Pradhan Mantri Jan Dhan Yojana (PMJDY), launched on August 15, 2014, aims to provide financial inclusion by offering basic banking services, including a zero-balance savings account, a RuPay debit card with accident insurance, and access to other government schemes.
Here’s a more detailed breakdown of PMJDY:
Key Objectives:
- Financial Inclusion: To ensure that every household has access to basic banking facilities.
- Financial Literacy: To promote financial awareness and responsible financial behavior.
- Access to Credit, Insurance, and Pension: To provide access to financial products and services that can help people build a better future.
Key Features:
- Zero-Balance Savings Account: PMJDY accounts can be opened with zero balance, making it accessible to everyone, even those who cannot afford to maintain a minimum balance.
- RuPay Debit Card: A free RuPay debit card is issued to all PMJDY account holders, with an inbuilt accident insurance cover of Rs. 2 lakhs (Rs. 1 lakh for accounts opened before 28.08.2018).
- Overdraft Facility: Eligible account holders can avail an overdraft facility of up to Rs. 10,000.
- Access to Government Schemes: PMJDY account holders are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY).
- No Minimum Balance Requirement: There is no requirement to maintain any minimum balance in PMJDY accounts.
- Interest Earned: Interest is earned on the deposits in PMJDY accounts.
- Business Correspondents (BCs)/Bank Mitras: PMJDY services are also available through Business Correspondents (BCs)/Bank Mitras, who provide banking services in remote areas.
Eligibility:
- All citizens of India are eligible to open a PMJDY account.
- The account can be opened by any individual who does not have a bank account.
- The person should normally be the head of the family or an earning member of the family and should be in the age group of 18 to 59.