Pradhan Mantri Jan Dhan Yojna
4 min readScheme Details
Pradhan Mantri Jan Dhan Yojana (PMJDY) is national mission for financial inclusion to ensure access to financial services like savings accounts and deposit accounts, remittance, credit, insurance, pension in an affordable manner.
Account can be opened in any bank branch or business correspondent (Bank Mitr) outlet. Accounts opened under PMJDY 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.
The PMJDY scheme was launched in 2014.
Below are scheme investment statistics as on 18 July 2018 (All figures in Rs. crores)

Purpose of the Scheme
PMJDY was launched with a purpose of having a bank account for each household as a “national priority”.
The scheme has been started with a target to provide universal and clear access to banking facilities starting with Basic Banking Accounts with overdraft facility of Rs. 5,000 after six months and RuPay Debit card with inbuilt accident insurance cover of Rs. 1 lakh and RuPay Kisan Card.
The objective is to ensure access to various financial services such as access to need based credit, remittances facility, insurance and pension to the excluded sections i.e. weaker sections & low income groups.

Document requirements for opening an account under Pradhan Mantri Jan Dhan Yojana
An account can be opened by presenting an officially valid document.
- Passport,
- Driving License,
- Permanent Account Number (PAN) Card,
- Voter’s Identity Card issued by Election Commission of India,
- Job card issued by NREGA duly signed by an officer of the State Government,
- Aadhaar Card
- An identity card 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 can also do.
- Or any other document as notified by the Central Government in consultation with the regulator.
Given below is the list of banks where an individual can avail the PMJDY scheme.

The Pradhan Mantri Jan Dhan account has many features like a general account such as interest payment on the deposit. Apart from these, there are some other special benefits under the scheme as listed below:-
- Account holders will be provided bank accounts with no minimum balance requirements.
- RuPay Debit Cards will be issued.
- Accidental Insurance cover of Rs. 1 lakh.
- After six months of opening of the bank account, holders will qualify for Rs. 5,000 overdraft from the bank. (only one account per household, preferably lady of the household)
- With the introduction of new technology introduced by National Payments Corporation of India (NPCI), a person can transfer funds across India, check balance through a normal phone which was earlier limited only to smart phones.
- Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together.
- The scheme provides Life Insurance cover of Rs. 30,000 payable on death of the beneficiary, subject to fulfillment of the eligibility condition.
- Direct Benefit money Transfer to the beneficiaries of government schemes.
- Access to Pension, insurance products.
- The Claim under Personal Accidental Insurance under PMJDY shall be payable if the Rupay Card holder have performed minimum one successful financial or non-financial customer induced transaction at any Bank Branch, Bank Mitra, ATM, POS, E-COM etc. Channel both Intra and Inter-bank i.e. on-us (Bank Customer/rupay card holder transacting at same Bank channels) and off-us (Bank Customer/Rupay card holder transacting at other Bank Channels) within 90 days prior to date of accident including accident date will be included as eligible transactions under the Rupay Insurance Program 2016-2017.
As many as 1,767 claims were settled toward accidental insurance to RuPay Card holders under the government’s financial inclusion scheme Pradhan Mantri Jan Dhan Yojana (PMJDY) as said by PM on 15 August 2017.
Eligibility Criteria under Pradhan Mantri Jan Dhan Yojana
To enjoy the benefits of PMJDY, following eligibility conditions should be fulfiled:-
- The individual should be of Indian nationality.
- Minors who are 10 years old and whose guardians will manage the accounts. Minors are also eligible to get RuPay Card which they can use 4 times in a month to withdraw cash.
- A low risk individual is also eligible to open a bank account under PMJDY. By low risk individual, the scheme refers to those individuals who have not have any valid document to support their Indian nationality. Banks can allow them to open bank accounts under PMJDY, once they do a ground research on them and categories them as low risk individuals.
- A person with an existing savings bank account can transfer his/her account to account to Pradhan Mantri Jan Dhan Yojana account to enjoy the benefits of this scheme.
Given below is an image of the form to be filed to open an account under the scheme

Age limitations under Pradhan Mantri Jan Dhan Yojana
The minimum age limit for a minor is 10 years. Else, any Indian resident over the age of 18 years is eligible to open this account. Income is not a bar to open a PMJDY account, although it is primarily meant for the poor section.
Exit Rule of PMJDY
An account holder under PMJDY scheme will have to exit the scheme when she/he reaches the age of 60 years.