PMJDY - Pradhan Mantri Jan Dhan Yojana

Interest Rate	Based on the saving's account interest rate offered by the bank
Minimum Balance	Zero balance account
Accidental Insurance Cover	Under Rupay Scheme, Rs.1 lakh. Accounts opened after 28 August 2018, Rs.2 lakh
Overdraft Facility	Provided

The Indian Government launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) in order to provide financial services and products to individuals who do not have access to a bank account.

1. No minimum balance to be maintained
2. As per bank's saving's account interest rate
3. Transfer of money is simple
4. Overdraft facility available

Benefits of applying for Pradhan Mantri Jan Dhan Yojana

The benefits of applying for Pradhan Mantri Jan Dhan Yojana are as follows:

1. This account does not require you to maintain any minimum balance.

1. With this scheme, insurance coverage of up to Rs. 2,00,000 is provided to account holders.

1. PMJDY account allows easy money transfers across India.

1. This scheme also offers life cover of Rs.30,000 to eligible applicants. This sum is payable in the case of the account holder’s unfortunate demise.

1. This scheme has Direct Benefit Transfer (DBT) enabled.

1. This scheme also has an overdraft facility available after six months of active account operation.

1. The account holder can also access other financial products like pensions and insurance with this scheme

1. This scheme also offers an overdraft facility of up to Rs.10,000 to eligible account holders.

1. Moreover, accident insurance coverage of Rs.1 lakh is provided to PMJDY account holders with a RuPay card. For accounts opened after 28 August 2018, the coverage is enhanced to ₹2 lakh.

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

In order for individuals to open a PMJDY account, the below given criteria must be met:

1. You must be citizen of India
2. You should be at least 10 years of age
3. You should not have a bank account

Documents required to open PMJDY account

In case individuals wish to open an account, viable documents must be submitted. The list of documents required for PMJDY account under the scheme are mentioned below:

1. Passport
2. Permanent Account Number (PAN) Card
3. Aadhaar
4. The National Rural Employment Guarantee Act (NREGA) issued job card.
5. Driving licence
6. Voter ID
7. Identity card with photo which has been issued by the central or state government departments, public sector undertakings, scheduled commercial banks, public financial institutions and statutory or regulatory authorities.
8. A photograph which has been attested along with a letter from a Gazetted officer must be submitted.

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Implementation of Pradhan Mantri Jan Dhan Yojana 

The Pradhan Mantri Jan Dhan Yojana was introduced in the following three phases: 

1. Phase I: 

Duration: 15 August 2014 – 14 August 2015 

1. Aims to provide access to bank accounts to all the households across the country 
2. The access will be provided to those families who has at least one basic bank account with RuPay Debit Card that comes with accident coverage of Rs.1 lakh 
3. This phase also provided the villages with financial literacy program 
4. During this period, Kisan Credit Card was also issued 

1. Phase II: 

Duration: 15 August 2015 – 14 August 2018 

During this period, unroganised sector was provided with microinsurance and pension scheme like Swavalamban, through Business correspondents. 

1. Phase III: 

Duration: 14 August 2018 onwards 

1. Accounts are opened with overdraft limit raised from Rs.5000 to Rs.10,000 and no conditions are attached for OD up to Rs.2000 
2. Age limit for OD is revised from 18-60 years to 18-65 years 
3. If accounts opened after 28 August 2018, accidental insurance cover for new RuPay card holders has raised from Rs.1 lakh to Rs.2 lakh 

What are the Achievements under PMDJY? 

The following are the targets met by the government under the PMDJY scheme: 

1. Under PMJDY Accounts, the total deposit balances stand at Rs.1.31 lakh crore 

1. Number of PMJDY accounts opened on the first year of the scheme 17.90 crore 
2. Between 2015 to 2020, there has been a jump of 5.7 times in the deposits along with an increase in accounts 2.3 times 
3. Total number of PMDJY accounts, Rural PMDJY accounts, and Women PMJDY accounts are 40.35 Crore, 63.6%, and 55.2%, respectively, while there are 34.81 crores account are operative out of total PMDJY accounts 
4. Jan Dhan Darshak App, mobile application was launched that helps in locating banking touchpoints, such as Bank Mitras, Post Offices, bank branches, ATMs, etc. 

Interim Budget 2024 Update on PMJDY 

The following are the update regarding the PMJDY mentioned in Interim Budget 2024: 

1. The Direct Benefit Transfers (DBTs) went up to Rs.34 lakh crore through Jan Dhan account that converted into savings of Rs.27 lakh 
2. The PMDJY scheme offers bank account at a minimal cost to a large population without any bank accounts 
3. The transfer of benefits from various government schemes to beneficiaries' bank accounts have become easier due to DBT 

Rate of interest under PMJDY

Based on the savings account interest rate offered by the bank.

