Pradhan Mantri Jan Dhan Yojana PMJDY

Pradhan Mantri Jan Dhan Yojana PMJDY 


Pradhan Mantri Jan Dhan Yojana PMJDY 

--- is a financial inclusion program launched by the Govt of India in Aug 2014. Its aim is to provide access to financial services such as banking and insurance to every household in the country, particularly those in rural and remote areas who have been excluded from the formal banking system. The following are the key features of PMJDY:


Opening of Zero-balance Savings Accounts: PMJDY provides for the opening of savings accounts with no minimum balance requirement, making banking accessible to all.


Overdraft Facility: PMJDY provides an overdraft facility of up to Rs. 10,000 for eligible beneficiaries who have satisfactory transaction history for six months.


Life Insurance: Pradhan Mantri Jan Dhan Yojana PMJDY provides a life insurance cover of Rs. 30,000 to account holders who are in the age group of 18 to 59 years.


Accidental Insurance: Pradhan Mantri Jan Dhan Yojana PMJDY provides an accidental insurance cover of Rs. 2 lakhs to eligible beneficiaries.


RuPay Debit Card: Pradhan Mantri Jan Dhan Yojana PMJDY provides a RuPay debit card to account holders to enable cashless transactions.


Direct Benefit Transfer: Pradhan Mantri Jan Dhan Yojana PMJDY enables the government to transfer subsidies and benefits directly to the account holders, reducing leakages and corruption.


To open an account under PMJDY, an individual needs to visit a bank branch and submit proof of identity and address. There is no minimum age limit for opening an account, and minors can open the account with a guardian as a joint holder.


PMJDY has been successful in achieving its objectives, with over 40 crore accounts opened as of 2021, and has helped in expanding financial inclusion in the country.

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