Pradhan Mantri Jan-Dhan Yojana is a flagship monetary inclusion scheme that is equally important to others and facilitates the gap of bank accounts with zero balance for each unit to confirm access to monetary services reasonably.
The catchword of the theme is “Mera Khatha, Bhagya Vidhatha” (meaning “My account brings ME an honest fortune”).
Importantly, It launched in 2014 for four years in the same way and Though, it was approved later to continue further.
The Department of economic Services below the Ministry of Finance is the implementing agency.
Introduction: Pradhan Mantri Jan-Dhan Yojana
“Pradhan Mantri Jan-Dhan Yojana (PMJDY)” below the National Mission for money Inclusion launched at the start for an amount of four years (in 2 phases) on 28 August 2014.
Accordingly, It envisages universal access to banking facilities with a minimum of one basic banking account for each menage,
money acquirement, access to credit, insurance, and pension are equally important.
Pradhan Mantri Jan-Dhan Yojana-PMJDY has provided a platform for the 3 Social Security schemes viz.
Schemes namely Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY), Pradhan Mantri Suraksha Beema Yojana (PMSBY), Atal Pension Yojana (APY), and finally the Pradhan Mantri gesture Yojana (PMMY).
The Government has determined to increase the excellent Pradhan Mantri Jan-Dhan Yojana program on the far side 28.8.2018 with the modification focussed on gap accounts from “every household” to “every adult”, with the subsequent modification:
- OD (Existing Over Draft) limit of Rs. 5,000 revised to Rs. 10,000.
- No conditions hooked up for active Pradhan Mantri Jan-Dhan Yojana accounts availing OD up to Rs. 2,000.
- from 18-60 years to 18-65 years OD facility was revised.
What is Pradhan Mantri Jan dhan Yojana?
Pradhan Mantri Jan Dhan Yojana (PMJDY) may be a money inclusion program of the govt of India,
Despite, receptive Indian voters that aim to expand cheap access to money services like bank accounts, remittances, credit, insurance, and pensions.
This money inclusion campaign launched by the Prime Minister of India Narendra Modi on 28 August 2014.
However, he declared this scheme in his initial Independence Day speech on 15, August 2014.
then it was operated by the Department of Economic Services, Ministry of Finance, below this scheme 15 million bank accounts were opened on the day.
The Guinness Book of World Records firstly recognized this accomplishment, stating:
“The most bank accounts opened in one week as a vicinity of the money inclusion campaign is 18,096,130 and achieved by the govt of Asian nation from August 23 to 29, 2014”.
Then, by June 27, 2018, over 318 million bank accounts opened and over ₹792 billion (US$12 billion) deposited below the scheme.
Benefits of “Pradhan Mantri Jan-Dhan Yojana (PMJDY)”
One basic savings checking account opened for an unbanked person. Thus, there is no demand to take care of any minimum balance in Pradhan Mantri Jan Dhan Yojana accounts.
Interest attained on the deposit in Pradhan Mantri Jan Dhan Yojana accounts.
Rupay charge account credit is provided to Pradhan Mantri Jan Dhan Yojana account holder.
Now, Accident Insurance cowl of Rs. 100000, which is out there with RuPay card issued to the Pradhan Mantri Jan Dhan Yojana account holders.
Life Insurance cowl of Rs. 30,000 to eligible Pradhan Mantri Jan Dhan Yojana account holders however agency opened their account for the primary time between 15.8.2014 to 31.1.2015 is out there.
A draft (OD) facility is up to Rs 10,000 to eligible account holders.
Pradhan Mantri Jan Dhan Yojana accounts square measure eligible for Direct profit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), small Units Development & finance Agency Bank (MUDRA) scheme are equally important.
The Objective of PMJDY
- Firstly, It covers all households within the country with banking facilities and gaps a checking account for every manager.
- it provides an associate integrated framework of formal credit to the voters.
- it’s to ensure the transfer of subsidies through the Direct profit Transfer (DBT) mode in an exceedingly single place.
- offer numerous forms of banking services just like the basic savings checking account, remittances facility, insurance, and pension to the unbanked population.
- Expand the world wide web of monetary security for the population.
- To promote monetary inclusion among the state.
- Provides micro-insurance facilities to the folks.
