PRADHAN MANTRI JAN DHAN YOJNA (PMJDY)

Newz Fast, New Delhi

PRADHAN MANTRI JAN DHAN YOJNA : This scheme was launched in August 2014. It is a nationwide scheme launched by the Government of India to ensure the financial inclusion of every individual who does not have a bank account.

According to the reports of the Ministry of Finance around forty one crore bank accounts have been opened under this scheme, last updated on 8 February.

This scheme basically, aims at providing access to financial services such as:

• Banking\Saving and Deposit Accounts
• Remittance
• Credit
• Insurance
• Pension etc.

PRADHAN MANTRI JAN DHAN YOJNA

An individual can open account in any bank branch under this scheme and accounts opened under this yojna can be opened with Zero balance.

However, if the account holder wishes to get a cheque book then he\she will have to fulfill minimum balance criteria.

The account holder under this scheme will get a RuPay debit card which can be used across all ATMs for cash withdrawal.

DOCUMENTS REQUIRED

To open account under this scheme one has to present certain official valid documents.

These are as follows:

1. Passport
2. Driving license
3. Permanent account number (PAN) card
4. Voter ID issued by the ELECTION COMMISSION OF INDIA
5. Aadhar card
6. Any other document as notified by the Central Government in consultation with the regulator.

• Where simplified measures are applied for verifying the identity of the clients then the following documents shall deemed to be officially valid;

1. Identity card with applicant’s photograph issued by the Central\State Government Departments.
2. A letter issued by a Gazetted officer with a duly attested photograph of the person.
3. In case there is change in the current address then one need to submit valid document to transfer account to the new address.
4. Two passport size photo.
5. In case if a person does not have a valid residential address then she\he needs to submit a valid identity proof issued by the government of India.

• The Reserve Bank of India (RBI) has clarified in the year 2004 that, those person who don’t have any of the officially valid document can open “SMALL ACCOUNTS” with banks.
  It can be opened by a person on the basis of a self-attested photo and putting his\her signature or the thumb print in the presence of the officials of the bank.
• The aggregate credit amount have been limited to not more than Rs. 1 lakh to these accounts and aggregate withdrawal have been limited to not more than 10,000 in a month.
• The balance of the account at any point of time should not cross Rs. 50,000.
• The validity of these accounts is one year.

BENEFITS OF THE SCHEME

1. One basic savings bank account is opened for those persons who don’t have any bank account.
2. There is no requirement to maintain any minimum balance in these accounts.
3. Interest is earned on the deposit in these accounts.
4. RuPay debit card is provided to the account holders.
5. Accident insurance covers of Rs. 2 lakh to new account holders under this scheme.
6. An overdraft facility (OD) up to Rs. 10,000 to eligible account holders.
7. These accounts are eligible to direct bank transfers (DBT) and many other schemes also. Such as,
   PRADHAN MANTRI JEEVAN JYOTI BIMA YOJNA (PMJJBY), PRADHAN MANTRI SURAKSHA BIMA YOJNA (PMSBY), ATAL PENSION YOJNA (APY) etc.