Pradhan Mantri Jan Dhan Yojana: Eligibility, Documents, Advantage
Pradhan Mantri Jan Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance and Pension in an affordable manner.
After being elected as the Prime Minister of the world’s one of the fastest growing countries Honourable Shri Narendra Modi has launched many schemes to improve the quality of living of the people. Jan dhan yojana is one of such initiatives taken by our Prime Minister. Here I’m going to discuss a few lines about this scheme.
Pradhan Mantri Jan Dhan Yojana
What is Jan Dhan Yojana?
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a nation wide scheme launched by Indian government in August 2014 under which at least one in every Indian family will be enrolled in a bank for opening an account. This scheme not only provides the families of India to have an account but it also offers various benefits to the poor families. This new scheme is the 1st step towards ensuring that financial access to everyone who was not able to get benefits of many other finance related government schemes.
1. An individual who holds an Indian nationality is eligible to open an account under this scheme.
2. A minor is also eligible to open an account under this but he should be of above 10 years at least and should has a guardian to manage the account. He will also be eligible for a RuPay Card on which one can withdraw 4 times from any ATM.
3. An Individual who does not hold any valid documents to prove that he is an Indian national but after the bank does their ground research and categorizes the person into “low risk” is eligible to open the account under this scheme.
4. An individual who has any identity proof authorized by any gazette officer is eligible to open the account under this scheme.
5. An individual having an existing bank savings account with the bank can transfer his account to Pradhan Mantri Jan Dhan Yojana account so he is eligible for the benefits from that account.
Documents Required for Jan Dhan Yojana
- 1. A valid current or permanent address proof like passport, aadhar card etc.
- 2. should have valid documents mentioning the transfer of address in case of any changes in Address.
- 3. If he/she does not have valid residential proof, one can also show identity proof that has been issued by government of India.
- 4.passport size photographs 2
Anyone if fails to submit any of the above proofs, then the bank will do a ground check of the individual. If the approached bank finds the individual to fall under “low risk” category then they will be given a chance to open a temporary account for 12 months. This is known as Small Account. For converting this account into permanent account they have to submit valid documents before the completion of the tenure of 12 months with the bank.Following are the limitations levied by RBI on this.
1. not more than 1 lakh rupee loan per year
2.cannot withdraw more than 10,000 rupees per month.
3.cannot deposit more than 50,000 rupees in account
4.Valid for 12 month only.
Banks where one can open an account?
1.Axis Bank Ltd.
2.Dhanalaxmi Bank Ltd.
3.Federal Bank Ltd.
4.HDFC Bank Ltd.
5.ICICI Bank Ltd.
6.IndusInd Bank Ltd.
7.ING Vysya Bank Ltd.
8.Karnataka Bank Ltd.
9.Kotak Mahindra Bank Ltd.
10.YES Bank Ltd.
14.Bank Of Baroda.
15.Bank Of India.
16.Bank Of Maharashtra.
17.Bhartiya Mahila Bank.
19.Central Bank Of India.
24.Oriental Bank of Commerce.
25.Punjab National Bank.
26.Punjab & Sind Bank.
27.State Bank of India (SBI) and all it’s 5 affiliated banks :
State Bank of Bikaner & Jaipur,
State Bank of Hyderabad,
State Bank of Mysore,
State Bank of Patiala,
State Bank of Travancore.
29.Union Bank of India.
Advantages of PM jan dhan yojana :
1. Overdraft facility:
The account holder can take loan benefit of up to Rs.5000 from the bank after six months from opening the account. The loan benefit can be a great boon for those people who could utilize the loan amount and invest it in a more profitable outcome, particularly in farming or other agricultural prospect.
2. Insurance facility:
As per this scheme the account holders will be given worth Rs.30000 insurance coverage if they comply with certain specification of the scheme which includes opening an account by January 26, 2015 and having an accidental insurance coverage of over Rs. 1,00,000.
3. It aids financial inclusion, will rescue villagers from the clutches of evil money lenders.
4. With a new bank account each family will be getting a RuPay debit card that they can use to withdraw money from the account.
So, this is a great advantage to those who don’t even have a bank account still………Hope you utilize this scheme.For resolving any queries contact toll-free numbers 1800 11 0001 and 1800 180 1111.
Special Benefits under PMJDY Scheme
- Interest on deposit.
- Accidental insurance cover of Rs. 1 lac
- No minimum balance required.
- The scheme provide life cover of Rs. 30,000/- payable on death of the beneficiary, subject to fulfillment of the eligibility condition.
- Easy Transfer of money across India
- Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
- After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
- Access to Pension, insurance products.
- The Claim under Personal Accidental Insurance under PMJDY shall be payable if the Rupay Card holder have performed minimum one successful financial or non-financial customer induced transaction at any Bank Branch, Bank Mitra, ATM, POS, E-COM etc. Channel both Intra and Inter-bank i.e. on-us (Bank Customer/rupay card holder transacting at same Bank channels) and off-us (Bank Customer/Rupay card holder transacting at other Bank Channels) within 90 days prior to date of accident including accident date will be included as eligible transactions under the Rupay Insurance Program 2016-2017.
- Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.
Download Application Forms