Pradhan Mantri Jan Dhan Yojana, also popularly known as PMJDY was launched in August 2014. With this scheme the main focus of the government are those people who do not have bank accounts. With the launch of this scheme, Indian government aims at the financial inclusion of every individual.
According to the government, it is rather like a national mission. And the target of the mission is to provide all the financial services to each individual so that they can get benefits. Therefore, the scheme would cover financial services like banking, account opening, insurance, pension, remittance and credit.
An individual needs to have a valid bank account to fit into this scheme. Either you can open a bank account in any of the public sector bank or the private sector bank under the Pradhan Mantri Jan Dhan Yojana.
Which banks are offering Pradhan Mantri Jan Dhan Yojana?
Public as well as private sector banks are offering Pradhan Mantri Jan Dhan Yojana. These banks would organize camps on Saturdays to open bank accounts for individuals.
Public sector banks:
- Allahabad Bank
- Andhra Bank
- Bank Of Baroda
- Bank of Maharasthra
- Bhartiya Mahila Bank
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- IDBI Bank
- Indian Bank
- Oriental Bank of Commerce
- Punjab National Bank
- Punjab & Sind Bank
- State Bank of India (It includes all the 5 affiliates, namely, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore, State Bank of Hyderabad and State Bank of Bikaner & Jaipur)
- Syndicate Bank
- Union Bank of India
- Vijaya Bank
Private Sector Banks
- Axis Bank Ltd.
- Dhanalaxmi Bank Ltd.
- Federal Bank Ltd.
- HDFC Bank Ltd.
- ICICI Bank Ltd.
- IndusInd Bank Ltd.
- ING Vysya Bank Ltd.
- Karnataka Bank Ltd.
- Kotak Mahindra Bank Ltd.
- YES Bank Ltd.
What are the Documents required for opening a bank account under PMJDY?
When you want to open a bank account under PMJDY, make sure to carry below documents along with you.
- 2 passport sized recent photographs.
- Proof of permanent address/Identity Proof.
- In case address proof is not present, the requester can bring an authority letter from a gazette officer which clearly says that he/she is a resident of India.
- In case of address change, documents regarding the address transfer. The reason for transfer should be clearly mentioned.
- Is none of the above documents are present, the bank can also decide to do a ground check on their level. If the requester fits into low risk, a temporary account for 12 months will be opened due to security reasons. If the requester submits a valid identity proof by the end of 12 months, the temporary account will convert into permanent account.
Benefits of Pradhan Mantri Jan Dhan Yojana
- Savings interest on deposits made.
- Accidental insurance cover of up to 1 lacs.
- Zero balance account opened.
- Life cover of Rs. 30,000 (on eligibility).
- National transfer of money anywhere.
- Overdraft facility of up to Rs. 5000/- after 6 months.
- Easy pension and insurance access.
- Direct bank transfers for government beneficiaries.
Where can you get Pradhan Mantri Jan Dhan Yojana Forms?
First of all you need to download the form and fill it with correct information. You can then submit it to the bank to open a bank account and be a part of the scheme.
What is the Eligibility Criteria for Pradhan Mantri Jan Dhan Yojana?
An individual that fulfils the below eligibility criteria can apply for the Pradhan Mantri Jan Dhan Yojana
- He/she must a citizen of India.
- He/she must be 18 years of age. (If a minor wants to open a bank account, he should be at least 10 years of age. In such a case, a guardian must be there to take care of his account).
Only these 2 conditions are put by the Indian government because they did not want to put much pressure. People who already have a savings bank account in one of the bank listed above need not open a new account. Rather, they can transfer their existing account under the PMJDY scheme and enjoy the benefits.
What is the Age Limit for Pradhan Mantri Jan Dhan Yojana?
There is no upper age limit to the Pradhan Mantri Jan Dhan Yojana. However, there is a lower age limit. A minor has to be at least 10 years of age to take advantage of the scheme.
How to open a Pradhan Mantri Jan Dhan Yojana account?
First of all, you would need to visit the nearest bank branch of any of the banks listed above. Also, do not forget to take all the required documents. Since these banks have special authorized desks under the scheme, you can ask the receptionist where to go. They would guide you to the desk allocated to the PMJDY scheme.
The officials that would be guiding you are referred as Bank Mitr. Therefore, you can ask them for the account opening form. Fill the form and give a copy of the ID proof along with it. The bank would then process your account and update you.
What is RuPay Debit Card?
A RuPay debit card is an Indian debit card that was launched it 2012. It holds an advantage opposite to the most popular visa/master debit cards. The transaction cost would be much less and in addition to this, the transaction and withdrawal limits are also higher.
In addition to these advantages, the RuPay cards find usage in rural areas as well. Therefore, they are beneficial if you are making a transaction within India. You can use this card at all ATMs and PoSs for withdrawal and also to make payments.
What is Pradhan Mantri Jan Dhan Yojana Life cover?
The individuals who are opening a bank account for the first time hold a special advantage over the others. They get access to a Life cover of up to Rs. 30,000. Various other details of the Life cover under PMJDY include
- Age limit to avail this life cover is 18 to 59.
- First time account openers would get this benefit, furthermore the account must be opened during the period of 15-08-14 to 26-01-15.
- Risk cover scheme would not cover the entire family but only the head of the family.
- Life cover can be claimed from 26-01-15.
- In case the issuer exceeds the age limit, which means, he crosses the age of 59, the second head would get the cover.
- For the joint accounts, both people cannot get life cover. As a result, primary account holder would get the life cover.
- The individual should link his/her valid RuPay debit card with Aadhar.
- Public sector employees cannot take advantage of this scheme.
- In addition, a person filing yearly Income Tax return is not eligible.
- Also, the persons taking advantage of “Aam Admi Bima Yojana” are not eligible.
Also read: DigiLocker
What Death benefit eligibility set by PMJDY for Life Cover?
In case the individual dies, the first nominee can claim a sum of Rs. 30,000/- by fulfilling following conditions
- Make a claim to the bank.
- Furthermore, provide necessary documents including death certificate, aadhar copy of deceased, copy of Ration card, the claim form.
- Finally, the decision will be made between Pension and Group Scheme Office of LIC and the nominee (legal heirs of the deceased in case of absence of nominee).
How Good is the Performance of the PMJDY?
The PMJDY is doing well and a lot of new bank accounts have been opened under the scheme. However, a lot of people in the rural areas are still unaware of the scheme. Consequently, the government is aiming at creating more awareness. By the end of the year 2016, the government is panning to enhance the scheme so that more and more people can be a part of it.