Pradhan Mantri Jan Dhan Yojana (PMJDY), which was launched 10 years ago on August 28, 2014. It is the world’s largest financial inclusion program, designed to provide banking services to the unbanked sections of Indian society. The objective of this scheme is to provide affordable access to essential banking services like savings accounts, credit, insurance, and pensions to the economically weaker sections of society, particularly those who do not have access to formal financial institutions. With over 47 crore bank accounts opened since its inception, PMJDY is a key step towards achieving financial inclusion for all citizens.
Pradhan Mantri Jan Dhan Yojana
Pradhan Mantri Jan Dhan Yojana (PMJDY) is a comprehensive financial inclusion scheme launched by the Government of India in 2014. Its primary goal is to provide access to affordable banking services to the unbanked and underbanked population of the country, particularly those belonging to rural, marginalized, and lower-income segments. The scheme offers a range of benefits, including zero-balance accounts, overdraft facilities, accident and life insurance coverage, pension schemes, and mobile banking services. PMJDY has been instrumental in bringing millions of people into the formal banking system, empowering them with financial tools and opportunities.
Key Points Of Pradhan Mantri Jan Dhan Yojana
Accounts are linked to mobile phones and Aadhaar cards: This has made it easier for people to access their bank accounts and use digital financial services.
Over 530 million Jan Dhan bank accounts have been opened: These accounts have a total balance of over ₹231,000 crore (around $28 billion).
More than half a billion bank accounts have been opened for beneficiaries: This has helped to bring millions of people into the formal banking system.
Basic connectivity has been ensured through availability of affordable mobile phones and internet: This has made it possible for people in even the most remote areas to access financial services.
The Trinity of Jan Dhan accounts, Aadhaar, and mobile phones has provided the base DPI infrastructure: This infrastructure is being leveraged for multiple value-added services.
The scheme has laid the foundation for the success of India’s digital public infrastructure: This infrastructure has been praised by world leaders.
Rural farmers in India are now able to transact all their businesses on their smartphone: This has made it easier for them to access financial services and improve their livelihoods.
800 million people have been lifted out of poverty: This is due in part to the PMJDY, which has helped to provide people with the financial resources they need to escape poverty.
The accounts provide the framework for transferring Financial benefits of government schemes directly to the beneficiary: This has helped to ensure that people receive the benefits they are entitled to.
There are life and health insurance schemes, pension schemes, and micro credit facilities available to eligible account holders: This has helped to provide people with a safety net and financial security.
There are more than 320 million RuPay debit cards provided to these accounts: This has made it easier for people to use their bank accounts.
Benefits of Pradhan Mantri Jan Dhan Yojana
PMJDY offers a wide range of benefits, making it a revolutionary scheme for financial empowerment:
- Zero Balance Account: Under this scheme, individuals can open a savings account without needing to maintain a minimum balance.
- Interest on Deposits: Accounts opened under PMJDY earn interest on deposits, making it a beneficial savings tool.
- Accidental Insurance Cover: Account holders are entitled to a free accidental insurance cover of ₹2 lakh.
- Life Insurance Cover: A life insurance cover of ₹30,000 is provided to the account holder, valid if the account is opened within a specified time frame.
- Easy Transfer of Money: Account holders can easily transfer money across India, which is highly beneficial for migrant workers and daily wage earners.
- Direct Benefit Transfer (DBT): Government subsidies and benefits, such as LPG subsidies and welfare schemes, are directly credited into the Jan Dhan account.
- Overdraft Facility: After six months of satisfactory account operation, account holders can avail of an overdraft facility of up to ₹10,000.
- Pension and Insurance Schemes: PMJDY accounts offer easy access to other government schemes such as Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana, and Pradhan Mantri Jeevan Jyoti Bima Yojana.
- Rupay Debit Card: Every PMJDY account holder receives a Rupay debit card, which can be used for online transactions and ATM withdrawals.
Eligibility Criteria for Pradhan Mantri Jan Dhan Yojana
To open a Jan Dhan account, the following eligibility criteria must be met:
- Age Requirement: Individuals aged 10 years and above are eligible to open a PMJDY account.
- Citizenship: The scheme is available to all Indian citizens.
- No Prior Bank Account: The primary target group is unbanked individuals, although anyone can open a Jan Dhan account.
How to Apply Online for Pradhan Mantri Jan Dhan Yojana
Applying for a Jan Dhan account is simple and can be done both online and offline. Below are the steps for the online application process:
- Visit the Official Website: Go to the official website of any nationalized bank such as SBI, HDFC, ICICI, etc., that offers PMJDY services.
- Select PMJDY Account: Navigate to the section related to Pradhan Mantri Jan Dhan Yojana and click on “Apply Now” or “Open Account.”
- Fill the Online Application Form: Fill in the required details such as your name, date of birth, address, and mobile number.
- Upload Documents: Upload scanned copies of the necessary documents like proof of identity and proof of address.
- Submit the Application: After reviewing the form, submit it for processing.
- Visit the Bank: Once the online process is complete, you will need to visit the bank with the original documents for verification.
- Receive Account Details: Upon successful verification, you will receive your account details along with a Rupay Debit Card.
Documents Required for Pradhan Mantri Jan Dhan Yojana
When applying for a Jan Dhan account, you must provide specific documents to verify your identity and address. The following documents are accepted:
Proof of Identity:
- Aadhaar Card
- Voter ID
- Driving License
- PAN Card
- Passport
- Any other government-issued ID
Proof of Address:
- Aadhaar Card
- Utility bills (electricity, water, etc.)
- Rent Agreement
- Passport
- Ration Card
Additional Documents:
- Passport-sized photographs (2 or more)
- For minors, a birth certificate or school ID may be required.
Important Links and Contact Details
Here are some important links and contact details for the Pradhan Mantri Jan Dhan Yojana (PMJDY) in English:
National Portal of India:
This website provides comprehensive information about the scheme, account opening forms, and how to get assistance.
UMANG:
UMANG is a mobile app where you can get information about PMJDY and contact them.
Bank of Baroda:
If you are a Bank of Baroda customer, you can open an account online through this website.
Bank of India:
The Bank of India website provides detailed information about PMJDY, contact numbers, and other useful information.
Contact Details:
- National Toll-Free Numbers: 1800 11 0001 and 1800 180 1111
- Email: missionfi[at]nic[dot]in
- ISL Chatbot: Available on the UMANG app
Frequently Asked Questions (FAQs)
Anyone who is an Indian citizen aged 10 years or older can open a Jan Dhan account. It is primarily targeted toward unbanked individuals.
No, there is no minimum balance required for a Jan Dhan account. It is a zero-balance account.
Yes, you can convert your existing savings account into a Jan Dhan account by submitting a written request to your bank and fulfilling the necessary criteria.
After six months of satisfactory operation, account holders can avail of an overdraft facility of up to ₹10,000.
Account holders are provided with a ₹2 lakh accidental insurance cover and a ₹30,000 life insurance cover, subject to eligibility.
Yes, minors aged 10 and above can open a Jan Dhan account, with the assistance of a guardian.
You can check your account balance using the Rupay Debit Card at any ATM, by visiting your bank, or through online banking/mobile banking services.
The Pradhan Mantri Jan Dhan Yojana has been a significant step toward financial inclusion, enabling millions of Indians to access banking services, insurance, and credit. By simplifying the process of opening and maintaining a bank account, PMJDY empowers individuals to manage their finances better and directly benefit from government schemes.