- Create a Credit Guarantee Fund to hide the defaults in order of payment accounts.
- Promotes the habit of saving among people.
- To start a journey accomplishment program to let folks realize the financial services being offered by the country’s industry.
- Provides the banking services banking shops among five klick distance of each village.
- Ensures the accessibility of monetary merchandise at an inexpensive value.
- It infuses the monetary technology into the industry by labor in e e-KYC, IMPS, AEPS.
- Ensure access to monetary services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an inexpensive manner.
- it helps in tying each Indian within the rural or urban sector to the thought industry.
- Inconclusion, to bring all voters of the country under the ambit of Banking of their monetary standing.
- The arrangement envisages channelizing all Government edges to the beneficiary’s accounts.
- Finally, Pushing the Direct edges Transfer scheme of the Union Government.
Eligibility for opening Jan Dhan yojana khata
If you’re aiming to open an Associate in Nursing account below Pradhan Mantri Jan Dhan Yojana, besides, you need to meet the norms made public by the involved bank.
Therefore, one must have opened a bank account for the firstly between the duration of 15 August 2014 to 31 January 2015,
Next, it also holds his or her RuPay card linked with individuals biometric.
So, through enlargement and rising access to numerous monetary services like basic savings accounts, need-based credit, micro-insurance, payment with other facilities.
To raise pension facilities for voters within the unorganized sector, or after to any or all sections of society as well as the excluded segments within the country.
A Pradhan Mantri Jan Dhan Yojana account when opened beside the subsequent conditions:
- Individuals with Indian status standing are eligible to with success open a Pradhan Mantri Jan Dhan Yojana account.
- An individual with no valid documents as for Indian status standing also can open a Pradhan Mantri Jan-Dhan Yojana account, favorably in the provided in the involved bank specifically.
- Even Minors aged on top of ten years are eligible to own a Pradhan Mantri Jan Dhan Yojana account in any bank across the country.
Accordingly, Minors also can use these RuPay Cards through which they’ll withdraw cash from ATMs.
- Nevertheless, Individuals have already got a basic bank account operating with a bank will simply transfer or link their accounts to Pradhan Mantri Jan-Dhan Yojana Yojana accounts to avail of assorted edges offered by the latter.
- After that, the Individuals submits any type of identity proof that is punctually licensed by gazette officers, who truly wants to open a Pradhan Mantri Jan Dhan Yojana account.
Documents required to open Pradhan Mantri Jan-Dhan Yojana account
A formally valid document must be conferred to open an associate account. Check the list of documents that square measure provided below.
- On the one hand, Aadhaar Card or Aadhaar number is out there then no different documents needed, but on the other hand, the address has been modified, then a self-certification of the current address is adequate.
- If in any case, if Aadhaar Card isn’t available, then anybody of the subsequent formally Valid Documents (OVD) required: namely citizen ID Card, permit, PAN Card, Passport & NREGA Card.
After all, these documents additionally contain your address, it will serve each as Proof of Identity and Address.
If someone have any of the “officially valid documents” mentioned on top of, in such case, it’s categorized as low risk by the banks,
So, then immediately he/she can open by checking account by submitting anybody of the subsequent documents:
- One’s Identity Card with applicant’s photograph issued by Central/State Government Departments, for example Statutory/Regulatory Authorities, Public Sector Undertakings, regular business Banks, and Public money Institutions.
- Letter issued by a gazette officer, with a punctually documented photograph of the person.
Advantages of PMJDY
Pradhan Mantri Jan Dhan Yojana launched at an enormous scale to bring below the reach of banking all voters of the country; but irrespective of their financial standing or regional location.
The scheme has seen tremendous enthusiasm among customers from rural and urban areas.
The scheme is a policy geared toward providing banking facilities to even those that don’t have the cash to buy the minimum account balance at the time of account opening.
The Pradhan Mantri Jan-Dhan Yojana aims at revolutionizing the approach banking finished within the country and in the same way, it aims to assist the economically weaker sections of the society to become financially assured.
Further, Allow us to scrutinize a number of the foremost significant benefits that this theme offers to the citizens of India.
