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Pradhan Mantri Jan Dhan Yojana (PMJDY)

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is nationwide scheme launched by the Government of India on 15th August 2014 to ensure affordable financial services to the excluded sections of the society.

Provision of providing Basic Banking Accounts with Overdraft facility and RuPay Debit Card with inbuilt accident insurance cover.

The PMJDY will continue beyond 28.08.2018 with the change in focus from ‘ every household’ to ‘ every adult’.

Account can be opened at any bank branch or Business Correspondent (Bank Mitra) outlet even with Zero balance. However, if the account-holder wishes to get cheque book, he / she will have to fulfil minimum balance criteria.

For opening of saving account any one of the following Officially Valid Document (OVD) Plus PAN card / form 60

♦   Aadhaar Card

♦   Passport

♦   Driving license,

♦   Voter ID card

♦   Job Card issued by NREGA duly signed by an Officer of the State Government,

For relaxed KYC accounts

Identity card with applicant's Photograph issued by Central / State Govt. Dept., Statutory / Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions;


Letter issued by a Gazetted officer, with a duly attested photograph of the person.

Small Accounts:

♦  Those persons who do not have any of the ‘OVD’ can open “Small Accounts” with banks.

♦   A “Small Account” can be opened on the basis of a self-attested photograph and putting his/her signatures or thumb print in the presence
     of officials of the bank.

♦   Maximum Balance in the account/s: Rs.50,000/-

♦   Total credits not exceeding Rs.1 lakh in a year and

♦   The aggregate withdrawals and transfers in a month not exceeding Rs.10,000/-

♦   Maximum amount per transaction- Rs. 10,000/-

Benefits Under PMJDY

●  Interest on deposit placed in Saving Bank Account

●  No minimum balance required.

●  Access to Pension, insurance products

●  It is mandatory to issue a RuPay debit card to account holder which can be used across all ATMs for cash withdrawal.

●  In RuPay debit card, in-built personal accidental insurance cover of Rs.1 lac for accounts opened till 28.08.2018 & Rs.2.00 Lakh in
    new accounts opened after 28.08.2018 .

●  For the coverage to be effective the above RuPay Card should be valid and in force.

●  Claim of personal accidental insurance only if customer has performed at least one financial or non financial transaction at any channel
    both intraand inter bank i.e. on us (ATM/ Micro ATM/ POS/ e-com/ business correspondent of the bank at the location by any payment
    instrument) within 90 days prior to the accident or off-us (Bank customer/ RuPay card holder transactions at other bank channels) .

●  Life insurance cover of Rs 30,000 on death of the life assured, due to any reason, to the deceased’s family.

●  PMJDY account opened from 16.08.2014 to 31.01.2015 are eligible for life insurance cover.

●  The premium subscription for the life cover under PMJDY is borne by the Government of India.

●  Beneficiaries of Govt. Schemes will get Direct Benefit Transfer (DBT) in these accounts.

●  Easy Transfer of money across India.

●  After satisfactory operation of the account for 6 months, an overdraft facility of Rs.10000 can be permitted one account per
    household (raised from Rs.5000).

●  There will be no conditions attached for over-draft of up to Rs 2,000.

●  OD facility will be extended to only one account in a household, and preference will be given to a female account holder.