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Pradhan Mantri Jan Dhan Yojana (PMJDY)
The honourable Prime minister announced the pradhan mantri jan dhan yojana because the national assignment on monetary inclusion for the duration of his independence day address on august fifteenth, 2014. The aim of this initiative is to ensure complete financial inclusion of all households in the usa using supplying frequent get admission to to banking facilities, consisting of at least one basic financial institution account for every household, economic literacy, access to credit, coverage, and pension facilities. Underneath this scheme, people without financial savings accounts may open an account without the requirement of any minimal stability. If they do not own the officially valid files required for establishing a financial savings account, they may open a small account after self-certification. To enlarge the reach of banking offerings, over 6 lakh villages within the US a have been mapped into 1.59 lakh sub-provider areas (ssas), with every ssa typically comprising of one,000 to at least one,500 households. Within the 1.26 lakh as that did not have a financial institution department, financial institution mitras were deployed for branchless banking.
The PMJDY gives unbanked humans easy access to banking offerings and attention approximately monetary merchandise through economic literacy programmes. Similarly, they acquire a rupay debit card with in-built coincidence insurance cover of rs. 2 lakh and get the right of entry to to overdraft centers upon pleasant operation of the account or credit records of six months. Moreover, via the prime minister’s social protection schemes, all eligible account holders can get entry to private twist of fate coverage cowl underneath Pradhan Mantri Suraksha Bima Yojana, lifestyles coverage cover beneath Pradhan Mantri Jeevan Jyoti Bima Yojana, and warranted minimal pension to subscribers beneath atal pension yojana.
The paddy changed into conceived as an ambitious, innovative, and ambitious mission. In line with the census 2011, out of 24. Sixty-seven crore families in the United States, 14.48 crore (58.7%) had access to banking offerings. Inside the first section of the scheme, those families had been focused on inclusion via opening a bank account within a year of the release of the scheme. The actual success, using january 26th, 2015, was 12.55 crore. As of March 27th, 2019, the wide variety of bills has grown to 35.27 crores. Furthermore, in 2011, the simplest 0.33 lakh ssas had banking facilities, and through the supply of bank mitras in 1.26 lakh branchless ssas, banking services have been extended for the duration of rural India. The inclusive issue of this is obvious from the truth that 20. Ninety crores (60%) of paddy money owed is in rural areas, and 18. Seventy four crore (over fifty three%) paddy account holders are ladies.
The deposit base of paddy accounts has extended over the years. As of March 27th, 2019, the deposit balance in paddy debts turned into rs. Ninety-six,107 crore. The average deposit in line with the account has greater than doubled from rs. 1,064 in March 2015 to rs. 2,725 in March 2019.
The bank Mitra network has also won in power and utilization. The common wide variety of transactions per financial institution Mitra, at the aadhaar-enabled fee system operated by way of bank mitras, has risen by over eightyfold, from 52 transactions in 2014-15 to 4,291 transactions in 2016-17.
Details
A National Mission for Financial Inclusion (NMFI), namely, the Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched across the country in August, 2014 to ensure that citizens are aware of their financial activities. PMJDY provides universal banking services to every unbanked household, based on the guiding principles of banking the unbanked, securing the unsecured, funding the underserved and serving the unserved and underserved. To accelerate the Government’s financial inclusion initiative, the PMJDY scheme was further extended after 14.08.2018 with a focus on opening accounts shifting from “every household” to “every unbanked adult”.
The scheme has been made more attractive through upward revisions
(i) OD limit from Rs.5,000 to Rs.10,000 and
(ii) Accidental insurance cover of Rs.1 lakh to Rs.2 lakh for RuPay card holders
PMJDY has been successful in increasing banking penetration and promoting financial inclusion across the country. The scheme ensured access to various financial services such as availability of basic savings bank accounts, access to need-based credit, remittance facilities, insurance and pensions for excluded sections such as weaker sections and low-income groups.
