PMJDY Scheme 2024, Features, Eligibility criteria, minimum balance, and other benefits

PMJDY Scheme:- The goal of the Pradhan Mantri Jan Dhan Yojana was to guarantee that all citizens, particularly the unbanked population, have access to a range of financial services. Through the provision of a variety of financial services and opportunities, the program seeks to integrate the economically disadvantaged and marginalized segments of society into the official banking system. We shall examine the Pradhan Mantri Jan Dhan Yojana, its importance, salient characteristics, qualifying requirements, and the advantages it provides, in this extensive post.

What is the PMJDY Scheme?

Mantri Pradhan The goal of the Jan Dhan Yojana (PMJDY) is to provide every Indian with a bank account. The program aims to give underprivileged groups in society simple access to banking services, insurance, and pension plans by encouraging financial inclusion. Since Prime Minister Narendra Modi unveiled the program on August 28, 2014, it has significantly advanced the expansion of financial services throughout the nation.

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Key Features of the PMJDY Scheme

To guarantee its efficacy and reach, the Pradhan Mantri Jan Dhan Yojana is built with a number of essential components. Let’s examine a few of these attributes:

1. Accounts with No Balance:

Giving Unbanked Power: Offering zero-balance accounts is one of PMJDY’s primary features. This implies that there is no minimum balance requirement for opening a bank account. With this option, people with low incomes can take advantage of banking services without having to worry about keeping a minimum balance, which is extremely helpful.

2. Overdraft Facility: Financial Support During Emergencies:

With some restrictions, PMJDY accounts offer an overdraft limit of up to Rs. 10,000. Account holders have a safety net thanks to this service in case of emergency. It helps customers fulfill urgent financial needs by enabling them to withdraw more money from their accounts even in the event that their balance is insufficient.

3. RuPay Debit Card: Enabling Cashless Transactions:

Each and every PMJDY account holder receives a RuPay debit card. India’s own card payment network is called RuPay. Account holders can access a range of financial services, execute cashless transactions, and withdraw cash from ATMs with the RuPay debit card. This program supports financial inclusion and digital payments, which is consistent with the government’s goal of a cashless society.

4. Accidental Insurance Cover: Protecting Account Holders:

Account holders can receive an accidental insurance cover of Rs. 2 lakh from PMJDY. Financial security is offered by this insurance policy in the event of an unintentional death or incapacity. It guarantees that in hard times, the account holder’s family would have access to financial support.

5. Life Insurance Coverage: Financial Security for Families:

For qualifying account holders, PMJDY offers a Rs. 30,000 life insurance policy. In the event of the account holder’s passing, this insurance policy provides financial support to the nominee. It guarantees that in trying circumstances, the surviving account holder’s family will have a safety net.

Eligibility Criteria for the PMJDY Scheme

The benefits of creating a PMJDY account are accessible to even the most marginalized members of society because of the straightforward eligibility requirements. The following people can register for a PMJDY account:

• Indian citizens: Anyone who is an Indian citizen is able to open a PMJDY account, irrespective of their age, gender, or occupation. The program seeks to give all Indian residents financial inclusion.
• Minors over the age of ten: With their parents’ or guardians’ permission, minors who are ten years old or older can open a PMJDY account. This clause encourages financial inclusion and literacy by giving young people early access to banking services.
• Those without proof of address or a valid identity: PMJDY understands that some persons may not have these documents, which are normally required in order to create a bank account. In these situations, PMJDY enables people who lack these documents to open accounts by supplying other forms of identity in accordance with the guidelines set forth by the participating banks.
• It is important to highlight that despite the broad eligibility requirements, participants must nevertheless abide by the guidelines set forth by the participating universities. This can entail supplying the required paperwork and meeting any other requirements set forth by the banks.
• The inclusive and simple qualifying standards are designed to ensure that people from all backgrounds—including those who have previously been shut out of the official banking system—can benefit from financial inclusion.

