Benefits of Pradhan Mantri Jan Dhan Yojana Bank Account - PMJDY

Know about Jan Dhan Bank Account Benefits

  • Benefits of PMJDY 
  • Benefits of Pradhan Mantri Jan Dhan Yojana Bank Account - PMJDY Account

The Modi government launched Jan Dhan Yojana (PMJNY) in August 2014 and it is still in operation.

Benefits of Pradhan Mantri Jan Dhan Yojana Bank Account - PMJDY
Benefits of PMJDY

Prime Minister Narendra Modi launched Pradhan Mantri Jan Dhan Yojana or PMJDY in 2014 with the goal of economic inclusion.  The main objective of the plan is to ensure that poor and low-income groups can also access financial services at the national level.  Its purpose is to bring all people together under the umbrella of opening a bank account.  Through PMJDY, people can make use of services such as banking, savings and deposit accounts, finance, pensions, etc.

Jan Dhan Yojana Account

  • Required Documents for PMJDY
  • How to Open PMJDY Account 

Individuals are required to have proof of a valid address to open an account under PMJDY.  

  • Some of these documents include passport, driver's license, permanent account number (PAN), voter identity card, and Aadhaar card.  
  • The Aadhaar card is an essential document to open an account.  If people don't have a valid Aadhaar number, they need to register first and submit it later.  
  • Individuals are required to submit 2 passport size photographs.  
  • If individuals cannot meet the criteria listed above, small accounts can be opened and classified as low-risk individuals.

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Individuals can open an account at any bank branch or correspondent bank, also known as a friend bank.  Under Pradhan Mantri Jan Dhan Yojana, people can open a zero balance account.  However, if the account owner needs a checkbook, they must meet the minimum balance requirements.

To open an account under the PMJDY scheme, you can visit the nearest bank branch or correspondent bank, also known as Bank Mitra.  People can also open their bank accounts by registering at the camps that are held in their areas.  For people classified as low-risk people, they can open small accounts.  

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These accounts are opened with self-certified Aadhaar photographs and fingerprints and/or signatures in the presence of bank officials.  However, such an account has limitations regarding the number of withdrawals, deposits, and bank balances. These accounts are valid for 12 months period.  After this period, the account will be allowed to continue for an additional period of 12 months, if the person presents a document requesting proof of accreditation.

Pradhan Mantri Jan Dhan Yojana - Eligibility Criteria 

Below are the eligibility criteria for Pradhan Mantri Jan Dhan Yojana. 

People who are Indian citizens can open an account under this scheme.  Minors over 10 years old are also eligible to open an account under this scheme.  However, for minors, the accounts are managed by the parents.  Minors are eligible for a card that can be used to withdraw money up to four times a month.  People who already have a savings account can also open an account under this scheme.  

They can also transfer their account balance to the PMJDY plan to enjoy the benefits.  In the event that natural persons cannot comply with the above and there are no documents proving their nationality, the bank conducts a preliminary investigation on that person and classifies them as a low-risk person.  These individuals can open a temporary account, which can be done permanently by submitting the required documents within 12 months of the account opening date.

You can open this account at any bank.  (You have to go to the bank and fill out the form; you can convert your old bank account to a Jan Dhan account and also a Jan Dhan account to a (normal) savings account.

  • It is not necessary to have a minimum balance.  (Rumor) - It was recently claimed that a charge of Rs 100 would be imposed for the withdrawal of cash from Jan Dhan's account, but the bank said the message was false and baseless and the fact of GDP also misinterpreted the message.   
  • There is no charge to deposit and withdraw money from this bank account.  And he said that no such fee would be charged on the minimum deposit.
  • No fee for online backup on Jan Dhan Bank account.  According to one source, 60% of people opened Jan Dhan accounts this year during the Koro period.  From April 1 to October 1, 2020, 3 million new accounts have been opened.
  • Currently, more than 41 million accounts have been opened in India.

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Age criteria People aged 10 and over can open an account under the PMJDY scheme. However, they will be considered minors until they turn 18 years old. In addition, people can open an account up to the age of 60. Minimum investment There is no minimum deposit required to open an account under the PMJDY scheme. You can open a zero balance account under this scheme. However, if they want to have a checkbook, they must meet the minimum balance criteria. Maximum withdrawals from a PMJDY account, people can withdraw a maximum of four times a month. The maximum amount that can be withdrawn from the account each month is Rs. 10,000. Maximum Deposit The maximum amount that an account holder can deposit into a PMJDY account

Why should I open a Jan Dhan account? 

Benefits of Jan Dhan Bank Account - PMJDY

There are many benefits to having a public account - PMJDY. Some of them are discussed below.Benefits of Jan Dhan Bank Account - PMJDY

  • It is not mandatory to have a minimum balance in the account under the PMJDY scheme
  • Individuals can also maintain a zero balance. 
  • The amount deposited in the bank account under the PMJDY scheme accrues an interest of 4% PA. 
  • The plan covers a contingency coverage of Rs 1 lakh. 
  • The plan also provides lifetime coverage of Rs 30,000 payable to the beneficiary in the event of the death of the account holder. However, in this case, people must meet certain criteria. 
  • Beneficiaries of government plans will obtain direct transfers of benefits in this account. 
  • People can access plans related to insurance and pensions. Overdraft facility Preferably, a female household member can enter up to 5,000,000 accounts.
  • This facility can be used after 6 months of satisfactory account performance.

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Disclaimer - Every effort has been made to ensure that the information provided here is accurate. However, no guarantee is made as to the accuracy of the data. Consult the plan information document before making any investment.