What is the Pradhan Mantri Jan Dhan Yojana (PMJDY)?

The PMJDY is a government program designed to ensure that everyone, especially those without access to banking, can have a bank account.

Who is eligible to open a PMJDY account?

Anyone in India who is 10 years old or older and doesn't already have a bank account can open a PMJDY account.

What benefits do I get with a PMJDY account?

You will receive a RuPay debit card, accidental insurance cover of â¹2 lakh, and life insurance cover of â¹30,000 if you are eligible.

Do I need to maintain a minimum balance in my PMJDY account?

No, you donât need to worry about keeping a minimum balance; these accounts are designed to be zero-balance accounts.

Can I get an overdraft with my PMJDY account?

Yes, you can get an overdraft of up to â¹10,000, but it depends on the bankâs rules.

Will I receive government subsidies directly into my PMJDY account?

Yes, any government subsidies or benefits you are eligible for can be directly transferred to your PMJDY account.

Can I link my PMJDY account to my mobile phone?

Yes, you can link your PMJDY account to your mobile phone to make it easier to check your balance and make transactions.

What interest rate do I earn on my PMJDY savings account?

The interest rate you earn depends on the bank, but it is generally the same as the rate offered on regular savings accounts.

Can I switch my PMJDY account to a regular savings account?

Yes, you can upgrade your PMJDY account to a regular savings account once you complete the necessary KYC (Know Your Customer) requirements with your bank.

Pradhan Mantri Jan Dhan Yojana

The Pradhan Mantri Jan Dhan Yojana (PMJDY) is an initiative by the Government of India that helps every household in India to access financial services. This scheme was launched in 2014 to ensure that even the poorest families can open a bank account and benefit from credit, insurance, and pensions. By providing a basic savings account and a Rupay debit card, it encourages savings and strengthens financial security across the country.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is Pradhan Mantri Jan Dhan Yojana (PMJDY)?

The full form of PMJDY is Pradhan Mantri Jan Dhan Yojana. It is the National Mission for Financial Inclusion (NMFI) launched in August 2014 by the Government of India to help every individual manage their financial activities. It has successfully expanded banking access and promoted financial inclusion in the country.

Features of Pradhan Mantri Jan Dhan Yojana (PMJDY):

The key features of the PMJDY account are as follows:

Objective of PMJDY: The PM Jan Dhan Yojana Scheme aims to provide universal banking services to every unbanked household, secure the unsecured, fund the unfunded, and reach the underserved areas.
Services Offered: The PMJDY account offers essential services like savings accounts, credit, remittances, insurance, and pensions to weaker and low-income groups.
Beneficiaries: As part of the Pradhan Mantri Jan Dhan Yojana, over 53.20 crore beneficiaries have opened bank accounts, with a collective balance of ₹2,29,988.84 crore.
JAM Trinity: The Jan Dhan Account, Mobile Banking and Aadhaar Card (JAM) linking established a hassle-free channel to support savings, disburse credit, and ensure social security.
Direct Benefit Transfer (DBT): The PM Jan Dhan Yojana Scheme also plays a crucial role in providing the direct benefits of various government schemes, such as Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Atal Pension Yojana (APY), to the country’s poor through Direct Benefit Transfer (DBT).
Business Correspondents (BCs)/Bank Mitras: BCs or Bank Mitras deliver banking services to rural communities, assisting with deposits, withdrawals, and other banking activities in areas without bank branches or ATMs.

Benefits of PM Jan Dhan Yojana Account

Following are the major benefits provided by the Pradhan Mantri Jan Dhan Yojana:

RuPay Debit Card with Accident Insurance Cover: Under PMJDY, beneficiaries receive a free RuPay debit card, which comes with an accident insurance cover of ₹2 lakhs (or ₹1 lakh for accounts opened before 28.08.2018).
Basic Savings Bank Deposit Account (BSBDA): You can open a BSBDA without maintaining a minimum balance. You will earn interest on the funds you keep in this account. Cash withdrawals are permitted up to four times monthly through bank branches, ATMs, or Banking Correspondents (BCs).
No Minimum Balance Requirement: There is no need to maintain a minimum balance, but having some funds available for ATM withdrawals with your RuPay Card is good practice.
Small Account/Chota Khata: Under the Jan Dhan Yojana, individuals can open small accounts without the need for legal documents. These accounts are valid for 12 months and can be extended for another 12 months if proof of applying for valid documents is provided.
Life Insurance Cover: With a PMJDY account, you will get life insurance coverage of up to ₹30,000.
Easy Money Transfer: You can transfer money across India easily using this account.
Direct Benefit Transfer (DBT): Government scheme beneficiaries will receive their benefits directly into this account.
Access to Pension and Insurance: This account offers access to various pension and insurance products.
RuPay Debit Card Usage: To keep your accidental insurance active, make sure to use your RuPay Debit Card at least once every 45 days.

