Pradhan Mantri Jan Dhan Yojana (PMJDY) is a central government scheme. The current Prime Minister of India, Narendra Modi, launched this scheme on 28 August 2014. This scheme was launched to bring banking facilities to a larger number of people in India. This scheme has been launched to help provide easy access to financial services like loans, insurance, pension saving,s and deposit accounts to the underprivileged and needy sections of our society.
Pradhan Mantri Jan Dhan Yojana
Pradhan Mantri Jan Dhan Yojana (PMJDY) is a central government scheme. The current Prime Minister of India, Narendra Modi, launched this scheme on 28 August 2014. This scheme was launched to bring banking facilities to a larger number of people in India. This scheme has been launched to help provide easy access to financial services like loans, insurance, pension savings, and deposit accounts to the underprivileged and needy sections of our society.
Objectives of the Pradhan Mantri Jan Dhan Yojana Scheme:
Prime Minister Shri Narendra Modi launched the Jan Dhan Yojana Scheme to increase banking and financial literacy among low-income people. The government wanted to provide a simple bank account for the poor to access savings, credit facilities, insurance benefits, and pensions. With the advent of this scheme, the government wanted every Indian family to have a bank account in their name. Moreover, this account was launched to provide a platform to launch other welfare projects as well.
How does Pradhan Mantri Jan Dhan Yojana work?
Under the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, individuals can open a Basic Savings Bank Deposit Account (BSBD) in their name. The bank account can be opened at any bank in India or through a bank partner outlet. Under the Pradhan Mantri Jan Dhan Yojana scheme, the bank account can be opened by those who do not have any bank account in their name.
How to open a Pradhan Mantri Jan Dhan Yojana account?
To open a Pradhan Mantri Jan Dhan Yojana account, you can contact any bank and fill out an application form to open an account. People aged 10 years and above can open a PMJDY account.
If you have an Aadhaar card, then no other documents are required to open an account.
You can submit your Aadhaar card, which will serve as proof of identity, proof of age, and proof of address, and open an account.
If you do not have an Aadhaar card, you will need to submit any one of the following officially valid documents:
- PAN card
- Passport
- Voter ID card
- Driving licence
Pradhan Mantri Jan Dhan Yojana Benefits:
Pradhan Mantri Jan Dhan Yojana account provides many benefits to the account holders. Some of these benefits are mentioned below:
You will be eligible for direct bank transfer as well as other welfare schemes launched by the government. These schemes include the following:
Pradhan Mantri Jeevan Jyoti Bima Yojana.
Micro Unit Development and Refinance Agency Bank Scheme (Mudra Scheme).
- You will earn interest on your deposited money.
- Free insurance cover will help you cover financial risks related to accidental death or disability.
- You can easily buy insurance and pension products and build a financial portfolio.
- An overdraft facility gives you instant access to funds in case of a financial emergency.
Is an overdraft/loan facility available through PMJDY?
Yes, it is under Pradhan Mantri Jan Dhan Yojana. Through this, a loan of up to Rs 5000 can be availed against a bank account opened. However, to receive this benefit, any account holder must keep the account open for at least six months.
Progress of Pradhan Mantri Jan Dhan Yojana:
The PNJDY scheme has gained popularity, as it has brought many families under the banking umbrella .Now this scheme has focused on every bankable individual instead of bankable families so that every individual is encouraged to open a PMJDY account in his name.
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