(THE GIST OF PIB) Pradhan Mantri Jan Dhan Yojana

(THE GIST OF PIB) Pradhan Mantri Jan Dhan Yojana

(AUGUST-2024)

Pradhan Mantri Jan Dhan Yojana

On August 28, 2024, the Pradhan Mantri Jan Dhan Yojana (PMJDY) accomplished a decade, marking a significant milestone in financial inclusion.

About Pradhan Mantri Jan Dhan Yojana (PMJDY):

• Launch date: August 28, 2014
• Objective: To promote financial inclusion by providing access to financial services, including banking/savings accounts, remittance, credit, insurance, and pensions, affordably.
• Significance: Forms the backbone for several government economic initiatives and facilitates Direct Benefit Transfers (DBTs).

Eligibility:

• The applicant should be an Indian National.
• The applicant should be aged between 18 and 59 years.
• If minors above ten years apply, they will require support from their legal guardians to administer their PMJDY account.

Jan Dhan Account:

• An individual can open an account under this scheme with any bank branch or Business Correspondent (Bank Mitra) outlet.
• Accounts opened under PMJDY can be opened with zero balance. However, if the account holder wishes to get a chequebook, she/he will have to fulfil the minimum balance criteria.
• The account holders under this scheme will be given a RuPay debit card which can be used across all ATMs for cash withdrawal.

Scheme highlights:

• Zero-balance accounts: Accounts can be opened with no minimum balance requirement.
• RuPay debit card: Provides a free RuPay debit card with in-built accident insurance coverage.
• Accident insurance: Up to ₹2 lakh.
• Life insurance: Up to ₹30,000 for eligible first-time account holders.

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Courtesy: PIB