Pradhan Mantri Jan-Dhan Yojana (PMJDY), Rules, Terms and Conditions for the Pradhan Mantri Jan-Dhan Yojana, PMJDY
Pradhan Mantri Jan-Dhan Yojana (PMJDY)
Rules, Terms and Conditions for the Pradhan Mantri Jan-Dhan Yojana, PMJDY, Benefits of Pradhan Mantri Jan-Dhan Yojana, About PMJDY, Mode of payment of PMJDY scheme, eligibility criteria of PMJDY scheme, PM Narendra Modi Scheme, PM Modi Schemes,
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.
Objective of "Pradhan Mantri Jan-Dhan Yojana (PMJDY)" is ensuring access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to the excluded sections i.e. weaker sections & low income groups. This deep penetration at affordable cost is possible only with effective use of technology.
Special Benefits under PMJDY Scheme
Interest on deposit.
Accidental insurance cover of Rs.1.00 lac
No minimum balance required.
Life insurance cover of Rs.30,000/-
Easy Transfer of money across India
Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
Access to Pension, insurance products.
Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.
Highlights of the Pradhan Mantri Jan Dhan Yojana
Provision of affordable financial services of the excluded sections. Identification of household without any bank account and providing Basic Banking Accounts with Overdraft facility and RuPay Debit Card with inbuilt accident insurance cover of Rs. 1 lakh to them.
Resident Individual. Age of the account holder should be over 18 years. There is no stipulation on the Income of the person.
Type of Account
Single-Domestic Savings Bank Accounts only.
Minimum / Maximum Balance
No stipulation / Limit.
Restrictions on number of savings bank accounts
An Individual can hold only one Savings Bank Account and he / she is not allowed to have any other type of SB account.
Number of free withdrawals allowed
4 withdrawals are free in a month. (Through all channels including ATM, internal transfers, RTGS / NEFT / Standing Instructions / EMI etc). Balance inquiry at ATM is not reckoned for the purpose of determining the number of withdrawals. Rs. 10.00 per withdrawal will be levied for withdrawals exceeding 4 per month.
RuPay ATM-cum-debit Card Fresh / Renewal
Allowed free of charge & No Annual / Renewal Fees.
Documents required to open an account under Pradhan Mantri Jan-Dhan Yojana
If Aadhaar Card/Aadhaar Number is available then no other documents is required. If address has changed, then a self certification of current address is sufficient.
If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as Proof of Identity and Address.
If a person does not have any of the officially valid documents mentioned above, but it is categorized as low risk' by the banks, then he/she can open a bank account by submitting any one of the following 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;
Letter issued by a gazette officer, with a duly attested photograph of the person.
FAQs on Pradhan Mantri Jan Dhan Yojana (PMJDY)
Q1. What is Pradhan Mantri Jan-Dhan Yojana?
ANS : Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
Q2. How is PMJDY different from the earlier Financial Inclusion Plan (Swabhimaan)?
ANS : PMJDY focuses on coverage of households as against the earlier plan which focused on coverage of villages. It focuses on coverage of rural as well as urban areas. Earlier plan targeted only villages above 2000 population while under PMJDY whole country is to be covered by extending banking facilities in each Sub-Service area consisting of 1000 – 1500 households such that facility is available to all within a reasonable distance, say about 5 Km.
Q3. Under this Scheme, where can I open an account?
ANS : Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet.
Q4. What is RuPay Debit Card?
ANS : Rupay Debit Card is an indigenous domestic debit card introduced by National Payment Corporation of India (NPCI). This card is accepted at all ATMs (for cash withdrawal) and at most of the PoS machines (for making cashless payment for purchases) in the country.
Q5. How much interest savings would earn in PMJDY Account?
ANS : Interest rate applicable for Saving Bank Accounts (presently @ 4 % in most of the banks) shall be admissible to accounts opened under PMJDY Scheme.
Q6. What is Accidental Insurance Cover? Who will pay the premium ?
ANS : Accidental Insurance Cover is Rs.1.00 lac and no premium is charged to the beneficiary -- NPCI will pay the premium. At present the premium is Rs.0.47 per Card.