PMJDY also known as Pradhan Mantri Jan Dhan Yojana is a scheme that aims at covering every adult with a basic Bank Account and a RuPay Debit Card. The PM Jan Dhan Yojana was launched by the Prime Minister of India Narendra Modi on August 28, 2014 with an aim of financial inclusion in the country. The slogan of PMJDY is “ Mera Khata, Bhagya Vidhata ”.
In this article, we will learn about the Pradhan Mantri Jan Dhan Yojana in detail. I hope at the end of the article, you won’t have any doubts left .
What is Pradhan Mantri Jan Dhan Yojana?
Pradhan Mantri Jan Dhan Yojana was earlier launched with an aim of covering every household with basic banking services, as this aim was completed in 2018, the government decided to continue it from every household to every adult beyond August 14, 2018. The scheme was launched after the failure of previous government schemes, including Swaabhimaan scheme. Swaabhimaan was a campaign launched by the Government of India in 2011 which aimed to bring banking services to rural areas.
Note:
Under the expanded coverage from “every household to every adult”, accidental insurance cover for new RuPay card holders to be raised from Rs 1 lakh to Rs 2 lakh to new PMJDY accounts opened after August 28, 2018.
| Pradhan Mantri Jan Dhan Yojana (PMJDY) Key Highlights | |
| Jan Dhan Yojana Launch Date | August 28, 2014 |
| Overdraft Limit | Rs 10,000 (earlier it was 5000) |
| In Built Insurance Cover | Rs 10,000 |
| PMJDY Age limit | 18 – 65 (earlier the cap was 60 years) |
| Accidental Insurance Cover | W.r.to August 28,2022 – 1 Lakh ( for earlier accounts it is Rs 1 lakh) |
| Debit Card issued | RuPay Debit Card |
| Life Insurance Cover | Rs 30,000 ( Should be the Head of the family) |
PM Jan Dhan Yojana also includes Direct Benefit Transfer which enables the beneficiary to get the monetary benefits directly to their bank accounts without any hassle. Government has a long term goal to extend the financial literacy program to the grassroots levels of villages.
Please Note: 49.12 Crore beneficiaries banked so far. ₹197,081.93 Crore Balance in beneficiary accounts. 8.50 lakh Bank Mitras delivering branchless banking services in the Country
Objectives of the Pradhan Mantri Jan Dhan Yojana scheme
1. Splitting each district into smaller areas to make sure banking services are accessible to everyone.
2. Giving every household a basic bank account and a RuPay debit card.
3. Educating people in villages about finance and money matters.
4. Establishing a fund to protect against missed payments on overdraft accounts.
5. Offering small insurance plans to those who qualify.
6. Developing retirement plans, such as Swavlamban, for workers in informal or unorganized sectors.
Features of Pradhan Mantri Jan Dhan Yojana
There are various features of PMJDY. Some of them are listed below.
Accidental Insurance Cover (within 90 days of the accident)
The Jan Dhan Yojana scheme provides accidental insurance of ₹1,00,000 to the holders of non-premium cards, while those with premium cards can avail up to ₹2,00,000.People holding a RuPay Debit Card under PMJDY will be eligible for this insurance.If they successfully submit all the supporting documents within 60 days of the accident, the beneficiaries will receive the amount in their bank account.
Basic Savings Bank Deposit Account (BSBDA) or Savings Account
Anyone who is a citizen of India can open a regular bank account (BSBDA). BSBDA does not require to maintain any minimum balance, and those who have BSBDA can use both bank branches and ATMs for carrying out operations such as depositing and withdrawing cash. Having said that, there is a limit to withdraw cash, one cannot do it more than four times a month.
Life Cover Insurance
The holders of a RuPay Debit Card under the PM Jan Dhan scheme can also receive life cover insurance up to ₹30,000.It will only apply to people opening bank accounts for the first time under Jan Dhan Yojana with a debit card.The person should also be the head of the family or a major earning member.This scheme will be liable to a single payment of ₹30,000 upon the death of a beneficiary.
Small Account or Chota Khata Account ( For 12 months)
You can apply or open a small bank account without presenting legal documents. However, such an account is usually valid for 12 months or 1 year only. If you wish to continue it further, you will have to submit necessary documents before this period, or else the account will be deactivated. You can deposit a maximum of ₹50,000 and the withdrawal limit is ₹10,000 per month.
RuPay Debit Card
As a BSBDA holder, you will be provided a RuPay Debit Card. It is a global card payment network widely used across India, protecting users against anti-phishing. It has the expiry date limit, therefore, you need to apply for a new card before the expiry date ends. You can also utilize the domestic merchant offers (POS and Ecom) with this RuPay debit card.
No Minimum Balance Required:
As a PMJDY account holder, you wont need to have a minimum balance in your bank account unlike other accounts that need you to have a certain balance in the savings account.
Benefits of Pradhan Mantri Jan Dhan Yojana
1. Indian citizens even living in the remotest part of the state can take care of their financial requirements.
2. The complex banking process is made simple with the help of Bank Mitras, which are there to assist the customer regarding mobile banking usage.
3. The PMJDY account holders are not bound to maintain any minimum amount in the PMJDY account.
4. The PMJDY account holder can enjoy the interest on his deposit.
5. You can open small accounts/ chota accounts without producing documents for at least 12 months.
6. This scheme provides easy access to pension schemes and insurance to the beneficiaries.
7. PMJDY account holders can avail of an overdraft facility for up to ₹10,000. bit, this is only available against one account per household.
