Last updated on December 6th, 2023 at 04:15 pm
Pradhan Mantri Jan Dhan Yojana 2024
Pradhan Mantri Jan Dhan Yojana (PMJDY) is a financial inclusion program launched by the Government of India in August 2014.
The goal of the scheme is to provide access to banking services and financial literacy to all citizens of India, especially those who are unbanked or underbanked.
The scheme offers a variety of benefits to account holders, including:
- A free zero-balance savings account with an ATM-cum-debit card
- An accidental insurance cover of Rs. 2 lakh
- A life insurance cover of Rs. 30,000
- An overdraft facility of up to Rs. 10,000 (after six months of satisfactory operation of the account)
- Direct benefit transfer (DBT) for various government schemes
- Access to pension schemes and insurance products
The scheme has been a huge success, with over 40 crore (400 million) accounts opened as of 2021. The government has also announced that all the account holders under PMJDY will be given an overdraft facility of Rs. 10,000 and a RuPay debit card with an inbuilt accident insurance cover of Rs. 2 lakh.
PMJDY has played a significant role in financial inclusion and empowering the unbanked population of the country by providing them access to formal banking system and related benefits.
Pradhan mantri jan dhan yojana Benefits
Pradhan Mantri Jan Dhan Yojana (PMJDY) offers a variety of benefits to account holders, including:
- A free zero-balance savings account with an ATM-cum-debit card: The account can be opened with zero balance and the account holder is provided with a free RuPay debit card which can be used for transactions and withdrawals.
- Accidental insurance cover of Rs. 2 lakh: Account holders are provided with accidental insurance cover of Rs. 2 lakh at no extra cost.
- Life insurance cover of Rs. 30,000: Account holders are provided with a life insurance cover of Rs. 30,000 at no extra cost.
- Overdraft facility of up to Rs. 10,000: After six months of satisfactory operation of the account, account holders can avail an overdraft facility of up to Rs. 10,000.
- Direct benefit transfer (DBT): Account holders can receive various government schemes, subsidies and other benefits directly into their account through DBT.
- Access to pension schemes and insurance products: Account holders can access pension schemes and insurance products offered by the government and private sector.
- Credit facility: Account holders can get credit facility for various purposes such as education, housing, business, and consumption, etc.
- Mobile banking and RuPay card: Account holders can avail mobile banking services and use their RuPay card for online transactions and purchases.
These benefits help in providing financial inclusion and empower the unbanked population of the country by providing them access to formal banking system and related benefits.
Eligibility For Pradhan mantri jan dhan Yojana
To be eligible for Pradhan Mantri Jan Dhan Yojana (PMJDY), an individual must meet the following criteria:
- Must be a resident of India
- Must be above the age of 10 years
- Must have a valid proof of identity (Aadhar card, PAN card, Voter ID card, etc.) and proof of residence (utility bill, ration card, etc.)
Minors aged 10-18 years can open the account with the consent of their parent or guardian.
It is worth noting that PMJDY accounts are primarily targeted towards households that are unbanked or underbanked, and therefore priority is given to such households. However, anyone who meets the above-mentioned eligibility criteria can open a PMJDY account.
Additionally, government employees and pensioners are also eligible for this scheme. They can open the account in any bank branch and can also link their salary/pension account with the Jan Dhan account for availing the benefits.
PMJDY is a scheme which is open for all the citizens of India. It is aimed to provide financial inclusion and empowerment to the unbanked population of the country.
Documents required to open PMJDY account
The documents required to open a Pradhan Mantri Jan Dhan Yojana (PMJDY) account are:
- Proof of identity (Aadhar card, PAN card, Voter ID card, etc.)
- Proof of residence (utility bill, ration card, etc.)
- Passport size photograph
- Signature or thumbprint (in case the individual is illiterate)
It is worth noting that the documents required may vary depending on the bank and the state in which you are opening the account. Some banks may also require additional documents such as age proof or income proof.
For the minors(below 18) a Birth certificate or school leaving certificate or any other document as a proof of age will be required. And also a document as a proof of relationship of the guardian with the minor will be required.
It is recommended to check with your bank for the specific documents required to open a PMJDY account in your area. It’s always better to check with the bank before visiting them for opening the account, to avoid any inconvenience.
PMJDY is a scheme that aims to provide financial inclusion and empowerment to the unbanked population of the country by providing access to banking services and financial literacy. PMJDY Scheme India
Rate of interest under PMJDY
The interest rate for Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts is determined by the Reserve Bank of India (RBI) and is subject to change based on the bank’s policies. The current interest rate offered by banks under PMJDY scheme is 4% per annum.
