The Prime Minister of India, Shri Narendra Modi, launched the Pradhan Mantri Jan-DhanYojana (PMJDY) in 2014. It was launched on 28/08/2014. This is a mission at an all-India or national level. The aim of the mission is to make easy and affordable access to the different financial services, such as Deposit and Savings Account in banks, Pension, Insurance, Credit, and Remittance. This Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme was announced by Prime Minister Narendra Modi at the time of his speech on Independence Day in 2014 (15/08/ 2014).
The Ministry of Finance, Government of India declared that under the Jana-Dhan Yojana, by September 2014 already more than 4 crore banks accounts have been opened. This was after the scheme was launched on 28/ 08/ 2014. The scheme provides individuals such services as banking, insurance, and pension.
Pradhan Mantri Jan-Dhan Yojana (PMJDY): Overview
| Name of Scheme | Pradhan Mantri Jan-Dhan Yojana |
| Launch Date | 28th August 2014 |
| Ministry | Ministry of Finance |
| Interest Rate | What interest the bank is offering for a savings account |
| Minimum Required Balance | Zero Balance Account if Check facility not availed |
| Provision for Overdraft Facility | Available |
| Amount of Accidental Insurance Cover | Under Rupay Scheme, Rs.1,00,000/- for accounts opened before 28th August 2018, and Rs.2,00,000/- for those opened on or after that date |
A PMJDY account is eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha BimaYojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.
Pradhan Mantri Jan Dhan Yojana (PMJDY) Eligibility
Following is the eligibility criteria for opening a PMJDY account:
- Be a citizen of India
- Be 10 years of age or above
- Should not be a bank account holder
Special benefits attached to the scheme are:
- Interest on deposit in the savings account.
- Accidental insurance cover of Rs.1,00,000/-.
- No minimum balance is required.
(A minimum balance should be maintained to avail the cheque facility)
- For cash withdrawal from any ATM using Rupay Card, some balance is required to be kept in the account.
- Rs.30,000/- Life Insurance Cover.
- Easy money transfers to any part of the country.
- The Beneficiaries of Govt. Schemes will receive direct Benefit Transfers in these accounts.
- An overdraft facility will be given, provided that the account holder maintains the account in a good manner for six months.
- Access to Pension and insurance products
- For the Accidental Insurance Cover, RuPay Debit Card should be used at least once in forty-five days.
- Overdraft facility up to Rs.5000/- will be available in only one account per household. Preference will be given to the female account holders.
- Account-holders can check their account balance using the mobile banking app.
- It ensures to provide on CBS(Core Banking System) along with mobile banking using the USSD facilities. Call centre facility and a toll-free number is available nationwide.
Pradhan Mantri Jan Dhan Yojana (PMJDY): Achievements
- The total number of Accounts were 43.04 Crore, of which 55.47 percent are women account holders and 66.69 percent accounts are in semi-urban and rural areas as on 21st August 2021.
- In the initial year 17.90 crore new accounts were created.
- Pradhan Mantri Jan Dhan Yojana Accounts increased from 14.72 Crore in March 2015 to 43.04 Crore on 18th August 2021.
- As per the guidelines of the Reserve Bank, a Pradhan Mantri Jan Dhan Yojana account is treated as an inoperative account if no transactions in the account are done for more than two years.
- Out of 43.04 crore Pradhan Mantri Jan Dhan Yojana accounts, 85.6 percent were operative in August 2021.
- 8.2 percent Pradhan Mantri Jan Dhan Yojana accounts are zero-balance accounts.
- Total deposit under the Pradhan Mantri Jan Dhan Yojana Accounts is Rs. 1,46,230 crores
- Deposits have increased 6.38 times since August 2015.
- The average deposit per account is Rs. 3,398/-
- The average Deposit per account has increased 2.7 times since August 2015
- Total RuPay cardholders are: 31.23 Crore
We hope this article has been of help to you in understanding the impact and benefits of the Pradhan Mantri Jan Dhan Yojana (PMJDY).
FAQ’s: Frequently Asked Questions:
The Yojana was launched on 28/08/2014.
The amount of accidental insurance cover under the Rupay Scheme is Rs.1,00,000/- for accounts opened before 28th August 2018, and Rs.2,00,000/- for those opened on or after that date
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