Pradhan Mantri Jan Dhan Yojana (PMJDY) – How to Apply, Eligibility Guidelines

India is a country with a huge population but what might shock you is the fact that a majority of the population didn’t have bank accounts. Now, the government launched many schemes for financial inclusion and Jan Dhan Yojana was one such scheme. This scheme was primarily launched in August 2014 and the scheme had surely been quite successful. If you do not know about the scheme then here are all the details about Jan Dhan Yojana

What is Pradhan Mantri Jan Dhan Yojana (PMJDY)?

Jan Dhan Yojana

The scheme basically focused on financial inclusion and hence it focused on opening on zero balance accounts in the banks for the individuals who do not have an account. The scheme had not been restricted to the opening of zero balance account but the scheme also provides insurance and credit to Indian citizens. A lot of people who didn’t approach bank because of the high minimum balance required were now a part of the banking system which helped them in managing their savings for tough days.

How will Pradhan Mantri Jan Dhan Yojana (PMJDY) work?

Jan Dhan Yojana achievement

Anyone who had an Aadhaar card could simply visit the bank and open an account under Pradhan Mantri Jan Dhan Yojana. The person could also opt for the insurance scheme which was offered by the government at a very low premium. This is not all, the bank customers were now given debit cards which allowed them an easy access to the money saved by them. Depending on the profile of the customers, the bank also offered credit cards to the customers.The life and accidental insurance were also given to the people for opening a Jan Dhan Account and in addition to this, the government informed that the people opening an account can take a loan of upto Rs 5000.

Eligibility criteria for Pradhan Mantri Jan Dhan Yojana (PMJDY)?

The eligibility criteria for opening a Jan Dhan Account is mentioned below

  • The scheme is only applicable for Indian Citizens.
  • The person should be at least 18 years old to open a bank account. In addition to this, a minor needs a guardian to open a bank account.
  • The applicant needs to submit the document like Aadhaar Card, Proof of Address, Proof of Identity and PAN Card.

How to apply for Pradhan Mantri Jan Dhan Yojana (PMJDY)?

There is no such specific application process for the scheme. However, here is the general account opening process.

  • The applicant can simply go ahead and visit the bank where he wants to open the account.
  • After visiting the bank, the applicant can go ahead and obtain a Jan Dhan Account Opening form and fill in the form with complete and accurate details.
  • Finally, the applicant can simply submit the form along with the appropriate documents. Open successful verification of the details, the passbook,and a RuPay Debit Card will be issued to the customer.

What are the benefits of Pradhan Mantri Jan Dhan Yojana (PMJDY)?

There are numerous benefits of the scheme and some of them are listed below

  • Indian Citizens now had an access to the bank account and they didn’t have to worry about maintaining minimum balance requirements for the bank.
  • The scheme also provided with insurance coverage to the people who are a part of the scheme and this helped them in mitigating the risk. There was a life insurance and in addition to this, there was an accidental cover which would reap benefits in case of disability arising because of the accident.
  • The families could now save in a better way by simply depositing some amount in bank as and when possible.
  • The applicants also got an easy access to credit which is just another benefit of the scheme.

Who will back the plan?

The plan is being backed by the central government and all the banks are a part of the scheme

Details of the scheme

Scheme Name – Pradhan Mantri Jan Dhan Yojana

Budget For scheme – NA

Scheme Launched by – Mr. Narendra Modi

Official Website: https://pmjdy.gov.in/

Is this the way forward for the nation?

This was certainly a revolutionary scheme which changed the way India banks. In addition to this, the scheme helped in providing financial inclusion to the people who were once not a part of the banking system. The government should certainly continue this scheme so as to ensure that each and every person in the country has access to the banking system.

Read also:

Pradhan Mantri Jan Dhan Yojana (PMJDY) - How to Apply, Eligibility Guidelines
  • Pradhan Mantri Jan Dhan Yojana (PMJDY) - How to Apply, Eligibility Guidelines

Summary

Jan Dhan Yojana - Here are all the details about the Pradhan Mantri Jan Dhan Yojana like How to Apply, Eligibility Guidelines and much more.

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