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One of social welfare schemes in India is Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched by Narendra Modi on 28th August 2014.
Official Website : PMJDY
Toll Free Number : 1800 11 0001 | 1800 180 1111
It is a national mission with an aim to provide access to various financial services including Remittance, Credit, Insurance, Pension, Banking Savings & Deposit Accounts in an affordable manner. Prime Minister Narendra Modi first announced this scheme during his Independence Day speech on 15th August 2014.
With the outbreak of Covid-19 in India, the Finance Minister of India, Nirmala Sitharaman made an announcement to provide Rs. 500 per month to every Women Jan-Dhan Account Holders for the next three months. This announcement was made on 26th March, 2020 as an initiative towards the loss caused by the outbreak.
A relief package worth Rs 1.70 lakh crore will also be provided by the government to tackle the financial difficulties arising from Covid-19 outbreak under the PM Garib Kalyan Scheme. The 21 days lockdown is expected to cost the Indian Economy a cost of around 9 lakh crores.
Pradhan Mantri Jan Dhan Yojana is a financial inclusion campaign which provides universal access to banking facilities. It also ensures to provide financial literacy with at least one basic banking account for every household in India.
The highlights of this scheme have been mentioned in the table below:
| Name of the scheme | PMJDY |
| Full-Form | Pradhan Mantri Jan-Dhan Yojana |
| Date of launch | 28th August 2014 |
| Government Ministry | Ministry of Finance |
Scheme Details
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. Accounts opened under PMJDY are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.
Special Benefits under PMJDY Scheme
- Interest on deposit.
- Accidental insurance cover of Rs. 2 lakhs
- No minimum balance required.
- The scheme provide life cover of Rs. 30,000/- payable on death of the beneficiary, subject to fulfillment of the eligibility condition.
- Easy Transfer of money across India
- Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
- After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
- Access to Pension, insurance products.
- 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 2019-2020.
- Overdraft facility upto Rs. 10,000/- is available in only one account per household, preferably lady of the househol
All Other Benefits of PMJDY
Pradhan Mantri Jan Dhan Yojana (PMJDY) was introduced with a target of opening bank accounts for around 7.5 crores uncovered households in India by 26th of January, 2015. This scheme was successful in opening around 12.54 crore accounts by 31st January 2015 with deposits exceeding Rs. 10,000 crores. PMJDY scheme is also certified by the Guinness World Records for its achievements which states that most bank accounts opened in one week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved by the Department of Financial Services, Government of India.
Some of the benefits provided under this scheme are mentioned below:
- The scheme covers both the urban as well as the rural areas and provides an indigenous Debit Card (RuPay card) to each of its account holders.
- No minimum balance is required for opening an account under this scheme. The beneficiary can open his/her account in any bank branch or Business Correspondent outlet at zero balance.
- It ensures to provide on Core Banking System (CBS) along with mobile banking using USSD facilities. A facility of call centre and a toll-free number is available nationwide.
- Pradhan Mantri Jan Dhan Yojana provides each beneficiary with basic banking accounts with a debit card with inbuilt accident insurance.
- Rs. 5,000 overdraft facility for Aadhar-linked accounts as well as a RuPay debit card with inbuilt Rs. 1 lakh accident insurance cover is one of the main features provided by this scheme.
- For accounts that are opened between 15th August 2014 and 26th January 2015, a Life Insurance cover of Rupees 30,000 is provided to the eligible beneficiaries. Also after remaining active for 6 months, the beneficiary will be eligible for an overdraft of up to Rs 5,000.
Document required to open an account under Pradhan Mantri Jan-Dhan Yojana
An account can be opened by presenting an officially valid document.
- the passport,
- the driving licence,
- the Permanent Account Number (PAN) Card,
- the Voter’s Identity Card issued by Election Commission of India,
- job card issued by NREGA duly signed by an officer of the State Government,
- the letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number, or
- any other document as notified by the Central Government in consultation with the Regulator:
- 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:—
- identity card with 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.
Implementation of Pradhan Mantri Jan Dhan Yojana
The implementation of Pradhan Mantri Jan Dhan Yojana (PMJDY) occurred in three phases:
Phase I: 15 August 2014 – 14 August 2015
- PMJDY scheme was implemented during this period with an aim to provide universal access to banking facilities for all the household families across the country with at least one basic banking account with RuPay Debit Card which had an inbuilt accident insurance cover of Rs 1 lakh.
- It provided a financial literacy programme to the villages.
- Issuing of the Kisan Credit Card was also proposed during this period.
Phase II – 15 August 2015 – 14 August 2018
- It aimed at providing microinsurance to the people and pension schemes like Swavalamban to the unorganised sector through the Business Correspondents.
Phase III – after 14 August 2018
- PMJDY focused on opening accounts for every household with an existing Overdraft (OD) limit of Rs 5,000 to be raised to Rs 10,000. No conditions were attached for OD up to Rs 2,000.
- The age limit for availing the OD facility was revised from 18-60 years to 18-65 years.
- Under this expanded coverage, an accidental insurance cover for new RuPay card holders was raised from Rs. 1 lakh to Rs. 2 lakh if the accounts were opened after 28.8.18.
