What is Jan Dhan Yojana?
Pradhan Mantri Jan Dhan Yojana (PMJDY), one of the biggest financial inclusion initiatives in the world, was announced by Prime Minister, Shri Narendra Modi on 15th August 2014 from the ramparts of the Red Fort. While launching the programme on 28th August, the Prime Minister had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle. Shri Narendra Modi had referred to the ancient Sanskrit verse: Sukhasya Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam – which puts the onus on the state to involve people in economic activity. “This Government has accepted this responsibility,” the Prime Minister said & the Government has fulfilled its promise in record time.
How to open a Jan Dhan Yojana Account?
To open a Jan Dhan Yojana Account, you need to get the application form, that is available in both English and Hindi and is available on the official website of PMJDY (https://www.pmjdy.gov.in/scheme). Fill it up and submit it along with the necessary documents. The application form is called the financial inclusion account opening form. It consists of three sections where in you need to provide details of yourself, nominee and the bank where the account is being opened.
PMJDY Eligibility
A Pradhan Mantri Jan Dhan Yojana account can be opened under the following conditions
- Individuals with Indian nationality status are eligible to successfully open a Jan Dhan Yojana account.
- An individual with no valid documents as proof for Indian nationality status can also open a Jan Dhan Yojana account, provided the concerned bank does the required background check on the individual and categorises him or her as ‘low risk’
- Minors aged above 10 years are also eligible to have a Jan Dhan Yojana account in any bank across the country. However, minors will require the support of guardians to administer the Jan Dhan account. Minors can also use RuPay Cards through which they can withdraw money from ATMs
- Individuals who already have a basic savings account in operation with a bank can easily transfer or link their accounts to Jan Dhan Yojana accounts to avail of various benefits offered by the latter
- Individuals who can submit any form of identity proof which is duly authorized by gazette officers can open a Jan Dhan Yojana account
Benefits of the PMJDY scheme
- Interest is offered on the deposits that are made towards the savings account opened under the scheme.
- There is no requirement to maintain any minimum balance in PMJDY accounts.
- Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.
- Account holders can check their balance using the mobile banking facility.
