New
January 25, 2023
By
Riddhi Thakrar

What is the Jan Dhan Yojana

The scheme was introduced during August 2014, and by September 2014, the Ministry of Finance reports that over 4 crore bank accounts had been established. Pensions, insurance, and finance are a few of the financial products that are made available to people under the PMJDY scheme.

People may open zero balance accounts under PMJDY. Nevertheless, maintaining a minimum deposit is required in order for people to use the check service. The person won't be charged anything to create an account through the PMJDY programme.

Procedure for opening an account under PMJDY

You must obtain the online application, which is accessible on the PMJDY website (https://www.pmjdy.gov.in/scheme) and is accessible in both Hindi and English languages, in order to open a Jan Dhan Yojana Account. Fill it out and submit it with the required paperwork. The form is known as the establishment form for financial inclusion accounts. There are three parts where you must fill out personal information about yourself, your nominee, as well as the bank in which the account is now being created.

The eligibility criteria

The eligibility criteria is quite simple, which can be as follows:

1. You must be an Indian citizen.

2. At least 10 years of age is required.

3. There should be no bank account under your name.

List of documents needed

The following are the required documents to open an account under the scheme:

1. Aadhaar,

2. passport,

3. permanent account number (PAN) or physical card

4. An employment card was provided under the National Rural Employment Guarantee Act (NREGA).

5. Driving license

6. voter ID

7. Or any other identity card with a photo,

8. It is necessary to present a letter from a Gazetted Officer

9. Attested photograph.

Make sure that all these documents are from scheduled commercial banks, public financial institutions, and statutory or regulatory bodies have all issued these documents.

Benefits enjoyed under PMJDY

1. The programme supplies each account holder with an indigenous Debit Card (RuPay card), covering both urban and rural communities.

2. Under this plan, there is no minimum balance requirement for opening an account. The beneficiary is able to open an account with no balance at any local bank or Economic Correspondent location.

3. It guarantees to offer both banking apps using USSD capabilities and the Core Banking System (CBS). There is a call center facility and a number of fatalities available anywhere.

4. The Pradhan Mantri Each beneficiary of the Jan Dhan Yojana receives a debit card with built-in accident insurance along with basic banking accounts.

5. One of the key benefits offered by this scheme is a Rs. 5,000 overdraft facility for Aadhar-linked bank account as well as a RuPay debit card with only an embedded Rs. 1 lakh accident liability insurance.

6. The qualified beneficiaries are given a Life Insurance cover of Rs. 30,000 for accounts created between August 15 and January 26, 2015 Additionally, the beneficiary would be qualified for an overdraft of up to 5,000 after continuing to be active for 6 months.

PMJDY during the covid crisis

Financial inclusion refers to the act of giving timely and sufficient access to financial goods and services to a significant portion of the underprivileged and low-income groups at a reasonable cost. On the provided link, you may learn more about financial inclusion.

 India's Finance Minister announced that every woman with a Jan-Dhan account would receive Rs. 500 per month for the following three months in response to the Covid-19 epidemic in the country. This was announced on March 26, 2020 as a step in recouping the losses brought on by the epidemic.

Under the PM Garib Kalyan Scheme, the government would also offer a relief package worth Rs. 1.70 lakh crore to address the financial issues caused by the Covid-19 epidemic. The Indian economy is projected to lose roughly 9 lakh crores as a result of the 21-day lockdown.

The Pradhan Mantri A rural financial initiative called Jan Dhan Yojana gives everyone access to banking services. Additionally, it guarantees that every home in India has a minimum of one basic banking profile and money management.

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