Overdraft Facility in PMJDY

After six months of responsible account management, you may qualify for an overdraft facility of up to ₹10,000.

There are no conditions attached for overdrafts up to ₹2,000.
It is available in only one account per household, ideally in the account of the household’s primary female member.
The age limit for using the overdraft facility has been increased from 18-60 to 18-65.

Eligibility Criteria for the PMJDY Scheme

You should fulfil the following criteria to apply for the Pradhan Mantri Jan Dhan Yojana Account:

Age: Anyone above 10+ years without a bank account.
Minors: Minors aged 10 and above can open an account with a legal guardian managing it until the maturity age of 18.
Balance: No minimum balance is needed.
Eligibility: Indian citizens only.
Non-Resident Individuals (NRIs): Not eligible.
Existing Accounts: You can convert your current savings account to PMJDY to avail of its benefits.

How to Apply for Pradhan Mantri Jan Dhan Yojana Account?

Step 1- Visit the Portal: Go to the official PMJDY website.
Step 2- Access the Form: Under "e-documents," find the "Account Opening Form" in English or Hindi. Click the link to open the PDF.
Step 3- Download & Print: Download the PDF form and print it.
Step 4- Fill Out the Form: Manually enter your bank and personal details, including branch, Aadhaar number, profession, income, and more.
Step 5- Submit at Bank: Take the completed form to your nearest bank branch along with the required documents, mobile number, or email ID.

Documents Required for PM Jan Dhan Yojana Account

The following documents are required to apply for the Pradhan Mantri Jan Dhan Yojana Account:

Aadhaar Card,
Passport-sized Photograph,
Completed PMJDY Account Opening Form,
Government ID (Voter Card, PAN Card, or Ration Card),
Address Proof (Passport, Driving License, Electricity Bill, Telephone Bill, or Water Bill),
Additional Documents, as specified by the Central Government and Regulator.

Advantages of Pradhan Mantri Jan Dhan Yojana Account

The PMJDY Scheme provides the following advantages to the account holders:

Financial Inclusion: Provides banking access to the unbanked with no minimum balance requirement.
Insurance and Benefits: This includes accidental insurance and an overdraft facility.
Government Benefits: Enables direct transfer of government subsidies to the account.
Financial Security: Helps build savings and earn interest on deposited funds.
Ease of Transactions: Offers a RuPay debit card for convenient transactions.
Financial Literacy: Promotes financial education through various programs.

Wrapping Up

The Pradhan Mantri Jan Dhan Yojana has significantly expanded financial access for millions across India, especially in rural regions. It enables people to manage their money more effectively and opens up new opportunities for a secure and prosperous future. This initiative is not just about setting up bank accounts; it's about empowering individuals with financial independence.

Frequently Asked Questions

What is the Pradhan Mantri Jan Dhan Yojana (PMJDY)?

The PMJDY is a government program designed to ensure that everyone, especially those without access to banking, can have a bank account.
Who is eligible to open a PMJDY account?

Anyone in India who is 10 years old or older and doesn't already have a bank account can open a PMJDY account.
What benefits do I get with a PMJDY account?

You will receive a RuPay debit card, accidental insurance cover of ₹2 lakh, and life insurance cover of ₹30,000 if you are eligible.
Do I need to maintain a minimum balance in my PMJDY account?

No, you don’t need to worry about keeping a minimum balance; these accounts are designed to be zero-balance accounts.
Can I get an overdraft with my PMJDY account?

Yes, you can get an overdraft of up to ₹10,000, but it depends on the bank’s rules.
Will I receive government subsidies directly into my PMJDY account?

Yes, any government subsidies or benefits you are eligible for can be directly transferred to your PMJDY account.
Can I link my PMJDY account to my mobile phone?

Yes, you can link your PMJDY account to your mobile phone to make it easier to check your balance and make transactions.
What interest rate do I earn on my PMJDY savings account?

The interest rate you earn depends on the bank, but it is generally the same as the rate offered on regular savings accounts.
Can I switch my PMJDY account to a regular savings account?

Yes, you can upgrade your PMJDY account to a regular savings account once you complete the necessary KYC (Know Your Customer) requirements with your bank.

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^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.

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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%

¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.

**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).