Ø Loan benefit against Pradhan Mantri Jan Dhan Yojana
Individuals whose Pradhan Mantri Jan-Dhan Yojana account completes 6 months area unit eligible to get loans of up to Rs.5000. The loan quantity appears insignificant as compared to,
It offered as a standard loan by varied banks, it is kind of substantial after we consider the economic status of people that this scheme is aimed at uplifting.
The Pradhan Mantri Jan Dhan Yojana geared towards money inclusion of the economically weaker section of the society.
Significantly, it aims to hide people from the rural areas, in the same way, they are also important. Same as the unorganized sector of the urban and semi-urban areas.
Ø Mobile Banking with PMJDY
Mobile Banking isn’t a brand-new innovation any longer. Varied private and public banks offer mobile banking facilities to customers.
Of course, keeping in mind the status of people below the poverty line, Pradhan Mantri Jan Dhan Yojana aims to make out there bound basic financial transactions via ordinary mobile phones and not smartphones.
In the same way, this step can ensure that even folks from rural areas and those from the unorganized sector have access to fast and convenient banking options.
The idea behind this feature is to introduce the maximum amount possible, It to ensure financial inclusion as well as financial security to as several Indians as possible.
Ø Insurance advantages below the Jan Dhan Yojana
So, Importantly the best and also the most significant good thing about Pradhan Mantri Jan Dhan Yojana (PMJDY) is that it brings below the reach of insurance.
And along with the plenty of individuals who couldn’t have availed insurance out of their pocket.
here, The scheme offers a life cover of Rs.30,000 to customers who suit certain norms of the scheme, and on the other hand, it offers Rs.2,00,000 as insurance add within the event of death due to an accident.
How to open a Jan-Dhan Yojana account?
Here’s how one can open a Pradhan Mantri Jan-Dhan Yojana-PMJDY account:
Step 1: get the form for Pradhan Mantri Jan Dhan Yojana from the official web site of Pradhan Mantri Jan Dhan Yojana or the other bank web site.
Step 2: Also, Fill the form and attach the documents needed.
Passport, driver’s license, Permanent Account range (PAN) card, voter’s identity card, job card issued by NREGA which must be duly signed by an officer of state government, or a letter issued by the Unique Identification Authority of India, which contains details of address, name, and Aadhaar number, or any other document as notified by the central government in consultation with the regulator are often used to open this account.
Step 3: Take the crammed kind to a close-by bank branch. after correct verification of the documents, the bank will open the account.
Limitation of Jan-Dhan Yojana account?
According to the Reserve Bank of India, Pradhan Mantri Jan-Dhan Yojana account holders allowed to withdraw Rs 10,000 per month from their account, which is fully KYC-compliant.
Non-KYC compliant account holders will withdraw Rs 5,000 per month.
Branch managers could enable withdrawals on the far side Rs 10,000 a month among the present, Still, Applicable limits solely once ascertaining the genuineness of such withdrawals
and punctually documenting identical on bank’s record, the bank aforementioned.
Also for deposits, Pradhan Mantri Jan Dhan Yojana account holders have a limit of Rs 50,000.
The facility of Overdraft under Pradhan Mantri Jan Dhan Yojana
An overdraft facility is a facility provided by the bank to its account holders. The draft facility sometimes offered for the withdrawal of a restricted amount of cash.
An overdraft facility will very facilitate the account holder throughout sticky monetary things wherever cheques area unit concerned.
Contemplate an example wherever you have given a cheque of Rs.2,000 and you have got zero balance in your account,
throughout such time your cheque won’t bounce thanks to the draft facility.
Overdraft facility helps once ATM withdrawals area unit made till an emergency even not knowing the balance on the debit card.
Given below area unit important details concerning the overdraft facility offered beneath Pradhan Mantri Jan Dhan Yojana scheme.
The overdraft facility is obtainable to account holders beneath the scheme
- An overdraft facility of Rs.5000.00 is out there to anybody account holder per household.
This suggests that only 1 member of a particular family will avail of the overdraft facility.
Usually, an overdraft facility is mostly favored by females.
- The facility utilized by the customer within the 6 months from the date of the opening of the account within the scheme
- The account holder ought to have a good transaction record to avail of this facility.
- The account holder ought to even have a decent credit history.