Benefits
Basic Savings Bank Deposit Account (BSBDA)
Any Indian citizen eligible to open a regular bank account can open a BSBDA. There is no minimum balance maintenance requirement for this type of account. Account holders can use both bank branches, ATMs and Banking Correspondent (BC) for cash deposits and withdrawals. However, one cannot withdraw cash more than four times in a month.
Small ledger/small ledger
Under the Pradhan Mantri Jan Dhan Yojana, people can open small bank accounts without presenting legal documents. These accounts will normally be valid for twelve months. Thereafter, such accounts will be allowed to remain open for another twelve months, provided the account-holder provides a document that he/she has applied for officially valid documents within 12 months of opening the small account. .
RuPay Debit Card with built-in accident insurance
Under Pradhan Mantri Jan Dhan Yojana(PMJDY), a free Rupay debit card, with inbuilt accident insurance cover of Rs.2 lakh (Rs.1 lakh for accounts opened before 28.08.2018), is issued to all beneficiaries.
Overdraft facilities
Under PMJDY, beneficiaries get Rs. OD benefits up to 10,000
Business Correspondent (BC)/Bank Mitra
BCs/Bank Mitras are retail agents engaged by banks to provide banking services at locations other than bank branches/ATMs. It is mainly meant for rural areas, where bank branches are far away. BC/Bank Mitra connect with residents and guide them with banking solutions like savings accounts, deposits, payments and withdrawals, mini account statements etc. Banks with their strong network of BC/bank partners are providing hassle free services to customers in remote / rural areas.
Eligibility
- Applicant must be an Indian citizen.
- If minors above ten years of age apply, they will need the assistance of their legal guardians to manage their Pradhan Mantri Jan Dhan Yojana(PMJDY) account.
Application Process offline
Step 1- Go to the official portal of Pradhan Mantri Jan Dhan Yojana(PMJDY).
Step 2- Under “e-Documents” section, you will find live link for “Account Opening Form”. Applicants can access it in both English and Hindi languages. Click on the appropriate language option.
Step 3- This will open the form in PDF format. Download it and get a printout.
Step 4- Fill the form manually with all your bank and personal data including bank branch, city/village name, block/district, aadhaar number, occupation, annual income, kisan credit card details and others.
Step 5- Once you fill it, visit your nearest bank branch and submit.
While submitting the form, you need to submit some documents including your mobile number or email id to qualify for Pradhan Mantri Jan Dhan Yojana. Basic documents required in this case are listed below.
Documents Required
- AADHAAR
- Government ID proofs (Voter Card/PAN Card/Ration card)
- Permanent Address proof (Passport/Driving License/Electricity Bill/Telephone Bill/Water Bill)
- Passport size photograph
- Filled and Signed Pradhan Mantri Jan Dhan Yojana(PMJDY) Account opening form
- Any other document as notified by the Central Government in consultation with the Regulator.
Frequently Asked Questions
Can I Open A Joint Account Under Pradhan Mantri Jan Dhan Yojana?
Yes. You can open a joint account under Pradhan Mantri Jan-Dhan Yojana
Where Do I Open A Bank Account Under PMJDY?
You can open a Pradhan Mantri Jan Dhan Yojana(PMJDY) account at any bank branch of Core Banking Solutions (CBS) or BC outlets of such banks
3.Can I Link My Mobile Number With My Bank Account Opened Under PMJDY?
Yes. You can link your mobile number with your bank account. You can do this by contacting your bank where you have opened your bank account under Pradhan Mantri Jan Dhan Yojana(PMJDY). The bank will enter your mobile number in the CBS system based on the information provided by you
4.What Is A Small Account or Chota Khata under PMJDY ?
A “Small Account” or “Minor Account” can be opened if Officially Valid Documents (OVDs) are not available. These accounts will normally be valid for twelve months. Thereafter, such accounts will be allowed to remain open for another twelve months, provided the account-holder provides a document that he/she has applied for officially valid documents within 12 months of opening the small account. .
Does The PMJDY Scheme Offer Accidental Insurance Cover ?
All Pradhan Mantri Jan Dhan Yojana(PMJDY) accounts are provided with a free Rupay Debit Card with a built-in accidental insurance cover of Rs.2 lakh (Rs.1 lakh for accounts opened before 28.08.2018).
