What is PM Jan Dhan Yojana and Who is Eligible for It?

There’s a bank for everyone but not everyone has a bank account. India is the second country after China with the highest unbanked population. The reason could be many but the solution is one- PM Jan Dhan Yojana.

Prime Minister Narendra Modi started a scheme that benefits the greatly poor and financially weak population of India. The main of this yojana was not limited to providing monetary benefits but also giving them banking facilities, insurance, and pension facility.

However, not anyone can open an account as per this scheme. Check the eligibility criteria, documents required, and banks that are eligible under PMJDY.

Pradhan Mantri Jan Dhan Yojana- Commencement and Goal

pm jan dhan yojana
via:fintra

PM Modi introduced this scheme on the day of independence in 2014. He made this announcement from the historic Red and it was launched a few days later on 28 August 2014.

He had described the move as an opportunity to remove poverty from the life of people. And as the first step, the target of opening 7.5 crore bank accounts was set up. Within a few months, around 4 crore accounts with zero balance were opened under this scheme.

The main goal of starting the largest financial inclusion scheme in the world was to provide banking, insurance, and pension facilities to economically weak people.

Also Read: How To Check The Status Of PM Kisan Samman Nidhi Installment

Benefits of the PMJDY Scheme

pm jan dhan yojana
via:bankofbaroda

  1. Interest on savings
  2. No minimum balance is required but this is mandatory in case you opt for a cheque facility
  3. Accidental insurance coverage up to Rs 1 Lakh
  4. Rs 30,000 will be given to the family of beneficiaries in case of death however only those who opened accounts between 20 Aug’2014 and 31st Jan’2015 are eligible for life coverage.
  5. Direct benefit transfer
  6. Beneficiaries can use Accident insurance within 90 days of the accident
  7. An overdraft facility of Rs 5000 will be given to one account holder( especially females) per family

Who Can Open Account Under PMJDY?

Although anyone can get the facilities mentioned under this scheme, they should meet a few requirements. These are as follows:

  • You are eligible if you are a permanent citizen of India
  • Your age should not be less than 10
  • You don’t have a bank account before applying to this scheme

What are the Documents Needed For Opening PMJDY Account?

pm jan dhan yojana
via:indianwomenblog

To open a bank account in PM Jan Dhan Yojana and get all these benefits, you need to have proper documents. Have a copy of these documents beforehand:

  • Passport
  • Voter ID
  • Aadhar card
  • PAN card
  • Driving license
  • NREGA card
  • Any ID card issued by the department of state or central government. If you don’t have this, then an identity card issued by public financial institutions or scheduled commercial bank is also eligible
  • A letter of opening bank account attested by Gazetted Officer along with attested photo

Steps for Opening PM Jan Dhan Yojana Account

pmjdy bank list
via:indiatoday

  • The process is completely online. Go to the official website and get the form under the e-documents section
  • Take a print out and fill the form. You can download it in either Hindi or English.
  • Submit the form with copies of documents mentioned above in the banks eligible under PMJDY.

Around 10 private sector banks such as ICICI, Axis, HDFC, Federal, Induslnd, Kotak, YES Bank, ING Vysya, Dhanalaxmi, and Karnataka bank offer this facility. You can either apply for the PM Jan Dhan yojana scheme in any of these public sector banks as well:

  • IDBI
  • Canara
  • Bank of India
  • Punjab and Sind
  • PNB
  • Syndicate
  • Dena Bank
  • Allahabad Bank
  • Union Bank of India
  • SBI
  • Bank of Baroda
  • BoI
  • Oriental bank of commerce

Follow the process as given in the post and get the benefits of this scheme.

 

 

 

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