The Government of India is dedicated to enhancing the financial well-being of its citizens, and one of the programs introduced to achieve this objective is the Pradhan Mantri Jan-Dhan Yojana (PMJDY). This article aims to provide comprehensive information about PMJDY, including its objectives, features, benefits, eligibility criteria, and the process for opening an account.
What is Pradhan Mantri Jan-Dhan Yojana (PMJDY)?
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a government initiative that was launched on 15th August 2014 by the Prime Minister of India. Its primary goal is to offer zero-balance bank accounts to economically disadvantaged citizens through nationalized banks and post offices. These bank accounts are linked to Aadhaar cards and come with an accident insurance benefit of up to Rs 1 lakh.
Objective of PM Jan-Dhan Yojana
The primary objective of PMJDY is to ensure that every Indian citizen has access to a bank account. By providing zero-balance bank accounts to individuals from economically weaker sections, PMJDY aims to promote financial inclusion and empower individuals with financial stability.
Key Features of Pradhan Mantri Jan-Dhan Yojana
PMJDY offers a range of features designed to make banking accessible to all:
- Basic Banking Services: The scheme aims to open a bank account in every household in the country.
- Easy Banking Facilities: It ensures that banking services are available within a 5-kilometer radius of approximately 2,000 households, making banking more convenient.
- Financial Literacy Programme: Beneficiaries are educated about banking services and policies to ensure they can use them effectively.
- RuPay Debit Card: Account holders receive a RuPay Debit Card, which includes accidental insurance coverage of ₹2,00,000.
- Pradhan Mantri Suraksha Bima Yojana: Beneficiaries can avail accidental coverage of ₹2,00,000 by paying an annual fee of ₹12.
- Accident Insurance: The scheme offers an additional accident insurance benefit of ₹1,00,000.
- Life Insurance: Beneficiaries also receive life insurance coverage of ₹30,000.
Benefits of Pradhan Mantri Jan-Dhan Yojana
PMJDY extends several benefits to its beneficiaries, particularly those from low-income and unbanked populations. These benefits include:
- Opening bank accounts with zero balance.
- Access to basic banking services.
- Inclusion in various government welfare schemes.
- Loan assistance.
- Accident insurance coverage.
Pradhan Mantri Jan-Dhan Yojana Statistics
Since its launch, PMJDY has made significant progress:
- Over 40 crore accounts have been opened under the scheme.
- Total deposits in these accounts exceed ₹1.30 lakh crore.
- The accident insurance coverage has been increased from ₹1 lakh to ₹2 lakh.
Eligibility for Pradhan Mantri Jan-Dhan Yojana
To be eligible for PMJDY, applicants must meet the following criteria:
- The account should be opened for the first time under this scheme.
- Accounts should be opened between 15th August 2014 and 26th January 2015.
- The applicant should be the head of the family or an earning member.
- The applicant’s age should be between 18 to 59 years.
- Government servants and tax-paying citizens may not be eligible, but retired government employees can still apply.
Documents Required for PM Jan-Dhan Yojana
To apply for Pradhan Mantri Jan-Dhan Yojana, applicants need the following documents:
- Aadhar card
- Proof of address (e.g., driving license, utility bill)
- Proof of identity (e.g., PAN card)
- Passport size photograph
- Mobile number
How to Apply for Pradhan Mantri Jan-Dhan Yojana
To apply for PMJDY, follow these steps:
- Visit your nearest participating bank branch.
- Collect the PMJDY application form from bank employees.
- Fill the form with the required information and attach the necessary documents.
- Submit the filled form to the bank staff.
- The bank will process the application and open the account.
Checking Balance in Pradhan Mantri Jan-Dhan Yojana
You can check your PMJDY account balance using two methods:
- Online Portal:
- Visit the official PMJDY website.
- Click on ‘Know Your Payment.’
- Enter your account number, bank name, and captcha code.
- Send the OTP to your registered mobile number.
- Enter the OTP to check your account balance.
- By Missed Call:
- Give a missed call to 1800112211 or 8004253800 (for State Bank of India account holders).
- Ensure that you make the call from the registered mobile number.
Please note that the process may vary depending on the bank where your account is held.
How to Avail a Loan on Pradhan Mantri Jan-Dhan Yojana
To avail a loan on your Pradhan Mantri Jan-Dhan Account, you must already have an account under the PMJDY scheme. The government offers overdraft facilities ranging from ₹2,000 to ₹1,00,000, depending on the amount deposited in the account. This money can be used to start a business and must be repaid. Loans can be obtained from bank branches with easy terms, and no collateral is required for loans up to ₹1,00,000.
Availing Prime Minister Jan-Dhan Account Holder 3000 Pension
Pradhan Mantri Jan-Dhan account holders can avail a monthly pension benefit of ₹3,000 by subscribing to the Pradhan Mantri Maandhan Yojana. This scheme is offered by the Central Government and is available to individuals aged 18-40 years who have opened an account under Pradhan Mantri Jan-Dhan Yojana. Under this scheme, the pension amount is transferred to the savings account of eligible applicants.
Pradhan Mantri Jan-Dhan Yojana has brought banking services to the doorstep of millions of Indians, promoting financial inclusion and offering numerous benefits to account holders. By opening bank accounts with zero balance, providing accident insurance, and facilitating loans, PMJDY has made a significant impact on the financial well-being of the underprivileged.
FAQs (Frequently Asked Questions)
- When was PMJDY started?
- Answer: PMJDY was launched on 15th August 2014.
- What is the amount of accident insurance under PMJDY?
- Answer: The accident insurance coverage under PMJDY is ₹2,00,000.
- Who is eligible for PMJDY?
- Answer: Citizens of India are eligible for PMJDY.
- Is PMJDY for backward class people?
- Answer: Yes, PMJDY is accessible to individuals from backward classes as well as other sections of society.