Pradhan Mantri Jan Dhan Yojana: Scheme Details, Eligibility, Objectives & Benefits

What is Pradhan Mantri Jan-Dhan Yojana (PMJDY) and when was it started?

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a very important National Financial Inclusion Mission i.e. to provide financial services (banking/savings and deposit accounts, remittance, loans, insurance, pension) to the backward and low income people of the society. Jan Dhan Yojana was announced by Prime Minister Narendra Modi on 15 August 2014 and it was launched on 28 August 2014. 1.5 crore bank accounts were opened on the very first day of the launch of this scheme and every account holder was provided with accident insurance cover of one lakh rupees and one rupee debit card facility.

Major Objectives of Pradhan Mantri Jan-Dhan Yojana (PMJDY):

The objective of this scheme is to provide banking facilities to all the families across the country and to open a bank account of every family. This scheme launched by the Prime Minister enables poor people to save money. Under this scheme, any bank branch or Business Correspondent (Bank Mitra) outlet can be opened. PMJDY accounts are opened with zero balance.

Facilities available under Pradhan Mantri Jan Dhan Yojana:-

Accidental Life Insurance Facility: Three thousand rupees accident insurance will be provided to all the account holders opened under the Pradhan Mantri Jan Dhan Yojana.
Loan facility: Loan facility will also be provided to the account holders who open the account under Pradhan Mantri Jan Dhan Yojana. Account holders can also take a loan of up to Rs 5000 from the bank after 6 months of opening the account. This facility will save the poor from the wrath of moneylenders and provide them security.
Mobile Banking Facility: Mobile banking facility has been given to the account holder of the account opened under Pradhan Mantri Jan Dhan Yojana in a normal mobile phone, through which he can get complete information about his account on his mobile.
Rupee Debit Card Facility: The account holder of the account opened under Pradhan Mantri Jan Dhan Yojana is also given the facility of Rupee Debit Card, which he can use as an ATM. The main holders of this scheme are poor people who will use this Rupee debit card, so that the system will not be limited to the upper class only and more and more people of India will be connected to a central financial system through the card.
Zero Balance Facility: Accounts are being opened under Pradhan Mantri Jan Dhan Yojana even on zero amount, which is called zero balance facility. But if you open an account in any bank, then the minimum amount has to be deposited in it, it depends on the bank what is the minimum amount, but it is not mandatory under the Pradhan Mantri Jan Dhan Yojana.

Documents required to open an account under Pradhan Mantri Jan-Dhan Yojana:

To open an account under Pradhan Mantri Jan-Dhan Yojana, if you have Aadhar card / Aadhar number available, then no other document is required. If the address has changed then self attestation of the present address is sufficient.
If Aadhar card is not available then any one of the following officially valid documents (OVD) will be required: Voter ID card, Driving license, PAN card, Passport and NREGA card.
If a citizen does not have any suitable proof of being a citizen of India, then after verifying them, the Pradhan Mantri Jan Dhan Account will be opened under the Low Risk category, which will be valid for one year until the holder has any proper document from the bank. Will have to deposit in
If a citizen has any identity card attested by a gazetted officer, then he can open an account under the Pradhan Mantri Jan Dhan Yojana (PMJDY).
If a citizen already has a bank account, then he can get his account transferred under the Pradhan Mantri Jan Dhan Yojana and can take advantage of all the facilities available under this scheme.

Benefits of Pradhan Mantri Jan Dhan Yojana:

Under this scheme, the account holder gets interest on the amount deposited.
Under the Pradhan Mantri Jan Dhan Yojana, the account holder gets an accident insurance cover of Rs 1,00,000.
There is no minimum balance requirement in the account under this scheme.
Under the Pradhan Mantri Jan Dhan Yojana, the beneficiary gets life insurance of Rs 30,000 on his death as soon as the normal conditions are met.
Under this scheme, easy exchange of money will be done easily across the country.
Under this scheme, the account holders will get the benefits of all the government schemes provided by the government directly in the accounts.
Overdraft facility will be given after satisfactory operation of these accounts for six months.
After the introduction of Pradhan Mantri Jan Dhan Yojana, all poor people will have easy access to pension and insurance products.

With the Pradhan Mantri Jan Dhan Yojana, the participation of moneylenders in the lives of the poor will be reduced and the poor will directly connect with the bank, so that the poor people can also borrow money from the bank if needed, that too at nominal interest. By which he will be saved from falling into the mess of moneylenders.

Latest Updates related to Pradhan Mantri Jan Dhan Yojana 2021-

The government said on 08 February 2021 that a total of 41.75 crore accounts have been opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), out of which 35.96 crore accounts are operative.