Pradhan Mantri Jan Dhan
The Indian Government came up with The Pradhan Mantri Jan Dhan Yojana (PMJDY) for providing financial services and assistance to the people who do not have access to a bank account. In this service one don’t need to :
- No minimum balance to need be maintained.
- The rate of interest providers is 4% p.a.
- Money transaction is simple.
- An overdraft facility is provided.
Pradhan Mantri Jan Dhan yojana withdrawal and Deposite limit –
The monthly withdrawal limit under PMJDA for Jan Dhan’s account is 10,000/rs and the branch manager may allow further withdrawal beyond 10,000 rs after some documentation and further information.
And The Account holder can deposit a maximum amount of Rs 1 lakh in this Account.
About Pradhan Mantri Jan Dhan Yojana–
The scheme was introduced in August 2014, and as per the data given by Ministry of Finance, more than 4 crore banks accounts have been opened till September 2014, Under the PMJDY scheme, major services given are the financial services that are offered to individuals are pension, insurance, and banking.
Under PMJDY zero balance account can be opened by a person. However, in order to get a cheque services person should have access to the cheque facility from the bank and under this scheme maintenance of a minimum balance is compulsory. No charges will be charged from the individual to open an account under the PMJDY scheme.
Pradhan Mantri Jan Dhan Eligibility–
In order for individuals to open a PMJDY account, the given bellow criteria must be fulfilled :
- Under the scheme, only Indian citizens are allowed to open the account.
- A person can visit any bank branch or (BankMitr) outlet to get open an account under the PMJDY scheme.
- Minors can open savings account who are above the age of 10 years old.
- The account opening form and formalities can be done in both English and Hindi and are available on the official website of PMJDY.
Documents required to open PMJDY account
In case a person is interested in opening an account, the following documents must be submitted. The official of documents required for Pradhan Mantri Jan Dhan account under the scheme are given below :
- Permanent Account Number (PAN) Card
- The National Rural Employment Guarantee Act (Nrega) issued a job card. However, a state government officer must sign the card.
- Driving license
- Voter ID
- Any other documents that have been requested by the central government after consulting with the regulator must be submitted.
- A photograph that has been attested along with a letter from a Gazetted officer must be submitted.
- Any ID card that has been issued by the State or Central Government, Scheduled Commercial Banks, Statutory or Regulatory Authorities, Public Financial Institutions, and Public Sector Undertakings must be submitted. However, the ID card must have a photo of the applicant present on it.
How to convert Jan Dhan account to normal account–
Anyone convert their Jan Dhan account in the normal account by giving their application convert my account to a normal account in their near branch. And Apart from this, you can open a new account and transfer their money to an account. For transfer money, you can use the various methods- like Bhim app, mobile banking, etc.
For more details please visit Government site-
Given below are the main benefits of PMJDY scheme:
- Interest is given on the deposits that are made towards the savings account opened under the scheme.
- A person has no requirement of maintaining minimum balance under the scheme. However, in case they wish to avail of cheque facilities, a minimum balance shall be maintained.
- In case individuals maintain the account in a good manner for 6 months, an overdraft facility is provided.
- Individuals receive an Accidental Insurance cover of Rs.1 lakh under the RuPay scheme.
- In case the account was opened between 20 August 2014 and 31 January 2015, life cover of Rs.30,000 is provided in case the beneficiary is dead.
- Under the scheme, insurance products and pension access are provided.
- In case individuals are beneficiaries of government schemes, direct benefits of the option provided.
- An overdraft facility of Rs.5,000 is provided to one account in the household. The facility is usually provided to the lady in the house.
- The Personal Accident cover can be claimed only after the RuPay Cardholder has made a successful non-financial or financial transaction. Transactions made within 90 days of the accident are considered to be PMJDY eligible transactions under the scheme. However, the transaction must be made at an E-COM, POS, ATM, Bank Mitra, bank branch, etc.
- Account-holders can check their balance through mobile banking facility.