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, Pension in an affordable manner.
Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.
Documents required to open an account under Pradhan Mantri Jan-Dhan Yojana
Special Benefits under PMJDY Scheme
- Interest on deposit.
- Accidental insurance cover of Rs.1.00 lac
- No minimum balance required.
- Life insurance cover of Rs.30,000/-
- 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.
- Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
- Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.
Basic Savings Bank Deposit Account (BSBDA):
By default, all the zero balance account opened under are Pradhan Mantri Jan-Dhan Yojana (PMJDY) are Basic Savings Bank Deposit Account (BSBDA). BSBDA has been defined by RBI vide its circular dated 10.08.2012. Its salient features are:
These facilities are to be provided without any extra cost.
Other Features:
- PMJDY focuses on coverage of households as against the earlier plan which focused on coverage of villages. It focuses on coverage of rural as well as urban areas. Earlier plan targeted only villages above 2000 population while under PMJDY whole country is to be covered by extending banking facilities in each Sub-Service area consisting of 1000 – 1500 households such that facility is available to all within a reasonable distance, say about 5 Km.
- Any individual above the age of 10 years can open BSBDA Account.
- Rupay Debit Card is an indigenous domestic debit card introduced by National Payment Corporation of India (NPCI). This card is accepted at all ATMs (for cash withdrawal) and at most of the PoS machines (for making cashless payment for purchases) in the country.
- RuPay Debit Card provides accidental insurance cover upto Rs.1.00 lac without any charge to the customer.
- To get benefit of Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
- Overdraft facility upto Rs.5000/- will be available to one account holder of PMJDY per household after 6 months of satisfactory conduct of the account. To avoid duplication Aadhaar number will also be required. If Aadhaar number is not available then Bank will do additional due diligence and also seek declaration from the beneficiary.
- Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.
- Reserve Bank of India (RBI) vide its Press Release dated 26.08.2014 has further clarified as under: “Those persons who do not have any of the ‘officially valid documents’ can open “Small Accounts” with banks. A “Small Account” can be opened on the basis of a selfattested photograph and putting his/her signatures or thumb print in the presence of an officials of the bank. Such accounts have limitations regarding the aggregate credits (not more than Rupees one lac in a year), aggregate withdrawals (nor more than Rupees ten thousand in a month) and balance in the accounts (not more than Rupees fifty thousand at any point of time). These accounts would be valid normally for a period of twelve months. Thereafter, such accounts would be allowed to continue for a further period of twelve more months, if the account-holder provides a document showing that he/she has applied for any of the Officially Valid Document, within 12 months of opening the small account.
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Pradhan Mantri Jan Dhan Yojana (PMJDY), is the scheme which was inaugrated by the Current Prime Minister of India Narendra Modi on the eve of Independence, 15 August 2014. The scheme is for the people of age group 18 to 65 years. It is a Financial Inclusion scheme. PMJDY is to make the financial services accessible and affordable by the people as it consist of the bank accounts, remittances, credit, insurance and pensions.
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