The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a national mission aimed at financial inclusion in India. Launched in August 2014, the scheme aims to provide access to a range of financial services, including savings and deposit accounts, remittances, credit, insurance, and pensions to the unbanked population of the country.
Objectives of PMJDY: The primary objective of the PMJDY scheme is to provide affordable access to financial services to the unbanked population of the country. The scheme aims to achieve this by opening basic bank accounts and providing overdraft facilities, insurance coverage, and access to pension schemes.
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Benefits of Pradhan Mantri Jan Dhan Yojana
- Financial Inclusion: The PMJDY scheme has helped in bringing the unbanked population into the formal banking system, thereby increasing their access to financial services and promoting financial literacy.
- Overdraft Facility: The scheme provides an overdraft facility of up to Rs. 10,000 to account holders, subject to certain terms and conditions. This facility helps account holders in managing their finances during emergency situations.
- Insurance Cover: PMJDY account holders are eligible for an accidental insurance cover of up to Rs. 2 lakh and life insurance cover of up to Rs. 30,000. This insurance cover provides financial security to account holders in case of untimely death or accidental injury.
- Direct Benefit Transfer: The scheme enables the government to directly transfer various subsidies and benefits to the account holders, thereby reducing leakages and improving the targeting of government programs.
Pradhan Mantri Jan Dhan Yojana Eligibility Criteria
- Indian citizens above the age of 10 years can open a PMJDY account.
- No minimum balance is required to be maintained in the account.
- The account can be opened with a zero balance, and the account holder will not be charged for non-maintenance of minimum balance.
Steps to Open Pradhan Mantri Jan Dhan Yojana Account
- Visit a bank branch and fill out the PMJDY account opening form.
- Provide a valid identity proof and address proof.
- Submit a recent passport-sized photograph.
- Once the account is opened, the account holder will receive a RuPay debit card, which can be used for transactions.
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Pradhan Mantri Jan Dhan Yojana Documents Required
To open a Pradhan Mantri Jan Dhan Yojana (PMJDY) account, the following documents are required:
- PMJDY Account Opening Form: The account opening form can be obtained from the bank branch where you want to open the account.
- Identity Proof: Any one of the following can be submitted as identity proof:
- Aadhar Card
- Voter ID Card
- Passport
- Driving License
- PAN Card
- NREGA Job Card
- Government-issued ID card for pensioners
- Government-issued ID card for freedom fighters
- Government-issued ID card for physically challenged individuals
- Address Proof: Any one of the following can be submitted as address proof:
- Aadhar Card
- Voter ID Card
- Passport
- Driving License
- Electricity Bill
- Telephone Bill
- Ration Card
- Bank Passbook
- Passport-sized Photograph: A recent passport-sized photograph is required to be submitted with the account opening form.
Note: The documents required may vary from bank to bank, and it is advisable to check with the bank branch for the complete list of documents required to open a Pradhan Mantri Jan Dhan Yojana (PMJDY) account.
Conclusion: The Pradhan Mantri Jan Dhan Yojana has been instrumental in promoting financial inclusion in India. The scheme has helped in bringing the unbanked population into the formal banking system, thereby increasing their access to financial services and promoting financial literacy. The PMJDY scheme has been widely successful, with over 40 crore accounts opened as of January 2021. The scheme continues to play a crucial role in empowering India’s unbanked population and promoting financial stability in the country.