In order to achieve the ambitious aim of financial inclusion, Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in the year 2014 and since then, the scheme is proving instrumental in offering basic banking facilities for every household in the country. Under the PMJDY scheme, the government aims to offer one basic banking account to deprived sections of society so that they can become part of the financial ecosystem and receive the financial benefits related to different welfare programs of government related to credit facilities, pension schemes, and insurance cover among others. These accounts are proving very effective in delivering benefits directly to the accounts of the beneficiaries and by simultaneously working on the technology issues, internet connectivity, and affordable smartphone availability, the government of India is working to increase the participation of the masses in PMJDY.
Who can open an account under PMJDY?
Regarding the eligibility criteria, it is important to know that every Indian citizen in the age bracket of 18 to 59 years is eligible to open an account under the PMJDY scheme. Even persons who don’t have any valid identification document are eligible to open an account provided the bank carries out a background check and categorizes the person as low risk. Even minors (10 years or older) are eligible for the opening of an account although the role of their guardians becomes crucial in administering the deposits and withdrawals related to their accounts. The existing savings accounts in other banks can also be linked or transferred to Jan Dhan accounts which comes as an added advantage for prospective users to take the exclusive benefits related to PMJDY accounts.
PMJDY crossed Rs 2 lakh Crore Milestone
In terms of the latest development, the total balance in the accounts opened under the PMJDY has reached a historic milestone of more than Rs 2 lakh crore as of April 2023. According to the official website of the government, the total balance in these accounts now stands at Rs 2,01,598.79 crore. The sum belongs to 48.70 crore people who have opened their bank accounts under the scheme and out of this total number, 27.08 crore beneficiaries are females. Uttar Pradesh leads the pack of states with a total of 18% beneficiaries in the scheme followed by Bihar with 11%, West Bengal with 10%, Madhya Pradesh with 8% and Maharashtra with 7%. Public sector banks have contributed majorly by adding 79% of total beneficiaries followed by the regional banks and private banks with a contribution of 19% and 3% respectively.
Frequently Asked Questions (FAQs)
Q1 What is the Pradhan Mantri Jan Dhan Yojna (PMJDY) scheme?
Answer: Pradhan Mantri Jan Dhan Yojna (PMJDY) is the scheme launched by the government of India in August 2014 that aims to provide financial inclusion to the deprived and underserved masses in India. The primary motive behind the PMJDY is to make banking facilities available to each and every citizen of the country.
Q2 What are the different kinds of benefits that can be availed under the PMJDY?
Answer: In addition to the facility of opening a basic saving account, beneficiaries can also earn interest on their deposits in PMJDY accounts. RuPay Debit card, accident insurance cover, life insurance facility, and overdraft facility are some of the other significant benefits that can be availed under the PMJDY scheme.
Q3 Where I can open the PMJDY account?
Answer: The account can be opened in any bank either through visiting the branch or connecting with the service representatives or customer kiosks
Q4 whether I can open a joint bank account under the PMJDY?
Answer: There is a facility for opening a joint bank account under the PMJDY and this facility can be availed by making a visit to the branch of the bank.
Q5 What is the amount of minimum balance I have to maintain in the PMJDY account?
Answer: There is no minimum balance maintenance requirement for PMJDY accounts.
Q6 Can I earn interest on my deposits in the PMJDY account?
Answer: Yes interest facility is available on the deposits in PMJDY accounts.
Q7 What is the amount of overdraft I can avail of with my PMJDY account?
Answer: A total overdraft facility of up to Rs 10,000 is available for all eligible account holders under the PMJDY scheme.
Q8 What is the maximum balance limit for the PMJDY account?
Answer: There is no upper limit for PMJDY accounts for holders who have got their KYC fully verified by the banks.
Q9 Do I get any card facility with a PMJDY account?
Answer: All PMJDY account holders get a RuPay debit card that can be used for domestic transactions all across the country.
Q10 How I can link my mobile number with the PMJDY account?
Answer: The mobile number can be linked with the account at the time of opening the PMJDY account. Alternatively, the request can be submitted to the bank branch later.