- The amount that may be availed in an overdraft facility is up to INR. 5000.00.
and if they have maintained a good balance within the bank, the account allows zero balance. There was a nominal interest rate that’s charged to the account holder on availing the facility of overdraft.
typically, the interest rate in India is between 12-tone music p.a. to 20% p.a. which is set by the bank.
Who is Business Correspondent Agent / Bank Mitra and what is their role in Pradhan Mantri Jan-Dhan Yojana?
Such Agents (Bank Mitra) are retail agents, engaged by banks for providing banking services at locations wherever the gap of brick and mortar branch / ATM isn’t viable.
Scope of activities of Business Correspondents / Bank Mitra are as under:
- Making Awareness regarding savings and different merchandise and education and advice on managing cash and debt guidance.
- Identification of potential customers.
- Some kind of Assortment and preliminary process of assorted forms,
- Deposits together with the verification of their primary data.
- Filling of applications/account gap forms.
- Assortment and payment of little price deposits and withdrawals.
- Receipt and delivery of little price remittances / different payment directions.
- Furnishing of mini account statements and different account data.
- the other service on behalf of the Bank, punctually approved by the suitable authority etc.
Which banks Support Jan-Dhan Yojana?
Banks that offer the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme for instance, Individuals will open an account underneath the Pradhan Mantri Jan-Dhan Yojana-PMJDY scheme at each namely public and private sector banks.
Given below are the list of banks that participate in the scheme:
Private Sector Banks:
- Dhana Laxmi Bank Ltd.
- YES, Bank Ltd.
- Kotak Mahindra Bank Ltd.
- Karnataka Bank Ltd.
- ING Vysya Bank Ltd.
- IndusInd Bank Ltd.
- Federal Bank Ltd.
- HDFC Bank Ltd.
- Axis Bank Ltd.
- ICICI Bank Ltd.
Public Sector Banks:
- Oriental Bank of Commerce (OBC)
- Union Bank of India
- Allahabad Bank
- Dena Bank
- Syndicate Bank
- Punjab & Sind Bank
- Vijaya Bank
- Central Bank of India
- Punjab national bank (PNB)
- Indian Bank
- IDBI Bank
- Corporation Bank
- Canara Bank
- Bank of India (BoI)
- Bank of Maharashtra
- Andhra Bank
- Bank of Baroda (BoB)
- State Bank of India (SBI)
Jan-Dhan Yojana Debit/Credit card
The RuPay Card which was introduced underneath the Pradhan Mantri Jan Dhan Yojana, As a result of identification, which was offered to the account holder after account opening.
This card was issued by NPCI and it was brought in, to push money inclusion in our country. And it was accepted in the least ATMs across the country.
Cardholders can build all types of transactions exploitation the cardboard, ranging from creating moneyless payments to retreating cash, swiping it in PoS machines at anyplace, etc.
The RuPay card could be domestic with their minimum charge.
This can be why this comes with a lower process fee as compared to alternative modes of payments.
Trade consultants say these advantages of each bank and account holder.
As compared to foreign cards, with RuPay cards nearly 1/3rd of dealings fees are abated. The lower price makes this card simply cheap and accessible to folks.
The RuPay Card PMJDY (Pradhan Mantri Jan-Dhan Yojana) card issued to those who have opened accounts, Under the Pradhan Mantri Jan Dhan Yojana (PMDJY) – A National Mission for money Inclusion.
Which was developed to produce folks’ access to money services furthermore like banking, savings/deposit accounts, remittance, credit insurance, and pension, inexpensively.
The cardboard permits the user to form transactions in the least ATMs, POS terminals, and e-commerce websites.
The RuPay Card Pradhan Mantri Jan-Dhan Yojana (PMJDY) Debit Cards can be used in the least ATMs, POS terminals, and e-commerce websites.
Also, when It comes to further Personal Accidental death and total incapacity coverage of up to government agency two Lakhs.
Total accounts opened in Pradhan Mantri Jan-Dhan Yojana
Around 40 crores bank accounts opened under the government’s flagship monetary inclusion drive Pradhan Mantri Jan Dhan Yojana (PMJDY), launched concerning six years past by the Modi-government.