Is Overdraft/Loan Facility Available Under PMJDY?
Overdraft facility (SBOD) up to Rs. 10,000/- will be available to one account holder of Pradhan Mantri Jan Dhan Yojana(PMJDY) per family after 6 months of satisfactory conduct of the account, subject to fulfillment of eligibility criteria.
Is It Possible To Extend My Loan Amount Taken Against My PMJDY Bank Account?
Yes, it is possible to increase your loan/overdraft taken against your Pradhan Mantri Jan Dhan Yojana(PMJDY) bank account. Bank can increase this amount, if you pay on time up to Rs. 10,000/-.
How Much Processing Fees Do I Need To Pay For Processing The Loan Against My Account?
There is no processing fees.
Is A Minor Eligible To Open A Bank Account Under PMJDY?
Yes. A minor is eligible to open a bank account under Pradhan Mantri Jan Dhan Yojana(PMJDY) under guardianship.
Are Minors Eligible To Receive RuPay Cards Offered Under PMJDY Bank Accounts?
Yes. Minors are eligible to get RuPay Cards. They can use the card 4 times in a month for cash withdrawal.
What Are The Documents Required For Opening A Bank Account Under PMJDY?
The following documents are required – 1. Aadhaar 2. Government ID Proof (Voter Card/PAN Card/Ration Card) 3. Permanent Address Proof (Passport/Driving License/Electricity Bill/Telephone Bill/Water Bill) 4. Passport size photograph 5 filled and Signed Pradhan Mantri Jan Dhan Yojana(PMJDY) Account Opening Form 6. Any other document notified by the Central Government in consultation with the Controller.
Will I Get A Cheque Book Against My Bank Account?
Account can be opened under PMJDY with zero balance. Check Book(s) is not a mandatory feature of Pradhan Mantri Jan Dhan Yojana(PMJDY) A/CS. Banks may offer additional services including check books as per rules specified by each bank. Anyone meeting the criteria can avail the same benefits.
Is The Bank Account Opened Under PMJDY Transferrable? What If I Want To Transfer My Account from One City To Another Or One State To Other?
Yes. You can easily transfer your Pradhan Mantri Jan Dhan Yojana(PMJDY) account from one city/state to another as all banks have core banking solutions for bank accounts (intra-bank). You can do this by simply requesting the bank.
What Is a Bank Mitr?
Bank Mitr is a business correspondent providing banking services in selected locations. The bank represents the partner bank and helps it expand its outreach. He provides banking services in areas where it is not possible to establish a brick and mortar branch. Retired Bank Employees, Retired Teachers, Retired Government Servants and Ex-employees can join as Bank Mitra.
What Is a PoS Machine?
It is a small device installed in the business center to help you enjoy cashless shopping. PoS stands for Point of Sale.
I Am An Existing PMJDY Customer Of A Particular Bank And I Want To Open Another Bank Account Under PMJDY, Am I Eligible?
no A person can have only one Pradhan Mantri Jan Dhan Yojana(PMJDY) account. However, if he wants to open a Basic Savings Bank Account or PMJDY account in another bank, the existing account must be closed within 30 days of opening the account in another bank.
What If I Don’t Have Any Documents? How Will I Open An Account Then?
The Reserve Bank of India (RBI) vide press release dated 26.08.2014 has clarified as follows: “Those who do not have any ‘officially valid documents’ can open “small accounts” in bank branches. A “small account” can be opened on the basis of a self-attested photograph and by putting his/her signature or thumb print in the presence of a bank official. Such accounts have limitations: i. Total credit (not exceeding one lakh rupees in a year), ii. Total withdrawal (not exceeding ten thousand rupees in a month), and iii. Balance in the account (not exceeding fifty thousand rupees at any one time). These accounts will normally be valid for twelve months. Thereafter, such accounts will be allowed to remain open for another twelve months, provided the account-holder provides a document that he/she has applied for officially valid documents within 12 months of opening the small account. .
For more information visit Official Website https://www.pmjdy.gov.in/
