Pradhanmantri Jan Dhan Yojana (PMJDY) is a financial inclusion program launched by the Government of India in August 2014.
The main objective of the scheme is to provide access to financial services, namely savings and deposit accounts, remittance, credit, insurance, and pension, to all households in the country.
Benefits of Pradhanmantri Jan Dhan Yojana (PMJDY) scheme:
- Zero balance savings account: PMJDY accounts can be opened with zero balance and come with a RuPay debit card.
- Overdraft facility: After six months of operation of the account, account holders can avail an overdraft facility of up to Rs. 10,000.
- Insurance coverage: PMJDY account holders get accidental insurance coverage of Rs. 2 lakh and life insurance coverage of Rs. 30,000.
- Direct Benefits Transfer (DBT): PMJDY accounts are linked with various government schemes, allowing for DBT of benefits such as subsidies and pensions directly into the account.
- Access to pension schemes: Account holders can access various pension schemes provided by the government.
- Financial literacy program: The scheme includes a financial literacy program to educate individuals about basic banking concepts and how to use financial services safely and effectively.
- Mobile banking: PMJDY accounts can be linked to mobile numbers to enable transactions through mobile banking, including fund transfers and bill payments.
- Jan Dhan Darshak: An online platform to locate bank branches and BC outlets offering PMJDY services
- Credit facilities: PMJDY account holders can also avail credit facilities from banks and other financial institutions to support their livelihood and business activities.
- RuPay card: The RuPay debit card provided with PMJDY accounts can be used for various transactions, including cash withdrawals and purchases at merchants that accept RuPay
- Insurance schemes: PMJDY accounts are also linked with insurance schemes like Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) to provide accidental and life insurance coverage to account holders.
What is the process to avail Pradhanmantri Jan Dhan Yojana scheme?
- Individuals can open a PMJDY account at any bank branch or Business Correspondent (BC) outlet by providing a valid proof of identity and residence.
- The account can also be opened through the use of Aadhaar-based e-KYC.
- Once the account is opened and the required documents are submitted, the individual will be provided with a RuPay debit card and a passbook.
It is a government initiative to provide the poor and unbanked people with the basic banking facilities, which can help them to save money, access credit and avail other financial services
List fo features of Pradhanmantri Jan Dhan Yojana scheme:
- Financial literacy: The scheme includes a financial literacy program to educate individuals about basic banking concepts and how to use financial services safely and effectively.
- Mobile banking: PMJDY accounts can be linked to mobile numbers to enable transactions through mobile banking, including fund transfers and bill payments.
- RuPay card: The RuPay debit card provided with PMJDY accounts can be used for various transactions, including cash withdrawals and purchases at merchants that accept RuPay.
- Jan Dhan Darshak: An online platform to locate bank branches and BC outlets offering PMJDY services.
- Insurance schemes: PMJDY accounts are also linked with insurance schemes like Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) to provide accidental and life insurance coverage to account holders.
- Credit facilities: PMJDY account holders can also avail credit facilities from banks and other financial institutions to support their livelihood and business activities.
Overall, the Pradhanmantri Jan Dhan Yojana (PMJDY) is a comprehensive scheme aimed at providing the poor and unbanked people with the basic banking facilities and it is a step forward in the direction of financial inclusion.
The official website for the Pradhanmantri Jan Dhan Yojana (PMJDY) is https://www.pmjdy.gov.in/
The Pradhanmantri Jan Dhan Yojana (PMJDY) scheme is implemented through a network of banks and Business Correspondents (BCs) across the country, and individuals can open a PMJDY account at any bank branch or BC outlet by providing a valid proof of identity and residence. The account can also be opened through the use of Aadhaar-based e-KYC.