Introduction

The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a flagship financial inclusion scheme launched by the Government of India on August 28, 2014. It aims to provide banking facilities to every household in the country, ensuring that even the underprivileged have access to financial services.

Objectives of PMJDY

  • Provide banking services to the unbanked population.
  • Offer zero-balance accounts with additional benefits.
  • Promote financial literacy and digital transactions.
  • Ensure social security through insurance and pension schemes.

Key Features of PMJDY

  1. Zero-Balance Bank Account

    • No minimum balance required.
    • Accounts can be opened at any public or private sector bank.

  2. RuPay Debit Card

    • Comes with accidental insurance coverage of ₹2 lakh.

  3. Overdraft Facility

    • Up to ₹10,000 after six months of satisfactory transactions.

  4. Life Insurance Cover

    • ₹30,000 life insurance for account holders.

  5. Direct Benefit Transfer (DBT)

    • Government subsidies and welfare benefits are credited directly into Jan Dhan accounts.

  6. Mobile Banking Access

    • Digital banking services available through mobile phones.

  7. Interest on Deposits

    • PMJDY accounts earn interest like regular savings accounts.

Eligibility Criteria

  • Any Indian citizen can open an account.
  • Minors above 10 years can open an account with a guardian.
  • No existing bank account is required to apply.

How to Open a PMJDY Account?

  1. Visit the nearest bank (Public/Private/Scheduled Banks).
  2. Submit required documents (Aadhaar Card, Voter ID, or any government-issued ID).
  3. Fill out the account opening form.
  4. Get a RuPay Debit Card and start transactions.

Benefits of PMJDY

  • Financial empowerment for rural and low-income individuals.
  • Access to insurance, loans, and pension schemes.
  • Encourages digital banking and cashless transactions.
  • Supports economic growth by increasing financial inclusion.

Conclusion

PMJDY has been a game-changer in financial inclusion, helping millions of Indians gain access to essential banking services. It has improved economic stability, promoted savings, and ensured that financial benefits reach every citizen directly.