Pradhan Mantri Jan-Dhan Yojana (PMJDY)
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. PMJDY accounts 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.
Documents required to open an account under Pradhan Mantri Jan-Dhan Yojana
- If Aadhaar Card/Aadhaar Number is available then no other documents is required. If address has changed, then a self certification of current address is sufficient.
- If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”.
- If a person does not have any of the “officially valid documents” mentioned above, but it is categorized as ‘low risk' by the banks, then he/she can open a bank account by submitting any one of the following 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 gazette officer, with a duly attested photograph of the person.
Special Benefits Under PMJDY Scheme
- Interest on deposit.
- Accidental insurance cover of Rs.1.00 lac
- No minimum balance required.
- Life insurance cover of Rs.30,000/-
- 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.
- Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
- Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.
Frequently Ask Questions (FAQs)
Q1. What is Pradhan Mantri Jan-Dhan Yojana?
Q2. How is PMJDY different from the earlier Financial Inclusion Plan (Swabhimaan)?
Q3. Whether Joint account can be opened in Pradhan Mantri Jan-Dhan Yojana?
Q4. Under this Scheme, where can I open an account?
Q5. What is BSBDA Account ?
Q6. Whether there are any restrictions like age, income, amount etc. criteria for opening BSBDA by banks for individuals?
Q7. What is RuPay Debit Card?
Q8. What is PIN Number ?
Q9. How to keep your RuPay Card safe?
Q10. What is special advantage of RuPay Debit Card?
Q11. Whether illiterate customers can be issued RuPay Card?
Q12. How to link Mobile Number with Bank Account ?
Q13. How to keep debit card operational ?
Q14. How long the debit card is valid and how to get Debit Card renewed ?
Q15. If someone has two or more accounts and two or more RuPay Debit Cards, whether accidental insurance cove is available in each account / each card?
Q16. What is PoS Machine ?
Q17. Does a person already having a Bank account in any bank needs to open another account under Pradhan Mantri Jan-Dhan Yojna (PMJDY) to get the Accidental Benefit/Life Insurance Benefit under the Scheme?
Q18. What is the concept of overdraft of Rs.5000/- in PMJDY Account and for whom this facility is available?
Q19. Whether Overdraft facility can be availed in more than one account?
Q20. What is Accidental Insurance Cover? Who will pay the premium ?
Q21. If both husband and wife who are opening accounts under PMJDY are eligible for Accidental Insurance Cover of Rs.1.00 lac and Life Insurance cover of Rs.30,000/- and overdraft facility of Rs.5000/- in both the accounts separately?
Q22. What documents are required to open an account under Pradhan Mantri Jan-Dhan Yojana?
Q23. If the present address is different than that of printed on Aadhaar Card, can the account still be opened under Pradhan Mantri Jan Dhan Yojana on the basis of Aadhaar Card?
Q24. What is meant by Insurance cover of Rs.30,000/- announced by Prime Minister in his speech of 28.08.2014?
Q25. Whether Cheque Book will be issued in accounts opened under PMJDY?
Q26. What are the direct / special benefits attached to PMJDY?
Q27. I have no official valid document for opening an account. Can I still open an account with bank?
Q28. How much interest savings would earn in PMJDY Account?
Q29. How much interest will be charged by bank on overdraft facility in PMJDY?
Q30. Whether banks will be organizing Account Opening Camps in future also?
Q31. If I have required papers for issuance of Aadhaar Card, can I get Aadhaar Card in Bank and open my account under PMJDY simultaneously?
Q32. Do you have to pay some fee to open a Bank account under PMJDY?
Q33. Can a minor (below 18 years of age) can open an account under PMJDY?
Q34. Who is Business Correspondent Agent / Bank Mitra and what is their role in PMJDY?
Q35. How Bank Mitr helps us to use Banking Services ?
Q36. Who can be Bank Mitr ?
Q37. Can I get my PMJDY account transferred to other City / State upon my transfer posting to other States?
Q38. What is USSD based transaction and how to use it ?