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Pradhan Mantri Jan Dhan Yojana (PMJDY)

pradhan-mantri-jan-dhan-yojna

Pradhan Mantri Jan Dhan Yojana (PMJDY)

PMJDY is a national plan on Financial Inclusion launched by the Government of India to provide banking services to all households in the country. This plan goes for giving access to money related administrations like Banking/Savings and Deposit Accounts, Remittance, Credit, Insurance, and Pension in a reasonable way to everyone across the country. This national plan was started in August 2014 and as indicated by reports by the Ministry of Finance, around 4 crore ledgers were opened under this plan till September 2014.

Pradhan Mantri Jan Dhan Yojana Offers:-

  1. Open an account:- An individual can consider opening an account under this scheme with any bank branch or Business Correspondent outlet. 
  2. Zero Balance:- Further, accounts opened under PMJDY can be opened with Zero balance. However, if the account-holder wishes to get a cheque book, he/she will have to fulfil minimum balance criteria. 
  3. Credit cards:- The account holders under this scheme will be given a RuPay debit card which can be used across all ATMs for cash withdrawal.

Documents required to open an account under PMJDY?

  1. The passport,
  2. The driving licence,
  3. The Permanent Account Number (PAN) Card,
  4. The Voter’s ID issued by Election Commission of India,
  5. The Aadhar Card;
  6. Any other document as notified by the Central Government in consultation with the Regulator:
  7. Provided that where simplified measures are applied for verifying the identity of the clients, the following documents shall be deemed to be officially valid documents:
  8. Identity card with the applicant’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions;
  9. A letter issued by a Gazetted officer, with a duly attested photograph of the person.
  10. In case, there is a change in the current address, you need to submit valid documents to transfer your account to the new address.
  11. Two passport size photographs are required.
  12. In case, a person does not have a valid residential address, he/she needs to submit a valid identity proof issued by the government of India.

Important to note that the Reserve Bank of India (RBI) has clarified in the year 2014 that those persons who do not have any of the ‘officially valid documents can open “Small Accounts” with banks.

Small Account:- 

  1. A “Small Account” can be opened by a person on the basis of a self-attested photograph and putting his/her signatures or thumbprint in the presence of officials of the bank. 
  2. For such accounts, the aggregate credits have been limited to not more than Rs 1 lakh a year and aggregate withdrawals have been limited to not more than Rs 10,000 in a month and balance in the account at any point of time should not cross Rs 50,000. 
  3. The validity of these accounts is 1 year, normally after which such accounts would be allowed to continue for a further period of twelve more months if the account-holder provides a document showing that he/she has applied for any of the Officially Valid Document within 12 months of opening the small account.

Benefits of the PMJDY Scheme?

  1. Insurance Benefits:- The account holders under this scheme will get an accidental insurance cover of Rs. 1 lakh and a life cover of Rs. 30,000 payment on the death of the beneficiary (subject to conditions).
  2. Mobile Banking Facility:- Enabling carrying out transactions through a mobile phone facilitates such account holders in checking of balance and also transferring funds with an ease across India.
  3. Eligible for interest:- The account holders would be eligible for interest on their deposits.
  4. Minimum balance not required:- They are not mandated to have a minimum balance in the account.
  5. Direct Benefit Transfer:- The scheme allows Direct Benefit Transfer for beneficiaries of Government Schemes.
  6. Access to pension:- Account-holders can get easy access to pension and other insurance products with the PMJDY scheme.

FAQs on Pradhan Mantri Jan Dhan Yojana

Q: Whether Joint account can be opened in Pradhan Mantri Jan-Dhan Yojana?
Answer:- Yes, joint account can be opened.

Q: What is RuPay Debit Card?
Answer:- Rupay Debit Card is an indigenous domestic debit card introduced by National Payment Corporation of India (NPCI). This card is accepted at all ATMs (for cash withdrawal) and at most of the PoS machines (for making cashless payment for purchases) in the country.

Q:- If both husband and wife who are opening accounts under PMJDY are eligible for Accidental Insurance Cover of Rs.1.00 lac and Life Insurance cover of Rs.30,000/- and the overdraft facility of Rs.5000/- in both the accounts separately?
Answer:- Accidental Insurance cover of Rs.1.00 lac and Life Insurance cover of Rs.30,000/- will be available to all account-holders. However, overdraft facility up to Rs.5,000/- will be available to only one person in the family (preferably lady of the house).

Q: What documents are required to open an account under Pradhan Mantri Jan-Dhan Yojana?

Answer:-If Aadhaar Card/Aadhaar Number is available then no other documents are required. If the address has changed, then a self-certification of current address is sufficient.

  • If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving Licence, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”.
  • If a person does not have any of the “officially valid documents” mentioned above, but it is categorized as "low risk" by the banks, then he/she can open a bank account by submitting any one of the following documents:
  • Identity Card with the applicant’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;
  • Letter issued by a gazetted officer, with a duly attested photograph of the person. 

Q: Whether Cheque Book will be issued in accounts opened under PMJDY?
Answer:- In PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfil minimum balance criteria, if any, of the bank.

Q: Can a minor (below 18 years of age) open an account under PMJDY?
Answer:- A minor of above the age of 10 years can open his/her Savings Bank account in any bank.

Q: Can I get my PMJDY account transferred to other City/State upon my transfer posting to other states?
Answer:-All banks participating in PMJDY are on CBS (Core Banking Solution) platform and the account can easily be transferred to any branch of the bank in any city/town as per the request of the account-holder.

You can also go through other Government Schemes launched in recent times by BJP Government which would be very helpful for the preparation for UPSC, State PCS and other Government Exams:-

  1. Swachh Bharat Abhiyan
  2. Pradhan Mantri Suraksha Bima Yojana
  3. Pradhan Mantri Mudra Yojana
  4. Pradhan Mantri Jeevan Jyoti Bima Yojana
  5. Pradhan Mantri Adarsh Gram Yojana
  6. Make in India
  7. Deen Dayal Upadhyaya Gram Jyoti Yojana
  8. Atal Pension Yojana
  9. Jal Shakti Abhiyan
  10. Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 
  11. Udaan Scheme 
  12. Digital India
  13. Skill India
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