PMJDY - Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, a basic savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner. Under the scheme, a basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet, by persons not having any other account.

Mission Mode Objectives (6 Pillars) under PMJDY:

The scheme was launched by the Prime Minister on 28.08.2014 on pan India basis. PMJDY under Mission mode envisages provision of affordable services to all citizens within a reasonable distance. PMJDY comprises of six pillars as follows.

  1. Universal access to Banking facilities: Mapping of each district into Sub Service Areas (SSA) catering to 1000-1500 households, so as to ensure banking service to every habitation within 5 KMS. 

  2. Providing Basic Banking accounts: Aimed at covering unbanked households with at least one bank accounts and its creating a culture of banking habits, convincing them to pool their hard earned savings in to their newly opened bank accounts for improving their life standards. 

  3. Financial Literacy Programme: Conducting financial literacy programs with a view to educate the vast number of illiterate population regarding facilities available from banks, effective utilization of bank borrowings and satisfactory conduct of accounts. The basic financial literacy includes operating an ATM card and benefits of the repayment of the overdraft amount. 

  4. Micro Credit: To provide hassle free credit limit up to Rs.10,000/- after completion of satisfactory operation of accounts for 6 months to low income group / underprivileged customers to meet their exigencies without insistence on security, purpose or end use of the credit. 

  5. Micro Insurance: Covering the BSBD account holders with Micro insurance , the DFS has come out with two insurance schemes viz., PradhanMantriJeevanBimaYojana (PMJJBY) offers Rs.200000/- life insurance cover at a nominal annual premium of Rs.436/- and PradhanMantriSurakshaBimaYojana (PMSBY) offers Rs.200000/- personal accident cover at a nominal annual premium of Rs.20/-. 

The accounts opened under PMJDY are issued with Rupay debit card, which covers accidental Insurance coverage to the extent of Rs.100000/- and further accounts holders gets life insurance cover of Rs.30000/- (for accounts opened up to 31.01.2015) subject to conditions specified therein. 

Recently DFS, Ministry of Finance, Govt of India has directed the banks to about the Continuation of comprehensive PMJDY on Financial Inclusion   with the change in focus of opening of accounts from “every House hold” to “every Adult”.

Accidental insurance cover for new RuPay card holders has been raised from Rs.1 lakh to Rs. 2 lakh to new PMJDY accounts opened after 28.08.2018. 

  1. Micro Pension: Implementation of social pension schemes for the population who are not covered under any pensions schemes. To provide the benefit to workers in the unorganized sector to save voluntarily for their old age an initiative called “Atal Pension Yojana” would be encouraged.

PMJDY Information

The Indian Government launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) in order to provide financial services and products to individuals who do not have access to a bank account.

  • No minimum balance to be maintained

  • As per bank’s saving’s account interest rate

  • Transfer of money is simple

  • Overdraft facility available

PMJDY Eligibility

In order for individuals to open a PMJDY account, the below given criteria must be met:

  • You must be citizen of India

  • You should be at least 10 years of age

  • You should not have a bank account

Documents required to open PMJDY account:

In case individuals wish to open an account, viable documents must be submitted. The list of documents required for PMJDY account under the scheme are mentioned below:

  • Passport

  • Permanent Account Number (PAN) Card

  • Aadhaar

  • The National Rural Employment Guarantee Act (NREGA) issued job card.

  • Driving licence

  • Voter ID

  • Identity card with photo which has been issued by the central or state government departments, public sector undertakings, scheduled commercial banks, public financial institutions and statutory or regulatory authorities.

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.

  • 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

Click here FAQ’s of PMJDY

Click here to visit the Official Website of PMJDY

Toll Free Numbers

National Toll Free Number - 1800-110-001/1800-180-1111

Andhra Pradesh Toll free Number: 1800-425-8525

APGB Toll Free number: 1800-425-2045