Pradhan Mantri Jan Dhan Yojana (PMJDY) 2023: PMJDY is the Pradhan Mantri Jan Dhan Yojana. In 2023, India’s financial inclusion landscape has undeniably changed as a result of Prime Minister Narendra Modi’s national-scale initiative, the Pradhan Mantri Jan Dhan Yojana (PMJDY).
The objective of this initiative is to ensure that all segments of the Indian population have access to financial services, including savings, credit, pensions, loans, and remittances. The Indian government initiated the PMJDY in 2014.
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Eligibility for the Pradhan Mantri Jan Dhan Yojana
- Must hold Indian citizenship.
- Should be at least ten years old.
- Ought not to maintain a bank account.
Aspects of the Pradhan Mantri Jan Dhan Yojana
1) One individual is permitted one account if they do not have a bank account in their own name.
2) Based on the interest rate the bank offers for savings accounts.
3) There is no mandatory minimum balance requirement for the account. The account would remain operational notwithstanding its zero-balance status.
4) An interest rate is applied to the quantity deposited into the account.
5) A RuPay debit card is provided in the account holder’s name as a complimentary credit.
6) Account holders of PMJDY are qualified to receive coverage for life and accidental insurance. The insurance coverage for accounts initiated before August 28, 2018, is Rs. 1 lakh; starting from that date, the coverage has been enhanced to Rs. 2 lakh.
Advantages of the Pradhan Mantri Jan Dhan Yojana
- Micro Units Development & Refinance Agency Bank (MUDRA), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) schemes are accessible through PMJDY accounts.
- Interest income is accrued on the quantity deposited.
- Free insurance protection
- Subsidies and grants from the government can be deposited directly into your PMJDY account. A maximum overdraft (OD) of Rs. 10,000 is available to account holders who meet the eligibility criteria. The overdraft facility grants immediate access to funds to assist with unforeseen financial circumstances.
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