Pradhan Mantri Jan Dhan Yojana which also is known as PMJDY is an initiative scheme launched by PM Narendra Modi on 15th August’ 14. PM Narendra Modi described PMJDY as a festival to celebrate the liberation of the poor from a vicious cycle.
PMJDY focuses on coverage of households as against the earlier plan which focused on the coverage of villages. It focuses on coverage of rural as well as urban areas
Official Website – PMJDY
What is Pradhan Mantri Jan Dhan Yojana (PMJDY)?
Pradhan Mantri Jan Dhan Yojana is a scheme to bring about financial literacy and banking services to each and every citizen of India. The scheme brings about financial services such as basic savings account with no minimum balance criteria, Accidental insurance cover, Overdraft facility, Debit Cards, pension schemes, cheque book and passbook facilities for its account holders.
Benefits of PMJDY
- 4% Interest on Savings Bank Account
- Accidental Insurance Cover up to Rs.2 Lakhs
- OD Facility up to Rs.10,000 after 6 months of satisfactory operation of the bank account.
- Easy Transfer of Money Across India
- Cheque Book and Passbook facility for account holders, If the person wishes to have the same
- No Minimum Balance Requirement
- Rupay Debit Cards issued by NPCI (National Payments Corporation of India) to encourage digital & online payments
- Benefits of various Govt schemes get directly credited in the bank account.
How to Open Pradhan Mantri Jan Dhan Yojana (PMJDY) Account
PMJDY A/c can be opened in any mentioned below bank branch or Business Correspondent (Bank Mitr) outlet. To be eligible for opening PMJDY Bank A/c one must be an Indian Citizen with at least 10 years of age. PMJDY A/c can be opened after visiting the bank branch with filled form and required documents. Similarly, PMJDY A/c can be opened online after visiting official websites of the Banks.
An Account can be opened by presenting the following documents-
- Diving Licence
- Permanent Account Number (PAN) Card
- Voter ID Card
- Job Card issued by NREGA duly signed by an officer of the State Government
- Aadhar Card
- any other document as notified by the Central Government of India
Eligible Banks to Open PMJDY Account
Persons who are wishing to open a bank account can visit their nearest Bank Mitra or visit the banks who are eligible to open a bank account, below are some the banks who are eligible to open an account.
- State Bank of India (SBI)
- Bank of Baroda (BOB)
- Axis Bank Ltd.
- Bank of Maharashtra
- Kotak Mahindra Bank Ltd.
- HDFC Bank Ltd.
- Oriental Bank of Commerce
- Union Bank of India
- Dena Bank
- IndusInd Bank
- Syndicate Bank
- Vijaya Bank
- ICICI Bank Ltd.
- Central Bank of India
- IDBI Bank
- Corporation Bank
- Canara Bank
Note – This is not an exhaustive list and some of the banks in future may not eligible to open the account or some new banks may be added to list. So Visit your bank branch and ask whether they can open PMJDY Account.
Offline Account Opening Process
The Offline Process for Account is simple you download the form from the below link and submit the form to your bank with required documents.
Account Opening Form – Hindi
Account Opening Form – English
Online Account Opening Process
For Opening PMJDY Account, you need to visit Bank Official Website and follow through the process of opening bank account online. You will need to upload the required documents and complete the KYC process.
FAQ for Pradhan Mantri Jan Dhan Yojana
Whether Joint account can be opened in Pradhan Mantri Jan DhanYojana?
Yes, joint account can be opened.
Whether there are any restrictions like age, income, amount etc. criteria for opening accounts by banks for individuals?
Any individual above the age of 10 years can open PMJDY Account
What is RuPay DebitCard?
Rupay Debit Card is an 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.
What is special advantage of RuPay DebitCard?
It provides accidental insurance cover upto Rs.1,00,000 without any charge to the customer.
What is the eligibility criteria to avail personal Accidental Insurance cover on RuPay Debit Card?
The Claim under Personal Accidental Insurance under PMJDY shall be payable if the Rupay Card holder have performed minimum one successful financial or non-financial customer induced transaction at any Bank Branch, Bank Mitra, ATM, POS, E-COM etc. Channel both Intra and Inter-bank i.e. on-us (Bank Customer/RuPay card holder transacting at same Bank channels) and off-us (Bank Customer/Rupay card holder transacting at other Bank Channels) within 90 days prior to date of accident including accident date will be included as eligible transactions under the Rupay Insurance Program.
Whether Overdraft facility can be availed in more than one account?
Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.
Whether Cheque Book will be issued in accounts opened under PMJDY?
In PMJDY accounts are being opened with Zero balance. However, if the accountholder wishes to get cheque book, he/she will have to fulfill minimum balance criteria, if any, of the bank.
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