{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.indusind.com\/iblogs\/savings-account\/what-is-pradhan-mantri-jan-dhan-yojana\/#BlogPosting","mainEntityOfPage":"https:\/\/www.indusind.com\/iblogs\/savings-account\/what-is-pradhan-mantri-jan-dhan-yojana\/","headline":"What is PM Jan Dhan Yojana or Pradhan Mantri Jan Dhan Yojana? Documents Required & Eligibility","name":"What is PM Jan Dhan Yojana or Pradhan Mantri Jan Dhan Yojana? Documents Required & Eligibility","description":"The Pradhan Mantri Jan Dhan Yojana (PMJDY) is an initiative by the Government of India. It aims to promote financial inclusion for all citizens, particularly those who are unbanked.  Launched in August 2014, the PMJDY scheme strives to ensure that every household in India has access to basic banking services. These include a savings account,...","datePublished":"2024-11-11","dateModified":"2024-11-11","author":{"@type":"Person","@id":"https:\/\/www.indusind.com\/iblogs\/author\/indusind_bank_pfx_team_indperformics-com\/#Person","name":"CONVONIX Antony","url":"https:\/\/www.indusind.com\/iblogs\/author\/indusind_bank_pfx_team_indperformics-com\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/7d15b864167d3868c12ffdda340cc1c9?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/7d15b864167d3868c12ffdda340cc1c9?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"IndusInd","logo":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","width":201,"height":86}},"image":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/WH19291.jpg","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/WH19291.jpg","height":288,"width":764},"url":"https:\/\/www.indusind.com\/iblogs\/savings-account\/what-is-pradhan-mantri-jan-dhan-yojana\/","about":["Savings Account"],"wordCount":1375,"keywords":["Savings account"],"articleBody":"The Pradhan Mantri Jan Dhan Yojana (PMJDY) is an initiative by the Government of India. It aims to promote financial inclusion for all citizens, particularly those who are unbanked. Launched in August 2014, the PMJDY scheme strives to ensure that every household in India has access to basic banking services. These include a savings account, credit facilities, and insurance. Let\u2019s learn more about Pradhan Mantri Jan Dhan Yojana, including the eligibility criteria and the documents required to open a PMJDY account.What is the Pradhan Mantri Jan Dhan Yojana?The full form of PMJDY is Pradhan Mantri Jan Dhan Yojana. It is a national mission focused on financial inclusion. It was introduced by the Indian Government to provide universal access to banking services for every household. Under the PMJDY scheme, individuals can open a Jan Dhan account with zero balance. This ensures that even those with minimal financial means can have access to a bank account.The PMJDY scheme covers a range of financial services, including savings and deposit accounts, remittance, credit, insurance, and pension. The PMJDY scheme aims to ensure every citizen, especially those in rural areas, can access these services.Benefits of the Pradhan Mantri Jan Dhan YojanaHere are the benefits one can enjoy with a PMJDY account:1. Basic Savings Account with No Minimum Balance RequirementOne of the key features of the PMJDY account is that it is a zero balance savings account with no minimum balance requirements.2. RuPay Debit CardAccount holders under the PMJDY schemereceive a RuPay debit card. This card also comes with accidental insurance coverage of up to \u20b92 lakhs (up to \u20b91 lakh for accounts opened before 28.8.2018).3. Overdraft FacilityAfter maintaining the account for six months, account holders are eligible for an overdraft facility of up to \u20b910,000. This feature is limited to one account per household.4. Access to Government SchemeWith a Jan Dhan account, one can enjoy easy access to various government subsidies, pensions, and welfare benefits. The funds from these can be directly credited to the account through the Direct Benefit Transfer (DBT) system.5. Life Insurance CoverageAccount holders under the PMJDY scheme are also provided with life insurance coverage of \u20b930,000. This amount is payable on the demise of the life insured as per the wordings of the coverage. Also Read: Why Does Every Indian Need a Savings Account?Eligibility Criteria for the Pradhan Mantri Jan Dhan YojanaThe eligibility criteria to open a Jan Dhan bank account are simple:Any Indian citizen above the age of 10 years can open a Jan Dhan account. Minors are also eligible. However, it should be managed by a guardian. The scheme is aimed at those who do not already have a bank account. However, those with existing bank accounts can still open a PMJDY account.There are no income criteria or restrictions, making the scheme accessible even to those with low or irregular incomes.Documents Required to Open a PMJDY AccountTo open a Jan Dhan account, you will require certain documents. The main document required is the Aadhaar card, which serves as both identity and address proof. If an Aadhaar card is not available, other documents such as a Voter ID card, PAN card, passport or NREGA card, or driving license are also valid.If the above documents have your address, they will serve as proof of identity as well as proof of address. If you have changed your address, you must provide a self-certification of the new address. You must also provide two recent passport-sized photographs to open a Jan Dhan account.Individuals who do not have the above documents but are categorised as \u2018low-risk\u2019 by banks can also open a Jan Dhan bank account. However, they must provide the following: An identity card containing the applicant’s photograph issued by Central or State Government departments, statutory or regulatory authorities, public sector undertakings, scheduled commercial banks, or public financial institutions.A letter from a gazetted officer with the applicant’s photograph, duly attested.ConclusionThe PMJDY Scheme is a beneficial initiative that will help all Indians get access to basic banking services, regardless of their economic status. This scheme is not only a gateway to banking services but also provides security and access to various government benefits. Indians from all corners of the country can benefit from the government\u2019s efforts and contribute equally to India\u2019s growth. While a Jan Dhan account is indeed beneficial, if you are looking for a regular savings account, consider partnering with IndusInd Bank. We offer competitive interest rates, easy eligibility criteria, and a Zero Balance Savings Account option as well. So, you can benefit from our exclusive features without worrying about minimum balance requirements. Open a Savings Account with IndusInd Bank today! Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct\/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.Share This:"}