Pradhan Mantri Jan Dhan Yojana (PMJDY) is a national mission on financial inclusion in India and aims to provide banking facilities to all households across the country and to open bank account for each family.
The prime Minister Narendra Modi started this scheme on 28 August 2014. Before staring this scheme the Prime Minister sent an e-mail to all the banks in which he declared that it is responsibility of all bank to open ‘Bank Account for every family’ and enter more than seven crore households in this scheme.
On the day of inauguration of the scheme, 1.5 crore bank accounts were opened.
Aim Of Pradhan Mantri Jan Dhan Yojana (PMJDY)
There is a target of comprehensive financial inclusion under 6 columns under PMJDY-
First phase (August 15, 2014 to August 14, 2015)
- Ensure access to banking facilities.
- Six months later, the basic bank account with an overdraft facility of Rs 5000 and the underlying accident insurance cover of one lakh rupees
- Providing Debit Card and Rupee Kisan Card facility.
- Financial literacy program
Phase II (15 August 2015 to 15 August 2018)
- Establishment of Credit Guarantee Fund to cover defaults in draft accounts.
- Micro insurance.
- Unorganized sector insurance scheme like Swavalamban
Apart from this, families living in mountainous, tribal and inaccessible areas will be included in this phase. Not only this, this phase will also focus on the remaining adult members and students of the family.
Performance Of Pradhan Mantri Jan Dhan Yojana (PMJDY)
- 1.5 crore bank accounts were opened on the first day of the scheme.
- The Prime Minister described this unprecedented opportunity as a “Financial Freedom Day” for India.
- On 2 October 2014, 5.26 crore accounts were opened in PMJDY, including 3.12 crore rural areas and 2.17 crore in urban areas.
- Rupee card was issued in 1.78 crore accounts.
Documents required for PMJDY
You will have to submit documents according to the rules prescribed by KYC.
- Passport as well as Driving license
- Voter ID
- PAN card as well as Aadhar Card
- Identity card issued by Center Govt
Pradhan Mantri Jan Dhan Yojana (PMJDY) Benefits
- Accident insurance
- Zero balance account
- Life insurance
- Simple change of money
- Direct Benefit of Government Scheme
- Pension scheme
Under the Prime Minister Jan Dhan Yojana, the bank gives interest to the money that is deposited in the bank’s savings account.
Bank accounts which opened under this scheme, they also get the benefit of accident insurance up to Rs 1 lakh for free. But they can claim the Accidental Insurance only if there is a financial or non-financial financial transaction in the insured bank, then they can claim it.
Zero Balance Account
Under this scheme, you do not need money to open a bank account. You can also open an account without money.
This scheme also gives life insurance and it gets to the account holder. This life insurance is 30,000 rupees.
Easy Transaction of money
Through this account, you can easily transfer money from one account to another.
Direct Benefit of Government Scheme
Through this account, you will also get the benefits of all the government schemes directly. This means that you will get the government’s scheme directly.
You can easily apply for the pension scheme and insurance plan using this account.
Through this account, you can also apply for overdraft.
Eligibility for Pradhan Mantri Jan Dhan Yojana (PMJDY)
- Any citizen who holds Indian citizenship is eligible for application in PMJDY.
- A minor whose age is 10 years is also eligible for opening account under PMJDY, but he should have a Guardian or a parent (which can manage the bank account).
- If a citizen does not have a identity certificate and if the bank has amended and classified him at a lower risk then he is eligible for Pradhan Mantri Jan Dhan Yojana.
- Any citizen who already has a bank account, he is also eligible for PMJDY and he can transfer his account to PMJDY.
Apply For PMJDY
- It is very easy to make an application in the Prime Minister’s Jan Dhan Yojana. Just like we apply for bank account, we have to fill out an application form and submit it to the bank.
- Perhaps there are some people who never break the bank, it is also very easy for them.
- First, go to any of your nearest banks and go there and you have to take an application form and fill that form.
- After that you will have to submit the form and some documents along with it in the bank.
- When you apply for a bank account, you also give the application of a debit card.
- You get your debit card through post.
If you have to apply online for the Prime Minister’s scheme then you can also apply online for the Prime Minister Jan Dhan Yojana, in which bank you want to open account, then visit the bank’s website. If you do not have information about this, then the list of banks is also given to you below. It includes private as well as public banks.
Bank list for PMJDY
Public bank for PMJDY
Bank of Baroda
Bank of India
Indian women bank
Central Bank of India
Bank of Maharashtra
Oriental Bank of Commerce
Punjab National Bank
Punjab & Sind Bank
state Bank of India
Union bank of india
Private Banks for PMJDY
Axis Bank Limited
Dhanalakshmi Bank Limited
Federal Bank Limited
HDFC Bank Limited
ICICI Bank Limited
IndusInd Bank Limited
Karnataka Bank Limited
Kotak Mahindra Bank Limited
Yes Bank Limited