of beneficiaries.
User Feedback for Pradhan Mantri Jan Dhan Yojana
To submit feedback, visit the official website, go to the “Right to Us” section, and fill in the feedback form.
New Features in Pradhan Mantri Jan Dhan Yojana
State-specific toll-free numbers have been introduced to address any issues or queries related to the scheme. This provides beneficiaries with assistance without having to visit the bank.