As per the newest figure, there is a unit of 40.05 crore beneficiaries of this scheme, and deposits in Pradhan Mantri Jan-Dhan Yojana bank accounts area unit in way over Rs crore.30 crore large integer.
Then, as of 3 July 2019, Pradhan Mantri Jan-Dhan Yojana statistics are as follows, (All figures in millions)
How to Check Account Status of Pradhan Mantri Jan-Dhan Yojana?
To check the standing of your Pradhan Mantri Jan-Dhan Yojana account, Visit http://pmjdy.net/. Click on the ‘Status Enquiry’ tab. Enter the required details.
If needed, you’ll be able to raise a complaint by clicking the ‘Feedback/Information/Complaint/Suggestion’ tab and coming into details.
Pradhan Mantri Jan-Dhan Yojana (PMJDY) has simplified the account opening process to encourage a lot of citizens to open their bank accounts and Also, convey India nearer to overall monetary inclusion.
Total investment and deposits in Pradhan Mantri Jan-Dhan Yojana Accounts
Pradhan Mantri Jan-Dhan Yojana (PMJDY) declared by Prime Minister Narendra Modi on 15 August 2014. And it actually launched on the date 28 August 2014
So, The target of beginning the scheme is concerning 59 rural girls within the name of girls, over 500th of the accounts of facilities assured within the country.
Pradhan Mantri Jan-Dhan Yojana Account Opening Form
Along with any of the higher than documents, you need to conjointly submit a duly filled application form.
it’s an easy and tiny kind that needs the subsequent details to be stuffed in-
- Identity details such as name, address, Aadhaar number, PAN, occupation
- Annual financial gain
- Variety of dependents
- Details of assets, if any
- His/her bank account details of any family member/household
Apply for Pradhan Mantri Jan-Dhan Yojana -PMJDY Scheme
To download the English form, visit https://www.pmjdy.gov.in/files/Forms/account-opening/English.pdf
To download the Hindi form, visit https://www.pmjdy.gov.in/files/Forms/account-opening/Hindi.pdf
Toll-Free Numbers
For any queries related to the Pradhan Mantri Jan Dhan Yojana, Please contact the Pradhan Mantri Jan-Dhan Yojana (PMJDY) helpdesk at the following national toll-free numbers.
1800 11 0001
1800 180 1111
Recognition
Guinness Book of record has appreciated the scheme’s success and certified-
“In one week most bank accounts opened as a part of the money Inclusion Campaign is 18,096,130 hence truly big Achievement by the Department of Financial Services, Government of India.”
The Pradhan Mantri Jan-Dhan Yojana is one among the foremost formidable money inclusion programs launched by Prime Minister Narendra Modi. Which is run by the Department of economic Services that be the Ministry of Finance.
On Assumption, in 2014, this program launched and got entry into the Guinness Book of World Records as a result 1.5 crore bank accounts opened on January 20.
At the Beginning when four and a half years when it’s beginning,
hence, a good variety of individuals are unable to require advantage of this scheme of the Pradhan Mantri Jan-Dhan Yojana.
consequently, it’s because of the lack of documents that results in the rejection of the checking account gap beneath the scheme.
It becomes necessary for the targeted beneficiaries beneath the scheme to know the desired documents to open a Jan-Dhan account under Pradhan Mantri Jan-Dhan Yojana.
Such accounts have limitations concerning the combination credits (not over Rs 1,00,000 in a year), combination withdrawals (not over Rs 10,000 in a month), and balance within the accounts (not over Rs 50,000 at any point of time).
These accounts would be valid normally for twelve months.
Even such accounts allowed to continue for an extra amount of twelve a lot of months.
Conclusion
However, this scheme by the Modi government carries a healthy aim inside its fold.
The task to remodel the prevailing population into active participants of the economic cycle is an incredibly bold task that the govt has place itself onto.
In the end, Kindly go through this link for the rest of the details: –
To add up the impact of Pradhan Mantri Jan-Dhan Yojana, we will say that it’s the potential tool to require Asian country on a journey of economic inclusion.
Importantly, Monetary inclusion is that the final penance that will alleviate several of India’s socio-economic issues.
Also, one will say definitely that if an Asian country achieves monetary inclusion in true essence. Its economy can rework into a way mature and stable kind.
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interesting information, very helpful, much thanks for sharing