Pradhan Mantri Jan Dhan Yojana Account Eligibility Criteria
Pradhan Mantri Jan Dhan Yojan
Announced on August 15th, 2014, the Pradhan Mantri Jan Dhan Yojana (PMJDY) is a national mission aimed at ensuring greater financial inclusion in the country through expansion and improving access to various financial services such as basic savings accounts, need-based credit, micro-insurance, remittance facilities in addition to better pension facilities for citizens in the unorganised sector to all sections of society including the excluded segments in the country.
How is Pradhan Mantri Jan Dhan Yojana different from previous financial inclusion plans?
While the previous financial inclusion plans focused on covering the maximum number of villages, the Pradhan Mantri Jan Dhan Yojana primarily focuses on covering households. Also, while the previous financial inclusion plans aimed at covering villages which had over 2000 citizens, the Pradhan Mantri Jan Dhan Yojana aims to cover the entire country by extending services in Sub-Service Areas (one SSA covers 1000 to 1500 households).
What is the progress of Pradhan Mantri Jan Dhan Yojana?
As on December 24, 2015, the central government opened 19.5 crore accounts holding around Rs.27,696. The maximum number of accounts have so far been opened in Uttar Pradesh at 2.97 crores while the lowest deposit (per account) has been found in the state of Madhya Pradesh.
Main Benefits of Pradhan Mantri Jan Dhan Yojana scheme
The following are some of the benefits of Pradhan Mantri Jan Dhan Yojana scheme
- Account holders can avail of interest on their Jan Dhan Yojana deposits
- There is no minimum balance requirement for opening a Jan Dhan Yojana account
- Account holders can avail of accidental insurance of up to Rs.1 lakh, which along with RuPay Debit Card should be used once in 45 days
- Individuals who are beneficiaries of some government schemes can avail of direct benefit transfer from these accounts
- Individuals/account holders can avail of easy transfer of their funds/money across the country
- Account holders can benefit from a life insurance cover of up to Rs.30,000
- Account holders can avail of overdraft facilities after six months of satisfactory maintenance of credit in their Jan Dhan Yojana accounts. Under this scheme, one account holder (preferably lady of a household) can avail up to Rs.5000
- Pradhan Mantri Jan Dhan Yojana scheme promises access to micro insurance and pension facilities for those employed in the unorganised sector
Eligibility criteria for opening a Pradhan Mantri Jan Dhan Yojana
A Pradhan Mantri Jan Dhan Yojana account can be opened under the following conditions
- Individuals with Indian nationality status are eligible to successfully open a Jan Dhan Yojana account
- An individual with no valid documents as proof for Indian nationality status can also open a Jan Dhan Yojana account, provided the concerned bank does the required background check on the individual and categorises him or her as ‘low risk’
- Minors aged above 10 years are also eligible to have a Jan Dhan Yojana account in any bank across the country. However, minors will require the support of guardians to administer the Jan Dhan account. Minors can also use RuPay Cards through which they can withdraw money from ATMs
- Individuals who already have a basic savings account in operation with a bank can easily transfer or link their accounts to Jan Dhan Yojana accounts to avail of various benefits offered by the latter
- Individuals who can submit any form of identity proof which is duly authorized by gazette officers can open a Jan Dhan Yojana account