“Pradhan Mantri Jan-Dhan Yojana (PMJDY)” under the National Mission for Financial Inclusion was launched initially for a period of 4 years (in two phases) on 28th August 2014. It envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension.
PMJDY has provided a platform for the three social security schemes viz. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY) and Pradhan Mantri Mudra Yojana (PMMY).
The Government has decided to extend the comprehensive PMJDY program beyond 28.8.2018 with the change in focus on opening accounts from “every household” to “every adult”, with following modification:
(i) Existing Over Draft (OD) limit of Rs. 5,000 revised to Rs. 10,000.
(ii) No conditions attached for active PMJDY accounts availing OD upto Rs. 2,000.
(iii) Age limit for availing OD facility revised from 18-60 years to 18-65 years.
(iv) The accidental insurance cover for new RuPay card holders raised from existing Rs.1 lakh to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018.
Benefits under PMJDY
- One basic savings bank account is opened for unbanked person.
- There is no requirement to maintain any minimum balance in PMJDY accounts.
- Interest is earned on the deposit in PMJDY accounts.
- Rupay Debit card is provided to PMJDY account holder.
- Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.
- Life Insurance Cover of Rs. 30,000 to eligible PMJDY account holders who opened their account for the first time between 15.8.2014 to 31.1.2015 is available.
- An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
- PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.
What are the documents required to open an account under PMJDY?
An account under this scheme can be opened by presenting an officially valid document.
- The passport,
- The driving licence,
- The Permanent Account Number (PAN) Card,
- The Voter’s ID issued by Election Commission of India,
- The Aadhar Card;
- Any other document as notified by the Central Government in consultation with the Regulator:
Provided that where simplified measures are applied for verifying the identity of the clients, the following documents shall be deemed to be officially valid documents:—
- 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 issued by a Gazetted officer, with a duly attested photograph of the person.
- In case, there is a change in the current address, you need to submit valid documents to transfer your account to the new address.
- Two passport size photographs are required.
- In case, a person does not have a valid residential address, he/she needs to submit a valid identity proof issued by the government of India.