Pradhan Mantri Jan-Dhan Yojana (PMJDY):
The ambitious scheme was launched in August 2014 to ensure access to basic financial services. Under the scheme, a basic savings bank deposit account can be opened in any bank branch or Business Correspondent outlet by an Indian citizen not having any other account. According to a consolidated data, over 47 crore accounts have been opened through the Pradhan Mantri Jan Dhan Yojana (PMJDY).
Government plans to give Rs 10k to account holders:
The government is giving holders of Jan Dhan accounts Rs. 10,000. There are several other advantages to this account.
Benefits given under Jan Dhan account to the account holders:
The account holder does not have to maintain a minimum balance in their account. A Rupay debit card is provided, and an individual can apply to the bank for an overdraft (OD) of Rs 10,000 on this account.
The OD limit was earlier Rs 5,000, which was then doubled to Rs 10,000. The OD up to Rs 2,000 is available without conditions. To avail OD facility, the Jan Dhan account should be at least 6 months old, else an individual can only get an OD of up to Rs 2,000.
There has also been an increase in the upper age limit for OD from 60 to 65 years.
A Rs 1 lakh accident insurance policy is given to the account holders. Additionally, Rs. 30,000 life insurance policy is offered.
Rs. 1 lakh insurance cover is provided to the account holder’s family in the event of accidental death. On the other hand, an insurance cover amount of Rs 30,000 is provided if death occurs under normal circumstances.
The PM Jan Dhan Yojana accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development and Refinance Agency Bank (MUDRA) scheme.
Who can open the account and documents required:
An individual must have an Aadhar card and PAN card. Others eligibility proof include Driving Licence, Voter Id, Passport, NREGA issued job card signed by a Gazetted officer. An individual can obtain the application form from the official website of any bank.
Minors above the age of 10 years can open a savings account in a bank branch. The account opening form of the scheme is available in both English and Hindi formats on the official site of PMJDY – https://www.pmjdy.gov.in/account