Pradhan Mantri Jan Dhan Yojana Detail | Benefits: Honorable Prime Minister had announced a program of financial inclusion for a large number of people. This Pradhan Mantri Jan Dhan Yojana (PMJDY) aims at giving a simple bank account to all households. The scheme was launched on 28th August 2014. The objective of this scheme is to provide access to several financial services including credit, insurance, pension, banking savings, and deposit accounts. It provides security to those families of economically weaker sections who are unable to take such insurance on their own. The premium for life cover under this scheme is contributed by the government of India. In this article, we discuss Pradhan Mantri Jan Dhan Yojana in detail.
What is Pradhan Mantri Jan Dhan Yojana?
PM Jan Dhan Yojana (PMJDY) is a national mission for financial inclusion to ensure access to financial services like savings accounts, remittances, credit, insurance, and pension in an affordable manner. The account can be opened in any bank with a zero balance.
Documents Required to Open an Account
- No Other documents are necessary if there is an aadhaar card.
- If the address has been modified, then self-certification of the current address is sufficient.
- Aadhaar card is not available, then any one of the documents is required.
- Voter Card
- Driving License
- Pan Card
- Passport
- If a person does not have any officially valid documents then it is categorized as low risk by the banks.
- Identity card with applicant’s photograph issued by central/state government departments, statutory/regulatory authorities, public sector undertakings, scheduled commercial banks, and public financial institutions.
- A letter is issued by a gazette officer, with a duly attested photograph of the person.
Benefits of the PMJDY Scheme
- Interest on Deposit
- Accidental insurance cover of one lakh rupees
- No minimum balance is required
- Life insurance cover of 30000/-
- Easy transfer of money across India
- Beneficiaries of government schemes will get direct benefit transfers in these accounts.
- After operations of the account for six 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.
- There is a facility of overdraft is available up to 5000/- per account.
- The scheme covers both urban as well as rural areas and provides a debit card to each of its account holders.
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