PM Jan Dhan Yojana: Benefits & Eligibility

Pradhan Mantri Jan Dhan Yojana (PMJDY) is a national mission for financial inclusion launched by Prime Minister Narendra Modi on August 28, 2014. The scheme is under the Ministry of Finance and aims to provide comprehensive banking services to every unbanked household in India. It is one of the largest financial inclusion initiatives in the world, providing zero balance bank accounts with a RuPay debit card, accident insurance cover and overdraft facility.

Key Features

The scheme offers zero balance savings bank accounts with no minimum balance requirement. Each account holder receives a RuPay debit card with free insurance coverage. Accident insurance cover of Rs 2 lakh is provided to the cardholder. After six months of satisfactory operation, account holders become eligible for an overdraft facility of up to Rs 10,000. Life insurance cover of Rs 30,000 is also available for eligible account holders.

Eligibility

Any Indian citizen above 10 years of age is eligible to open an account under PMJDY. One account per person is allowed. There is no minimum balance requirement making it accessible to the poorest citizens. The scheme targets previously unbanked households and individuals.

Benefits and Impact

The scheme has brought millions of unbanked Indians into the formal banking system. It has enabled direct transfer of government subsidies and benefits to beneficiaries accounts, reducing leakages and corruption. The RuPay card allows cashless transactions and access to banking services anywhere in India.

How to Open an Account

Visit any bank branch with your Aadhaar card. Fill the simple account opening form. The bank official will complete the verification using your Aadhaar and issue the RuPay card immediately. Banking Correspondents (BCs) also visit villages to open accounts for rural residents who cannot visit bank branches.

Documents Required

• Aadhaar Card (accepted as both identity and address proof)
• Passport size photograph
• Mobile number