8. You can also take up a loan of up to ₹5,000 after completing six months of account transactions.
9. It has a life insurance cover of ₹30,000 in case of death within the specified term.
Who is Eligible for Pradhan Mantri Jan Dhan Yojana?
1. The PMJDY account applicant should be a citizen of India.
2. The applicant should be aged between 18 and 65 years. Minors above ten years can also apply, provided, they will require support from their legal guardians.
3. Retired bank employees, teachers, and government employees are also entitled for this scheme.
4. Individual owners of shops, Public Call Office operators, owners of petrol pumps, agents of small scheme companies, and more are also eligible.
Who is not eligible for this scheme?
1. State or Central Government employees, public sector employees, and people with taxable income are not eligible for life cover insurance under Jan Dhan Yojana.
2. The subscribers of Aam Aadmi Bima Yojana are also not eligible.
How to Apply for Pradhan Mantri Jan Dhan Yojana?
Presently, there is no facility available to open a PMJDY account online. However, you can apply to open a PMJDY account Offline anytime. Here are the few steps you need to follow in order to open a PMJDY account offline.
- Visit the official portal of PMJDY.
- Click on the live link of “Account Opening Form” which will come under the “e-documents” section. You can access this form in both English and Hindi languages.
- After that, the account opening form will open in a PDF format. You can download it and get a printout.
- Fill the entire form very carefully. You have to fill in with all your bank and personal data, including bank branch, name of town/village, block/district, Aadhaar number, profession, annual income, details of Kisan credit card, and others.
- After carefully filling the application form, go to your nearest bank branch and submit it.
What Documents are Required for PMJDY?
After submitting the PMJDY account form, you will be required to produce certain documents along with your Mobile number or email Id. Here are the primary documents required to open a Pradhan Mantri Jan Dhan Account.
1. AADHAAR CARD
2. Government ID proofs (Voter Card/PAN Card/Ration card)
3. Permanent Address proof (Passport/Driving License/Electricity Bill/Telephone Bill/Water Bill)
4. Passport size photograph
5. Filled and Signed PMJDY Account opening form.
Achievements of PMJDY ( As on August 2018)
- Approx. 32.41 crore Jan Dhan accounts have been opened with more than Rs 81,200 crore of deposit balance.
- 53% women Jan Dhan account holders and 59% Jan Dhan accounts are in rural and semi urban areas.
- More than 83% operative Jan Dhan accounts (except states of Assam, Meghalaya, J&K) are Aadhaar seeded, with issuance of approx 24.4 crore RuPay cards to these account holders.
- More than 7.5 crore Jan Dhan accounts receiving DBTs. Banking Correspondents (BCs) have been deployed in 1.26 lakh Sub Service Areas (rural areas), each catering to 1000-1500 households.
- Nearly 13.16 crore Aadhaar Enabled Payment System (AePS) transactions have taken place through BCs during the month of July, 2018.
- 13.98 crore subscribers under Pradhan Mantri Suraksha Bima Yojana (PMSBY) with 19,436 claims, involving an amount of Rs. 388.72 crore settled so far.
- Similarly, 5.47 crore subscribers under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) with 1.10 lakh claims, involving an amount of Rs. 2206.28 crore settled so far.
- 1.11 crore persons have subscribed for Atal Pension Yojana (APY).
How to Link an Aadhaar Card with the PMJDY account?
In order to link an Aadhaar Card with a PMJDY account, you need to visit your bank and fill the form regarding the same. You can also link the PMJDY account through online mode which is now a days have become the most preferred way to do all the banking work. Let’s understand how one can link aadhaar card with a PMJDY account.
How to Link an Aadhaar Card with the PMJDY account (Online)?
In order to link your PM Jan Dhan account with your Aadhaar Card through the official portal of PMJDY, you would need to follow a few steps. These steps are quite easy and simple to follow. Here we have provided a step by step process of linking Aadhaar Card with PMJDY account.
- Visit the official website of Pradhan Mantri Jan Dhan Yojana. Click on Login.
- A Login screen will appear. Enter your credentials and log into your account.
- Look for the ‘Link Aadhaar with bank account’ option on the homepage and click on that.
- It will take you to a new webpage. Enter your 12-digit Aadhaar number and then click on the ‘Submit’ button.
- In this step, you have to choose your bank from the list and click on ‘Submit’.
- After this, you will receive an OTP on the mobile number that is registered with your Aadhaar card. Enter the OTP and tap on ‘Submit’.
- The process for linking your Aadhaar with your Jan Dhan account is initiated at this stage and the whole process is expected to be completed within 5 working days.
How to Link Aadhaar with PMJDY Account Offline?
You can link your PMJDY account with your Aadhaar offline by visiting the nearest bank branch. These are the following steps to link an Aadhaar card with a PMJDY account.
- Visit your bank branch and fill the Aadhaar linking form. You can ask for this form in the helping desk.
- Don’t forget to bring the bank passbook and original Aadhaar card.
- Also, bring a self-attested photostat of your passbook and Aadhaar card.
- Very carefully fill the Aadhaar linking form. Provide all necessary information such as bank account number, address, Aadhaar number in the form
- Submit the form along with self-attested copies to the concerned official.
- This process of linking your Aadhaar card to Jan Dhan account within 2-3 working days.
Conclusion:
PMJDY is a revolutionary scheme launched by the government of India. It actually helped the government to complete the vision of financial inclusion within the whole country. This scheme has also gained international recognition and won the Guinness Book of World Records recognizing PMJDY as the most bank account opened in 1 week.
