Pradhan Mantri Jan Dhan Yojana (PMJDY) – Apply, Eligibility, Objectives, Benefits

Hello, the Pradhan Mantri Jan Dhan Yojana (PMJDY) is an astounding initiative by the Government of India, which stands as the largest financial inclusion programme globally.

It is designed to benefit persons between the ages of 10 and 65. The objective is to broaden and offer cost-effective availability of financial services, including bank accounts, remittances, credit, insurance, and pensions.

Pradhan Mantri Jan Dhan Yojana: Scheme Details

Pradhan Mantri Jan Dhan Yojana (PMJDY) is a national initiative aimed at achieving financial inclusion by providing inexpensive access to essential financial services including as savings and deposit accounts, remittance, credit, insurance, and pension.

The plan allows individuals without any existing account to open a basic savings bank deposit (BSBD) account at any bank branch or Business Correspondent (Bank Mitra) outlet.

The platform aims to ensure that every household has at least one basic banking account, as well as access to financial literacy, credit, insurance, and pension services.

The coverage extends to both urban and rural areas, and anyone who open an account will receive an indigenous Debit Card (RuPay card).

An account can be established at any bank branch or Business Correspondent (Bank Mitr) location without requiring any initial deposit. All bank accounts are stored on the Core Banking System (CBS) of banks.

History of Pradhan Mantri Jan Dhan Yojana

The Prime Minister Narendra Modi inaugurated it on 15 August 2014. The scheme’s tagline is “Mera Khaata, Bhagya Vidhata,” which translates to “My account, fortune maker.”

The scheme was initiated in response to the ineffectiveness of prior government initiatives, such as Swaabhimaan. Swaabhimaan was a 2011 initiative launched by the Government of India with the objective of facilitating the provision of banking services in rural regions.

Pradhan Mantri Jan Dhan Yojana Aim

It is a nationwide initiative designed to provide cheap access to a range of financial services, such as insurance, remittance, bank accounts, and pension.

It was initiated on 28th August 2014 under the leadership of Prime Minister Narendra Modi. Financial inclusion refers to the equitable and widespread access to financial services, and the PM Jan Dhan Yojana is a programme that specifically targets this goal.

Pradhan Mantri Jan Dhan Yojana Objectives

The objectives of PMJDY is as follows:

1. Enhancing Financial Inclusion: Facilitate the provision of fundamental financial services such as savings accounts, credit facilities, insurance coverage, and retirement plans to marginalised populations.
2. Optimal Technology Utilisation: Employ technology to achieve cost-efficient and extensive availability of financial services, guaranteeing broad coverage even in remote regions.
3. Customised Services: Personalise financial goods to cater to the specific requirements of marginalised individuals, fostering inclusion and pertinence.
4. Improved Financial Literacy: Utilise technology-driven initiatives to educate marginalised people about financial ideas and products.
5. Empowerment and Security: Facilitate the empowerment of marginalised individuals by providing them with the ability to freely handle their finances and avail themselves of programmes that provide long-term financial stability.

Pradhan Mantri Jan Dhan Yojana Benefits

There are several benefits to the Yojana, such as:

• A single savings bank account is established for individuals who do not have access to banking services.

• There is no obligation to maintain a minimum balance in Jan Dhan accounts.

• Deposits in PMJDY accounts accrue interest.

• Account holders are issued Rupay Debit cards.

• Jan Dhan account customers are eligible for an Accident Insurance Cover of Rs.1 lakh. For new accounts opened after 28.8.2018, the cover is extended to Rs. 2 lakh.

• An overdraft option, with a maximum limit of Rs. 10,000, is provided to qualifying account customers.

• Accounts qualify for Direct Benefit Transfer, Pradhan Mantri Jeevan Jyoti Bima Yojana , Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana and MUDRA scheme.

Pradhan Mantri Jan Dhan Yojana Eligibility

In order to open a PMJDY account, an individual must meet the following criteria:

• Must possess Indian citizenship
• Must be at least 10 years old
• Must not possess a bank account

Pradhan Mantri Jan Dhan Yojana Apply

Steps to open a Jan Dhan account are as follows –

Step 1 – Navigate to the official website of the PMJDY.

Step 2 – Navigate to the “e-documents” section where you will discover active hyperlinks for the “Account Opening Form”. Applicants have the ability to access this information in both the English and Hindi languages. Select the suitable language option.

Step 3 – This action will initiate the opening of the form in the PDF file format. Retrieve the file and obtain a hard copy.

Step 4 – Complete the form by hand, providing the necessary bank and personal information, such as bank branch, town/village name, block/district, Aadhaar number, profession, annual income, details of Kisan credit card, and any other required details.

Step 5 – After completing the form, proceed to your nearest bank branch and submit it.

Pradhan Mantri Jan Dhan Yojana Account Open

Process to open a Jan Dhan account are –

• Visit any bank to initiate the process of opening a PM Jan Dhan Yojana account.

• Complete an application form to initiate the process of opening an account.

• The user did not provide any text. Individuals who are 10 years old or older are eligible to open a PMJDY account.

• The user did not provide any text. If you have an Aadhaar Card, no other documentation is necessary.

• The Aadhaar card functions as a form of identification, proof of age, and evidence of address.

• If there has been a change in the address on the Aadhaar card, please submit a self-certified copy of the updated address.

• The revised address document will be sufficient for the purpose of opening an account.

Pradhan Mantri Jan Dhan Yojana Documents Required

The essential documents needed in this case are outlined below.

• Adhaar card
• Government ID proofs such as Voter Card, PAN Card, and Ration card
• Permanent Address proof such as Passport, Driving licence, Electricity bill, Telephone bill, and Water bill
• Passport size photograph

PM Jan Dhan Account Check Online

Individuals have the option to verify the status of their Pradhan Mantri Jan Dhan Yojana account by accessing the Public Financial Management System website or by dialling a certain number and letting the call go unanswered.

Therefore, there is no need for an individual to physically go to the bank, therefore resulting in time savings.

Pradhan Mantri Jan Dhan Yojana Logo

Ms. Priya Sharma, the creator of the PMJDY Logo, was honoured by Shri Narendra Modi, the Honourable Prime Minister of India, on August 28, 2014. The Logo represents human-like structures interlocking hands around the Rupee symbol, ₹. The Logo has been skillfully crafted with careful consideration to the brilliant hues of the Indian flag.

Jan Dhan Darshak App

The Jan Dhan Darshak App was launched by the government for PMJDY participants. This software helps users find bank branches, post offices, ATMs, and Bank Mitras.

The government is also utilising the app to identify isolated areas without banking touchpoints so they may receive financial literacy and development services.

Concluding Observations

Pradhan Mantri Jan Dhan Yojana has undeniably revolutionised financial inclusion in India. It has facilitated the access of millions of families to formal financial services and integrated them into the mainstream economy.

However, there is still a significant distance to cover before we can attain widespread financial inclusion in the nation.

Through the resolution of crucial obstacles and the persistent pursuit of innovation, PMJDY possesses the capacity to revolutionise India’s financial domain and propel additional economic expansion and advancement.

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