The Pradhan Mantri Jan Dhan Yojana: Encouraging India

[Siddarth]

The Indian government is trying to provide financial freedom to every citizen of this country. And to achieve this revolutionary goal, the Prime Minister, Mr. Narendra Modi, launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme.

PMJDY was announced on August 15, 2014, and launched officially on August 28. It quickly became well-known and even set a Guinness World Record for the most accounts opened in a single day.

How to apply for PMJDY :

You can open a PMJDY account at any bank branch or Bank Mitra outlet, even if you don't have any bank account.

Eligibility Criteria :

Anyone who is a citizen of India is eligible to open a PMJDY account. In the case of minors, only a guardian can open the account on behalf of them.

Essential Documents :

An Aadhar Card is preferred, but other valid proofs like a Voter ID, Driving License, PAN Card, or NREGA Card are accepted.

Key Benefits :

1. Zero Balance Requirement: There is no minimum balance required when opening a PMJDY account, therefore you can start with ZERO balance.

2. Accident Insurance Coverage: Up to ₹2 lakhs in accident insurance coverage is available to PMJDY account holders.

3. Overdraft facility: An overdraft facility up to ₹10,000 is available to provide quick financial support. However, your account must be active for at least 6 months in order to use this feature.

4. Direct Benefit Transfer (DBT) facility: You can use other government programs such as the Atal Pension Yojana (APY) and Prandhan Mantri Jeevan Bima Yojna (PMSBY) once you have a PMJDY account.

Final Thoughts

Millions of people are genuinely empowered by the Pradhan Mantri Jan Dhan Yojana, which reduces the gap to financial inclusion and creates a more secure future for everybody. More than just a bank account, PMJDY gives every Indian access to reasonably priced banking, credit, and insurance.