Pradhan Mantri Jan Dhan Yojana (PMJDY) is one of the world’s largest financial inclusion initiatives. This was announced by Prime Minister Narendra Modi on August 15, 2014 from the ramparts of the Red Fort.
Financial services may be Banking/Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. The program was launched on August 28.
PM Narendra Modi described it as a festival celebrating the poor’s escape from the vicious circle. He had referred it to the ancient Sanskrit verse: Sukhasya Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam. It will involve people in economic activity.
Features of Pradhan Mantri Jan Dhan Yojana (PMJDY):
The plan covers both rural and urban in the country. It provides every household with access to financial literacy, access to credit, insurance and pension it provides universal access to banking facilities through at least one basic account.
People can open their account in any bank branch or Business Correspondent (Bank Mitr) outlet.
For three security schemes, PMJDY provided a platform namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY) and Pradhan Mantri Mudra Yojana (PMMY).
Accounts opened under PMJDY with Zero balance. If the account-holder wants a cheque book then he/she has to fulfil minimum balance criteria.
Under this scheme, the account holders are provided with a RuPay debit card that can be used to withdraw cash on all ATM machines.
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Special benefits of Pradhan Mantri Jan Dhan Yojana (PMJDY):
- Interest on deposit will be provided.
- Accidental insurance cover of Rs. 1 lakh.
- Under PMJDY, the claim under Personal Accidental Insurance shall be payable of the RuPay Cardholder have performed minimum one successful financial or non-financial customer transaction at any Bank Branch Bank Mitra, ATM, POS, E-COM, etc. Channel both the Intra and Inter-bank and Bank Customer/RuPay Cardholder transacting at other Bank Channels within 90 days prior to the date of accident including accident date will be included as eligible transactions under the RuPay Insurance Program 2019-2010.
- No minimum balance required. But for withdrawal of money from any ATM with RuPay Card need some balance and is advised to be kept in an account.
- Life cover of Rs. 30,000 that will be payable on the death of the beneficiary, subject to fulfilment of the eligibility condition.
- Across India, easy transfer of money.
- People who will get benefit from Government Schemes will get Direct Benefit Transfer in their accounts.
- An overdraft facility will be permitted, after satisfactory operation of the account for 6 months.
- Access to Pension, insurance products.
- Accidental Insurance Cover, RuPay card must be used at least once in 45 days.
- Overdraft facility up to Rs 5000 is given for only one account per household, preferably lady of the household.
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Documents required to open the account under PMJDY
- If a person has Aadhaar Card/Aadhaar Number then no other documents are required. If the address is changed then a self-certification of the current address will work.
- In case Aadhaar Card is not available, then any one of the mention documents officially will be valid: Voter ID Card, Driving License, PAN Card, passport and NREGA Card. If these documents have the address of the person then it will also act the “Proof of Identity and Address”.
- If the person does not have any of the above mentioned documents then it is categorised as ‘low risk’ by the banks. Then he/she can open a bank account by submitting the following documents as mentioned below:
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;
Or Letter issued by a gazette officer, with a duly attested photograph of the person.
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Pradhan Mantri Jan Dhan Yojana (PMJDY): Guinness Book of World Records
The achievements made under PMJDY are also recognised by the Guinness Book of World Records and got the certificate by stating that the “Most bank accounts opened in one week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved by the Department of Financial Services, Government of India from 23 to 29 August, 2014.”
We know that due to a coronavirus pandemic and a 21-day Lockdown in the country, the Indian government announced some relief plans to address the interests of the poor and needy with the help of Pradhan Mantri Garib Kalyan Yojana.
