#PolicyExplainer: All about Pradhan Mantri Jan Dhan Yojana
The Government of India launched Pradhan Mantri Jan Dhan Yojana (PMJDY) back in 2014 as a financial inclusion mission aimed at providing basic financial services. Within a week after its launch, PMJDY saw 1.8 crore accounts being opened, and made its way into the Guinness Book of World Records. Since then, enrolments have consistently grown. Here's everything you need to know about the scheme.
What is the Pradhan Mantri Jan Dhan Yojana?
A national level financial inclusion mission of the Government of India, PMJDY aims to provide easy and affordable access to basic financial services across the country. These include savings & deposit accounts, remittance, credit, insurance, and pension services. In the four years since its announcement, the scheme has seen more than 32 crore accounts being opened, with over Rs. 79,500cr deposited in them.
Narendra Modi: PMJDY a reflection of poor India's rich hearts
"Pradhan Mantri Jan Dhan Yojana is a reflection of how rich India's poor are at heart. Without any obligation to put any money in the 0 balance accounts, they didn't open an empty account," PM Narendra Modi said earlier, lauding the deposits in PMJDY accounts.
Who all can open an account under the PMJDY scheme?
All adult individuals, with an Indian nationality, and valid identity proof(s) can open an account under PMJDY. Minors aged 10 years or above, can also open a PMJDY account with the support of their guardians for administering it. Basic savings account holders can also transfer or link their existing account to the Jan Dhan Yojana so as to avail its various benefits.
The special benefits of the PMJDY scheme
PMJDY offers several advantages, which includes zero minimum balance requirements. The scheme also offers interest on deposits to account holders, accidental insurance cover upto Rs. 100,000, and easy money transfer facilities across the country. Post 6 months of an account being in operation, overdraft facility up to Rs. 5,000 is also permitted. The scheme also gives access to pension services.
How to open an account under the PMJDY scheme
The procedure of opening an account under the PMJDY is really simple. First off, head to a bank or other institution recognized by the government to open accounts under PMJDY. In the bank, approach the Jan Dhan Yojana support desk, also called 'Bank Mitra'. Fill up the account opening form provided, and submit it along with necessary ID proof and photographs.
