Pradhan Mantri Jan Dhan Yojana is a financial inclusion scheme launched by the Government of India in August 2014. Pradhan Mantri Jan Dhan Yojana or PMJDY offers easy access to banking service for every Indian citizen. It aims to develop a savings trend in citizens by making available banking system and bank account to each family in urban, semi-urban and rural areas of the country. This article aims to explain you the Pradhan Mantri Jan Dhan Yojana Application Process and Criteria. You may know more details about the Pradhan mantra Jan Dhan Yojana by clicking here.
Under Pradhan Mantra Jan Dhan Yojana, life insurance and accident cover insurance is also made available to the bank account holders. Let’s know about the process of opening the Pradhan Mantri Jan Dhan Yojana account, the related insurance scheme, and its benefits in detail.
JAN DHAN YOJANA APPLICATION FORM
Jan Dhan Application form is also called as ‘Financial Inclusion Account Opening Form’, This form is available at the banks that open the PMJDY accounts, PMJDY centers and also online through the PMJDY website on the link https://www.pmjdy.gov.in/files/forms/account-opening/English.pdf or https://www.pmjdy.gov.in/files/forms/account-opening/hindi.pdf
The form is available in English as well as in Hindi. This form is to be duly filled and submitted to the Bank.
The main contents of the form are:
- Bank Details where the account is being opened.
- Scheme Applicant’s Detail
- Nominee Details
Below is how the Pradhan Mantri Jan Dhan Yojana Account opening form looks like.
The Hindi version of the form is below:
Along with the application form, you will require following documents for opening the Pradhan mantra Jan Dhan Yojana account-
- Ration card
- Voter ID card
- PAN card
- Permanent/temporary address proof that could be an electricity bill, water bill, or gas connection bill.
- Aadhaar card
- Government ID proof
- Any other documents as requested by the bank
PROCESS FOR ACCOUNT OPENING:
The Pradhan Mantri Jan Dhan Yojana account opening form shall be duly filled and submitted to the nearest bank branch for opening the account. Usually, all the banks offering the PMJDY accounts have a special Jan Dhan Yojana Desk where a Bank Mitr (Jan Dhan Professional) will help you in opening the account. The person willing to open the account needs to submit the Bank opening form along with some ID proof and address proof. You may submit Aadhaar card in place of these proofs. You also need two passport size photographs during the process of opening the bank account.
On successful submission of the documents, the bank will open your Jan Dhan account in few working days and issue you a checkbook, passbook, RuPay Debit card and Jan Dhan Yojana information kit, if required.
Once the Pradhan Mantri Jan Dhan account is set up, the bank offers up to Rs. 5,000 loan after 6 months of opening the account.
Account holders under the Pradhan mantra Jan Dhan Yojana can get insurance coverage of Rs. 30,000 if they have accidental insurance coverage above Rs. 2 lakhs, and if their accounts are opened before 26th January 2015.
PRADHAN MANTRI JAN DHAN YOJANA RULES AND REGULATIONS FOR LIFE COVER
The account holders who opened their account between 15th August 2014 to 26th January 2015 under PMJDY gets the benefit of a life cover insurance. The Pradhan Mantri Jan Dhan Yojana offers Rs. 30,000 to the nominated family member if the life assured person dies.
To avail the life cover benefit, the account holder should meet the following requirements:
- The account should be opened between 15th August 2014 and 26th January 2015. It should be the first account opened by the person.
- The account holder needs to be in the age group of 18-59 years and should be head of the family or source of income. If a head of the family is more than 60 years of age, the second earning member of the family will get the policy benefit.
- The account holder should have RuPay card and Aadhar card linked to his/her bank account.
- The RuPay card shall be valid at the time of availing this benefit.
- Only one member of the family is eligible for the cover. If multiple members of the family have accounts, the benefit will be calculated based on only one account.
- This life cover is effective until the financial year 2019-2020 ie. Only for 5 years. After this, the review of scheme will happen and some rules may change.
PEOPLE NOT ELIGIBLE FOR BENEFITS OF LIFE COVER UNDER PRADHAN MANTRI JAN DHAN YOJANA
- Central and state government employees and their families also.
- Existing or retired employees of central government or state government, Public Sector Undertakings, Public sector banks, or any entity owned jointly by central and state government and their families also.
- Income tax paying person and his family (person taxable under Indian Income Tax Act, 1961)
- Individuals and their families covered by Aam aadmi Beema Yojana. They have to choose between two schemes and enjoy the benefit of any one of them.
EXIT RULES OF PRADHAN MANTRI JAN DHAN YOJANA
An account holder will need to exit the scheme on reaching 60 years of his/her age.
CLAIM SETTLEMENT PROCEDURE FOR LIFE COVER UNDER PRADHAN MANTRI JAN DHAN YOJANA
The Process for Claim settlement for the Life Cover under PMJDY accounts is as follows:
- Following the unfortunate death of the account holder, an amount of Rs. 30,000 is payable to his family.
- The Nodal branch or District Branch of the concerned bank will form the claim papers and submit them to LIC’s pension and Group scheme unit where processes it further.
- The nominee of the account holder will receive the claim.
- The Nominee will receive the claim through NEFT or ABPS directly in his bank account.