The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a flagship financial inclusion program launched by the Government of India on August 28, 2014. Its primary aim is to provide affordable access to financial services such as bank accounts, credit, insurance, and pensions to all households, particularly those in rural and underserved areas.
Key Features and Benefits:
- Zero Balance Accounts: Accounts can be opened without any minimum balance requirement (Oliveboard) (Groww).
- RuPay Debit Card: Account holders receive a RuPay debit card that offers accident insurance cover up to ₹2 lakh (Oliveboard) (Y20 India).
- Overdraft Facility: After six months of satisfactory account operation, account holders can avail of an overdraft facility of up to ₹10,000 (Groww).
- Direct Benefit Transfer (DBT): Facilitates the direct transfer of government subsidies and benefits into the beneficiaries’ accounts (Y20 India) (PIB).
- Access to Microinsurance and Pension: Linkages to microinsurance schemes and pension plans, such as the Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana (Oliveboard) (PIB).
Objectives:
- Universal Banking Access: Provide a bank account to every household.
- Financial Literacy: Promote financial literacy and make financial products and services accessible.
- Reduction of Cash Transactions: Encourage cashless transactions and reduce dependency on cash (Y20 India) (PIB).
Achievements:
- Account Opening: Over 49 crore bank accounts have been opened under the scheme as of 2024.
- Deposits: The total deposits in these accounts have crossed ₹2 lakh crore (Y20 India) (PIB).
- Women’s Inclusion: A significant portion of the accounts are held by women, contributing to financial inclusion (Oliveboard).
Application Process:
- Online: Applications can be submitted online through the PMJDY website or participating banks’ portals.
- Offline: Accounts can also be opened by visiting any bank branch or Business Correspondent (Bank Mitra) (Groww) (PIB).
For more details, visit the official PMJDY website.