Banks that provide the PMJDY scheme

Individuals can open an account under the PMJDY scheme at both public and private sector banks. Given below are the list of banks that participate in the scheme:

Private Sector Banks:

1. Dhanalaxmi Bank Ltd.
2. YES Bank Ltd.
3. Kotak Mahindra Bank Ltd.
4. Karnataka Bank Ltd.
5. ING Vysya Bank Ltd.
6. IndusInd Bank Ltd.
7. Federal Bank Ltd.
8. HDFC Bank Ltd.
9. Axis Bank Ltd.
10. ICICI Bank Ltd.

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Public Sector Banks:

1. Union Bank of India
2. Punjab & Sind Bank
3. Central Bank of India
4. Punjab National Bank (PNB)
5. Indian Bank
6. IDBI Bank
7. Corporation Bank
8. Canara Bank
9. Bank of India (BoI)
10. Bank of Maharashtra
11. Bank of Baroda (BoB)
12. State Bank of India (SBI)

PMJDY Top Pages

1. Application Form for Jan Dhan Yojana
2. Zero Balance Account through PMJDY
3. PMJDY Withdrawal
4. PMJDY Benefits
5. PMJDY Account Eligibility
6. PMJDY Overdraft Facilities & Benefits
7. Small Account or Chota Khata Account Under Jan Dhan Yojana
8. Documents Required for Jan Dhan Yojana Account
9. How to Open PMJDY Account for a Minor

Saving Schemes Popular Pages

1. EPFO
2. UAN
3. EPFO Login
4. EPF Balance
5. UAN Login
6. UAN Registration
7. PF Withdrawal Rules
8. PF Passbook
9. PF Status Online
10. PF Account Number
11. NPS
12. Sukanya Samriddhi Yojana Calculator
13. Atal Pension Yojana
14. PPF
15. KVP

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FAQs on PMJDY

• Where do I open a bank account under PMJDY?

  You can open a bank account under PMJDY with a nominated bank providing this scheme or any other Business Correspondent outlets.

• What is a small account or chota khata account under PMJDY?

  A small account is a kind of bank account opened under PMJDY for 12 months. A small account PMJDY can be opened by a person who does not have valid documents to open an account. However, after 12 months, the account holder needs to submit required documents to continue the account.

• Can I open a joint account under Pradhan Mantri Jan Dhan Yojana?

  Yes, you can open a joint account under Pradhan Mantri Jan-Dhan Yojana.

• Can I link my link mobile number with my bank account opened under PMJDY?

  Yes, you can link your mobile number with your bank account. You can do so by contacting your bank where you have opened your bank account under PMJDY. Bank will enter your mobile number in the CBS system based on the information provided by you.

• Am I eligible to enjoy life insurance coverage under my PMJDY Bank Account?

  Yes, your family members would receive life insurance cover in case something unexpected happens to you.

• If I have multiple bank accounts under PMJDY, will my dependents receive multiple health insurance cover?

  No, your family members will not receive multiple life insurance cover. Only one account will be considered and based on it, the life insurance cover will be issued to one individual.

• Does the PMJDY scheme offer accident life insurance cover?

  Yes, the scheme offers accidental insurance cover as well. The scheme offers up to Rs. 1 lakh as accidental life insurance coverage.

• Is overdraft/loan facility available under PMJDY?

  Yes, it is available under the Pradhan Mantri Jan Dhan Yojana. An account holder can avail loan up to Rs. 5000 against his/her bank account opened under PMJDY. However, in order to avail this benefit any account holder needs to continue the account for six months.

• Is it possible to extend my loan amount taken against my PMJDY Bank Account?

  Yes, it is possible to extend your loan/overdraft taken against your PMJDY Bank Account. Bank may increase this amount, provided you make your repayments on time.

• How much processing fees do I need to pay for processing g the loan against my account?

  You don't have to pay any processing fees to get a loan against your account.

• What about mobile banking facility? Does my account opened under the PMJDY scheme provide mobile banking?

  Yes. You can enjoy mobile banking facility with your bank account opened under the PMJDY scheme. You can transfer can check and transfer balance by using a normal cell phone.

• What is death benefit eligibility under PMJDY?

  The death benefit eligibility is applicable to nominee chosen by the account holder. The select nominee would receive a death benefit of Rs. 30,000 in case something unexpected happens to the life assured.

• Is a minor eligible to open a bank account under PMJDY?

  Yes, a minor is also eligible to open a bank account under PMJDY under the guidance of seniors.

