Des: The PMJDY was introduced to offer essential banking services, insurance, and pension facilities to all citizens.
The government scheme, Pradhan Mantri Jan Dhan Yojana (PMJDY), is one of the finest programmes launched by Narendra Modi, Prime Minister of India in August 2014. Currently, its main objective is to make every family in India have at least an account with a bank. This scheme is also useful for various financial needs of an account holder and offers many goodies and safety measures for the account holders including offering attractive financial solutions during harsh periods such as the Covid-19 pandemic.
What Is The Pradhan Mantri Jan Dhan Yojana ?
PMJDY has been initiated to extend basic banking, insurance and pension facilities for every citizen. The government scheme has spurred the opening of more than 4 crore new accounts by September 2014. As a distinct component of the PMJDY, PMJDY also enabled zero-balance account facilities to ensure fundamental banking facilities without the rigidity of maintaining a minimum balance. Yet again, for those desiring to utilise cheque facilities, you’re going to need to have a certain balance.
Pradhan Mantri Jan Dhan Yojana- Documents Required
To open a Jan Dhan account, applicants need to provide the following documents:
- Passport
- Driving License
- PAN Card
- Aadhaar Card
- Voter’s ID Card
Pradhan Mantri Jan Dhan Yojana- Advantages
The Pradhan Mantri Jan Dhan Yojana offers several benefits, including:
- No Minimum Balance: This is so because the accounts being offered are zero balance accounts to allow all citizens including low-income earners and those from rural areas to access banking services.
- Debit Card and Overdraft: A financial account holder is issued a RuPay debit card to enable the account holder to make easy transactions and is also eligible for an overdraft of up to ₹10,000 based on the account usage and credit history.
Pradhan Mantri Jan Dhan Yojana- Phases
The above-highlighted branches are linked to the Pradhan Mantri Jan Dhan Yojana, which is in its implementation phase.
The Jan Dhan Yojana was rolled out in three phases:
- Phase 1 (15 August 2014 – 14 August 2015): The emphasis was on banking facilities, a portfolio of at least one account per household, the RuPay Debit Cards along with ₹1 lakh accident insurance.
- Phase 2 (15 August 2015 – 14 August 2018): This phase brought micro-insurance and pension relevant to unorganised sector employees in India into action.
Pradhan Mantri Jan Dhan Yojana- Application Guide
To open an account under the PM Jan Dhan Yojana Account is very easy. For one, the account services under PMJDY can be availed at any bank in the country that is interested in opening an account. For the detailed set of guidelines, read Jaagruk Bharat’s ‘Easiest Way To Open A PM Jan Dhan Yojana Account’ article which also outlines the simple method of accessing the PMJDY benefits.
Conclusion
The scheme mainly helps implement the objective of financial inclusion included under Pradhan Mantri Jan Dhan Yojana. It can help families all over the country improve the quality of their financial lives through easy access to banking services and financial support.
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