It’s worth noting that, the rate of interest offered under PMJDY scheme is same as the rate of interest offered for normal savings bank account. The interest rate is calculated on the minimum balance of Rs. 500 that is required to be maintained in the account.
The interest is calculated on the minimum balance between the 10th and the last day of the month. Interest is credited to the account on a half-yearly basis.
It is recommended to check with your bank for the specific interest rate offered under PMJDY scheme in your area as it may vary from bank to bank.
PMJDY is a scheme that aims to provide financial inclusion and empowerment to the unbanked population of the country by providing access to banking services and financial literacy.
Banks that provide the PMJDY scheme
All public sector banks, private sector banks, and regional rural banks in India are required to provide the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme. This includes major banks such as:
- State Bank of India (SBI)
- Allahabad Bank
- Andhra Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- Indian Bank
- Indian Overseas Bank
- Oriental Bank of Commerce
- Punjab and Sind Bank
- Punjab National Bank (PNB)
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
- Axis Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Kotak Mahindra Bank
- RBL Bank
- South Indian Bank
How To Apply PMJDY
The process of opening a Pradhan Mantri Jan Dhan Yojana (PMJDY) account is relatively simple and can be done through the following steps:
- Find a bank branch that offers the PMJDY scheme: You can check with your nearest bank branch to see if they offer the PMJDY scheme. All public sector banks, private sector banks, and regional rural banks in India are required to provide the PMJDY scheme.
- Collect the required documents: You will need to collect the required documents such as proof of identity, proof of residence, passport size photograph, and signature or thumbprint (in case of an illiterate person)
- Fill out the application form: You will need to fill out the application form for PMJDY account, which is available at the bank branch.
- Submit the form and required documents: Once you have filled out the form, you will need to submit the form and required documents to the bank.
- Wait for the account to be activated: The bank will process your application and activate your account. Once the account is activated, you will be provided with a RuPay debit card and an account number.
- Activation of account: Once the account is activated, you need to activate it by visiting the bank branch or by doing a small transaction.
- Start using your account: You can start using your account for various transactions such as depositing money, withdrawing money, and making online transactions.
It’s always better to check with the bank before visiting them for opening the account, to avoid any inconvenience and gather more information about the process.
PMJDY is a scheme that aims to provide financial inclusion and empowerment to the unbanked population of the country by providing access to banking services and financial literacy.
This is not an exhaustive list, and other banks also provide the PMJDY scheme. You can check with your nearest bank branch if they offer the PMJDY scheme. This scheme is open to all the banks which are operating in India.
PMJDY is a scheme that aims to provide financial inclusion and empowerment to the unbanked population of the country by providing access to banking services and financial literacy.
FAQs on PMJDY
Here are some frequently asked questions (FAQs) about Pradhan Mantri Jan Dhan Yojana (PMJDY):
Q: What is the minimum balance required for a PMJDY account?
A: There is no minimum balance required to open a PMJDY account. However, to avail the accidental insurance and life insurance cover, account holders need to maintain a minimum balance of Rs. 500 in the account.
Q: Is there a charge for opening a PMJDY account?
A: No, there is no charge for opening a PMJDY account.
Q: Can I open a PMJDY account if I do not have a proof of identity or proof of residence?
A: No, a valid proof of identity and proof of residence are required to open a PMJDY account.
Q: Can I transfer funds from my PMJDY account to another account?
A: Yes, you can transfer funds from your PMJDY account to another account through various modes such as NEFT, RTGS and IMPS.
Q: Is there a limit on the number of transactions I can make with my PMJDY account?
A: No, there is no limit on the number of transactions you can make with your PMJDY account.
Q: Will my PMJDY account be closed if I don’t maintain the minimum balance?
A: No, your PMJDY account will not be closed if you do not maintain the minimum balance. However, if you don’t maintain the minimum balance then you will not be eligible for the accidental and life insurance cover.
Q: How can I check the balance in my PMJDY account?
A: You can check the balance in your PMJDY account by visiting the bank, using the bank’s mobile app or by giving a missed call to a dedicated number provided by the bank.
Q: Can I use my PMJDY account for online transactions?
A: Yes, you can use your PMJDY account for online transactions by linking it to your RuPay debit card.
Q: Is there any limit on the amount that can be deposited in a PMJDY account?
A: No, there is no limit on the amount that can be deposited in a PMJDY account.
Keep in mind that these are general FAQs and may not cover all aspects of the scheme and it’s best to check with your bank for specific information.
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