• What is the minimum age required for minors to be eligible for a bank account under PMJDY?

  The minimum age of a minor should be 10 years.

• Are minors eligible to receive RuPay Cards offered under PMJDY Bank accounts?

  Yes, minors are also eligible to get RuPay Cards. They can use the card 4 times in a month for cash withdrawal.

• What are the documents required for opening a bank account under PMJDY?
  1. Aadhaar Card
  2. Passport
  3. Voter ID Card
  4. Driving license
• What if I don't' have a valid residential proof? Will I be able to open a bank account under PMJDY?

  Yes. You can still open a bank account. What you have to do is to provide an identity proof issued by the government of India.

• Can a RuPay Card be availed by illiterate account holders?

  Yes. It can be availed by illiterate account holders as well. RuPay Card is a kind of debit card issued for the purpose of ATM withdrawal and making PoS payments. The concerned bank officials will educated the illiterate RuPay Card holders as to how to use this card and keep it safe at the time of card issuance.

• Will I get a cheque book against my bank account?

  Usually, the accounts opened under PMJDY are Zero balance accounts. If an account-holder wishes to get cheque book, he/she will have to fulfill the minimum balance criteria required by a bank.

• How much interest do I receive on my savings account opened under PMJDY?

  Normally, the applicable rate of interest is 4%. However, it is subject to change.

• What is the applicable rates of interest on overdraft or loan under the PMJDY scheme?

  The applicable rate of interest is 12%. It is usually counted as base rate +2% or 12 %, whichever is lower.

• Do banks charge account opening fees for opening an account under PMJDY?

  No. As per rules banks cannot charge any account opening fees. These accounts are completely free from any charges.

• Is the bank account opened under PMJDY transferrable? What if I want to transfer my account to one city to another or one state to other?

  Yes, you can easily transfer your PMJDY account from one city/state to another as all banks offering bank accounts have core banking solutions. You can do this by simply requesting the bank.

• What is Bank Mitr?

  Bank Mitr refers to the business correspondents agents who provide banking services at select locations. The Bank Mitr represents the bank and helps it expand its outreach. It offers banking services at low cost at areas where establishing a brick and mortar branch is not feasible. Retired Bank Employees, Retired Teachers, Retired Government Employees and Ex-Servicemen can join as a Bank Mitr.

• What is the minimum balance do I need to put in my bank account?

  The accounts opened under the PMJDY scheme are zero balance accounts. You don't have to put any minimum balance in your account.

• What is a PoS machine?

  It is a small device installed at business centers to help you enjoy cashless purchases. PoS stands for point of sale.

• What if I don't use my RuPay Debit Card for 1 month?

  Your RuPay Debit Card will remain operative even if you don't use it for one. But, if you don't use it for 45 days, it will stop being operative. You need to use this card at least one time in 45 days.

• I am an existing customer of a particular bank and I want to open another bank account under PMJDY, am I eligible?

  It depends on banks. Some banks may allow you to open a one while others may not. So, it is advisable you persuade one of your family members who don't have a bank account to reap this benefit offered by PMJDY.

• If I am an income tax payer, will I be to enjoy the benefits of life insurance cover offered by the PMJDY scheme.

  No, income taxpayers and their dependents are not allowed to enjoy life insurance cover offered by PMJDY Bank accounts.

• What is the exit age determined by this scheme?

  The exit age determined by this scheme is 60 years. The moment you turn 60 years, you need to quit the scheme.

• Do I need to pay service tax if I am a banking correspondent?

  No. You don't have to service tax if you are a banking correspondent under PMJDY. This is a new inclusion made by the PMJDY scheme.

• What is the minimum age required for opening a BSBDA account.

  The minimum age required for opening a BSBDA account is 10 years.

• Can I renew my debit card offered by my PMJDY Bank Account?

  Yes, you renew your debit card once its validity is over. The expiry date of your debit card will be written on your card only. So, check your date and opt for a new card before the expiry date is over.

• Is it possible to open a bank account under PMJDY, if I don't have an Aadhaar Card?

  Yes, you can open an account without an Aadhaar Card. But, you need apply for an Aadhaar Card and submit it your bank in the future. In the absence of Aadhaar Card, you submit any one of the following documents -Voter ID Card, Driving License, PAN Card, Passport or NREGA Card.

• What if I don't have any documents? How will I open an account then?

  You can still open a bank account under the PMJDY scheme and continue it for 12 months. This account is called Small Account. After completion of 12 months, you need to submit required documents to continue the account.

• Can I change my address in the bank account?

  Yes. You can change your address by proving a self-declaration certificate or submitting supporting documents.

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