Pradhan Mantri Jan Dhan Yojana is a central government scheme of India. It was launched on 15th August 2014. The scheme provides easy access to financial services to poor and needy people of India. Under Pradhan Mantri Jan Dhan Yojana everyone in the country gets easy access to various financial services like Remittance, Credit, Insurance, Pension, Savings and Deposit Accounts.
The aim of Pradhan Mantri Jan Dhan Yojana is to open a bank account of every individual in the country. This scheme will benefit that section of society which has not gained the benefits of government financial schemes in past. Every citizen of India who is eligible for Pradhan Mantri Jan Dhan Yojana can open a bank account. he/she need not to deposit any money in it.
Following are the eligibility conditions to enjoy the benefits of Pradhan Mantri Jan Dhan Yojana:
- Any INDIAN citizen is eligible to open the Pradhan Mantri Jan Dhan Yojana bank account.
- Children above the age of 10 years are eligible for Pradhan Mantri Jan Dhan Yojana. They need to have a guardian to help them manage their account.
- Individuals without having an “Indian Nationality” proof can also be eligible for opening Pradhan Mantri Jan Dhan Yojana. they can do so if the bank does a ground research on them and categorize them as “low risk” individual.
- An Individual having an existing savings bank account can also transfer his/her account to Pradhan Mantri Jan-Dhan Yojana to enjoy its benefits.
INCOME AND AGE LIMIT FOR PRADHAN MANTRI JAN DHAN YOJANA
Minimum age limit for minors is 18 years. Otherwise, any Indian resident above 18 years of age can open this account. But they need to exit this scheme on reaching 60 years of age. Pradhan-Mantri-Jan-Dhan Yojana is primarily for poor section of India hence Income is not a bar to open PMJDY account.
PRADHAN MANTRI JAN DHAN YOJANA BENEFITS:
The Pradhan Mantri Jan Dhan Yojana aims to benefit the poor section of society who were earlier deprived of enjoying financial benefits offered by various Government schemes so that they can be financially secure and independent. Under this scheme, the needy individuals get the bank account and insurance coverage. Not only the scheme benefits common people but it also helps to strengthen the overall economy of the country.
Following are the major benefits of PMJDY scheme:
- Insurance Coverage: The account holders in Pradhan Mantri Jan Dhan Yojana gets accidental life cover insurance of Rs. 100000 as well as life insurance coverage of Rs. 30000.
- Loan Benefits: After 6 months of opening the bank account, the account holder can take up to Rs. 5000. This loan comes with zero processing fee and the repayment tenure is 36 months. This loan amount, although not a large amount, but will help the people below poverty line. The loan amount can also be increased based on the repayments of the borrower.
- Mobile Banking: Pradhan Mantri Jan Dhan Yojana is technology friendly. All the account holders can check and transfer money using mobile banking.
- Zero Balance: the account holders of Pradhan Mantri Jan Dhan Yojana need not maintain any minimum balance in their account.
- Rupay Kisan Debit Card: The account holders get a Rupay debit card by which they can withdraw money through ATMs.
- Interest: Account holders get attractive interest on their deposits.
- Direct Benefit Transfer: having a bank account of every Indian citizen allows Direct Benefit Transfer for the beneficiaries of Government schemes.
- Others: Account holders under the Pradhan Mantri Jan Dhan Yojana gets easy access to pension and other insurance products. They can also transfer money easily to India.
OPENING THE PRADHAN MANTRI JAN DHAN YOJANA ACCOUNT
There are a number of Private as well as public sector banks in India that provide the Pradhan Mantri Jan Dhan Scheme. Under this scheme, opening a bank account has become very easy.
Any Indian Citizen can easily open the Pradhan Mantri Jan Dhan Yojana account by visiting your nearest bank branch or being a part of PMJDY camp conducted in your area. There are over 60,000 PMJDY camps all over India.
Following are the list of required documents to open a bank account under Pradhan Mantri Jan Dhan Yojana:
- Current or permanent Address proof
- Aadhaar Card: It is mandatory to have an Aadhaar card for opening a bank account under Pradhan Mantri Jan Dhan Yojana. If the individual does not have an Aadhaar card at the time of opening the account, then he/she needs to register for Aadhaar number and submit it later.
- Two passport size photographs.
- In absence of address proof, the person has to provide valid government-issued identity proof.
- In absence of Identity proof also, the person needs to submit authority letter by gazette officer mentioning that the person is a resident of India.
- If the individual cannot provide any of the above-mentioned documents to prove its address, then also bank can open his/her account called as “low-risk account” by conducting a ground check. These are temporary accounts for 12 months. These accounts will convert to permanent account if the individual submits required documents within 12 months.
PRADHAN MANTRI JAN DHAN YOJANA FORM
The Pradhan Mantri Jan Dhan Yojana form is available with all the participating banks. They can also be downloaded from PMJDY official website which is http://www.pmjdy.gov.in.
Details of the process to fill this form can also be found here.
JAN DHAN YOJANA 2017
‘Pradhan Mantri Jan Dhan Yojana’ launched on 15th August which became a great success and even broke the world record for the number of bank records opened in a week under any scheme. Looking at this success, the government has offered its citizens to enroll in the scheme in 2017 called Jan Dhan Yojana 2017. The application form for enrolling in Jan Dhan Yojana 2017 can be downloaded from the link http://www.pmjdy.gov.in/web-search.aspx?q=form
PRADHAN MANTRI JAN DHAN YOJANA HELPLINE
To answer any queries regarding Pradhan Mantri Jan Dhan Yojana or to clear doubts about the process in the scheme, the Government of India has also set up dedicated toll-free numbers.
The toll-free numbers are 1800-110011 and 1800 180 1111
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