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Benefits of the PMJDY Scheme

Both the unbanked people and the economy as a whole have benefited greatly from the Pradhan Mantri Jan Dhan Yojana. Let’s examine a few benefits it provides:

• Financial Inclusion: By integrating the unbanked people into the official banking system, PMJDY has been instrumental in advancing financial inclusion. Millions of individuals now have access to a range of financial services through it, allowing them to invest, save, and plan for the future.
• Direct Benefit Transmission: PMJDY accounts have facilitated the fast and seamless transmission of government assistance programs, welfare benefits, and other benefits to recipients. As a result, there have been fewer leaks, no intermediaries remain, and the intended beneficiaries have benefited.
• Insurance Coverage: Account holders and their families now feel more secure thanks to the accidental and life insurance coverage offered by PMJDY. The insurance benefits serve as a safety net in the event of unanticipated circumstances, providing assistance with finances when things get tough.
• Encouraging Savings: Since bank accounts are easily accessible, people are encouraged to save their money in a secure, regulated environment. PMJDY has encouraged saving, which is essential for long-term economic growth and financial stability.
• Encouraging Digital Payments: The RuPay debit cards that PMJDY account holders received have made it simpler to introduce digital payment options. It has prompted people to transition to a cashless economy by encouraging efficiency, ease, and transparency in transactions.

PMJDY Scheme: Documents Required

The Pradhan Mantri Jan-Dhan Yojana (PMJDY) requires the following documentation in order to open an account:

• Aadhar Card: If you already have an Aadhar card and number, you don’t need to provide any more paperwork. If your address has changed, a self-certification of the current address is sufficient.
• Documents that are officially valid but do not have an Aadhaar: You can use any of the following OVDs in place of an Aadhar Card if you don’t have one:
  • Voter ID card
  • – Driving license
  • – PAN card
  • – Passport
  • – NREGA Card (with address, serving as both identity and address proof)
• Applicants in the Low-Risk Category: To open an account if you don’t have any of the OVDs mentioned above and the bank deems you low-risk, provide:
  • an identity card that has your picture on it that is provided by public organizations, banks, regulatory agencies, or government offices.
  • a letter with an official photo from a gazette officer.

Rate of interest under PMJDY

It is dependent upon the interest rate that the particular bank offers on savings accounts.

A Clear Guide to Opening a Jan Dhan Yojana Account

• Get to the Application Form here: The Jan Dhan Yojana application form is available on the official PMJDY website (https://www.pmjdy.gov.in/scheme) in both Hindi and English.
• Fill out the form: The “financial inclusion account opening form” is the name of the document, which has three sections. Information about you, your nominee, and the bank where you want to open the account must be provided.
• Submission: After completing the form, mail it in together with any required supporting papers.

Banks that provide the PMJDY scheme

People can open an account at both public and private sector banks under the PMJDY system. The list of banks that take part in the program is provided below:

Banks that provide the PMJDY Scheme

Private Sector Banks:

• Dhanlaxmi Bank Ltd.
• YES Bank Ltd.
• Kotak Mahindra Bank Ltd.
• Karnataka Bank Ltd.
• ING Vysya Bank Ltd.
• IndusInd Bank Ltd.
• Federal Bank Ltd.
• HDFC Bank Ltd.
• Axis Bank Ltd.
• ICICI Bank Ltd.

Public Sector Banks:

• Oriental Bank of Commerce (OBC)
• Union Bank of India
• Allahabad Bank
• Dena Bank
• Syndicate Bank
• Punjab & Sind Bank
• Vijaya Bank
• Central Bank of India
• Punjab National Bank (PNB)
• Indian Bank
• IDBI Bank
• Corporation Bank
• Canara Bank
• Bank of India (BoI)
• Bank of Maharashtra
• Andhra Bank
• Bank of Baroda (BoB)
• State Bank of India (SBI)

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Wrapping up

In India, the Pradhan Mantri Jan Dhan Yojana has changed the game in terms of financial inclusion. Through the provision of formal banking services to the unbanked population, the initiative has enabled millions of people to take an active role in the economic development of their nation.

PMJDY has completely changed the way consumers obtain financial services with its innovative features, which include digital payment alternatives, insurance coverage, overdraft capabilities, and accounts with zero balances. The nation’s overall development has benefited from this endeavor in addition to the marginalized people’s better quality of life.

FAQ’s

Q. Which program is the Jan Dhan Yojana?

Ans- Mantri Pradhan The National Mission for Financial Inclusion, or Jan-Dhan Yojana (PMJDY), aims to guarantee affordable access to financial services including banking, savings and deposit accounts, remittance, credit, insurance, and pensions. Any Business Correspondent (Bank Mitr) location or bank branch can open an account.

Q. What benefit does the Jan Dhan Yojana offer?

Ans- No minimum balance requirements: Since PMJDY accounts have no minimum balance requirements, they are zero-balance accounts. Rural homes and low-income groups can now access financial services more easily.

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