About Pradhan Mantri Jan Dhan Yojana
In August 2014, the Pradhan Mantri Jan Dhan Yojana was launched as a national mission for financial inclusion. The aim of this mission is to provide easier access to most financial services for citizens . These include basic deposit and savings accounts, credits, remittances, pensions, insurance, and others available with affordable salary limits. The honorable Prime Minister of India came up with the idea of Jan Dhan Yojana to ensure that citizens can safely envisage their financial activities across the country
The main Objective of “Pradhan Mantri Jan-Dhan Yojana (PMJDY)” is to ensure access to various financial services like availability of basic savings bank accounts, access to need-based credit, remittances facility, insurance, and pension to the excluded sections i.e. weaker sections & low-income groups. This deep penetration at an affordable cost is possible only with the effective use of technology.
Objective Of This Scheme
1. Dividing each district into Sub Service Areas (SSA) to ensure banking services are available to them
2. Providing each household with Basic Banking Accounts and RuPay Debit cards
3. Spreading financial literacy to the village levels
4. Creating Credit Guarantee Fund for covering defaults in overdraft accounts
5. Providing microinsurance to the eligible citizens
6. Designing pension schemes like Swavlamban for the unorganized sector
Eligibility Criteria
The applicant should be an Indian National.
2. The applicant should be aged between 18 and 59 years. If minors above ten years apply, they will require support from their legal guardians for administering their PMJDY account.
3. Entities eligible for this scheme include retired bank employees, teachers, and government employees.
4. In addition, individual owners of shops, Public Call Office operators, owners of petrol pumps, agents of small scheme companies, etc., can also apply.
Note: State or Central Government employees, public sector employees, and people with taxable income will not be eligible for life cover insurance under Jan Dhan Yojana.
Features
Features
1. Basic Savings Bank Deposit Account (BSBDA)
Any Indian citizen eligible to open a regular bank account can open a BSBDA. Such an account does not require any minimum balance maintenance, and the account holders can use both bank branches and ATMs for depositing and withdrawing cash. However, one cannot withdraw cash more than four times a month.
2. Small Account/Chota Khata Account
Under Jan Dhan Yojana, people can open small bank accounts without presenting legal documents. They can choose small accounts, which is usually valid for 12 months. The account holder will have to submit the necessary documents before this period, or the account will be deactivated. Beneficiaries can deposit a maximum of ₹50,000 in such accounts. Withdrawal is limited to ₹10,000 per month.
3. RuPay Debit Card
PMJDY issues RuPay Debit Card to the Basic Savings Bank Account holder. It is a global card payment network widely used across India, protecting users against anti-phishing. Credit facilities on the card will be available if the accounts are operated effectively.An account holder needs to apply for a new card before the expiry date ends. It can also help utilize the domestic merchant offers (POS and Ecom) with this card.
4. Accidental Insurance Cover
The Jan Dhan Yojana scheme provides accidental insurance of ₹1,00,000 to the holders of non-premium cards, while those with premium cards can avail up to ₹2,00,000. People holding a RuPay Debit Card under PMJDY will be eligible for this insurance.If they successfully submit all the supporting documents within 60 days of the accident, the beneficiaries will receive the amount in their bank account.
5. Life Cover Insurance
The holders of a RuPay Debit Card under the PM Jan Dhan scheme can also receive life cover insurance up to ₹30,000.It will only apply to people opening bank accounts for the first time under Jan Dhan Yojana with a debit card.The person should also be the head of the family or a major earning member.This scheme will be liable to a single payment of ₹30,000 upon the death of a beneficiary.
6. Bank Mitra
Business Correspondent Agent or Bank Mitras under Jan Dhan Yojana are mainly responsible for advisory services to the beneficiaries.Usually, the workers of Bank Mitras include retail agents appointed by banks.It is meant for the rural areas, where bank branches are far-flung.Bank Mitras connect with the residents and guide them with banking solutions such as savings accounts, deposits, payments and withdrawals, mini account statements, etc.
Benefits
Indian citizens, particularly those residing in rural areas, can receive management assistance for their financial requirements.
2. The banking process is made simple with the help of Bank Mitras, which guides the citizens regarding mobile banking usage.
3. Account holders will not have to maintain any minimum amount.
4. Beneficiaries can enjoy interest on their deposits.
5. Citizens without immediate access to legal documents and ID proofs can open small accounts without producing documents for at least 12 months.
6. The scheme provides easy access to pensions and insurance to the beneficiaries.
7. Beneficiaries can avail of an overdraft facility for up to ₹10,000. However, this is only available against one account per household.
8. This scheme also provides loans of up to ₹5,000 to beneficiaries after completing six months of account transactions.
9. Beneficiaries get up to ₹30,000 for life cover insurance in case of death within the specified term.
Required Documents
1. AADHAAR
2. Government ID proofs (Voter Card/PAN Card/Ration card)
3. Permanent Address proof (Passport/Driving License/Electricity Bill/Telephone Bill/Water Bill)
4. Passport size photograph
5. Filled and Signed PMJDY Account opening form
6. Any other document as notified by the Central Government in consultation with the Regulator:
How To Apply
Offline
- Step 1- Go to the official portal of PMJDY. which link we have provided below for your convenience
- Step 2- Under the “e-documents” section, you will find live links for the “Account Opening Form”. Applicants can access this in both English and Hindi languages. Click on the appropriate language option.
- Step 3- This will open the form in PDF format. Download it and get a printout.
- Step 4- Fill the form manually with all your bank and personal data, including bank branch, name of town/village, block/district, Aadhaar number, profession, annual income, details of Kisan credit card, and others.
- Step 5- Once you fill it out, visit your nearest bank branch and submit it.
While submitting the form, you will need to produce certain documents along with your Mobile number or email Id to qualify for the Jan Dhan Khata Yojana. The primary documents required in this case are listed below.