Pradhan Mantri Jan Dhan Yojana(PMJDY), or Prime Minister’s People’s Wealth Scheme is a national mission that aims to expand financial services like banking, savings and deposit accounts, pension, credit, insurance, etc making them available and accessible in an easy and affordable manner. The scheme is run by the Department of Financial Services, Ministry of Finance. The Jan Dhan Yojana has been rolling hot as on the inauguration day itself 1.5 crore people opened their bank accounts.
The main objective of this scheme is to provide access to the various financial services to the excluded sections i.e. people with low-income. Such a deep interaction at an affordable cost is only possible with the effective use of technology which is also kept in mind through other schemes like Digital India.
Account under this scheme can be opened in any bank branch or Business Correspondent (Bank Mitr) Outlet with zero balance. However, if you want a cheque book, then you may have to fulfill the minimum balance criteria.
An account can be opened under this Pradhan Mantri Yojana by presenting any officially valid document like –
In case of the absence of an officially valid document, a small account can be opened with the bank by providing a self-attested photograph and putting thumb signatures in presence of the bank officials only.
But these accounts will have special limitations in terms of monthly balance should not exceed 1 lakh Rs and monthly withdrawal, not more than 10000 Rs. You will be allowed to continue with his account for a period of 12 months within which if he shows some document showing that he/she has applied for an officially valid document then allowed to continue for another 12 months.
There are some basic benefits that one gets when he/she opens an account under Jan Dhan Yojana –
The bank account has attached accidental insurance of Rs 1 Lakh and you get a Rupay card with it. The scheme has a life cover of Rs 30000 payable on the death of the beneficiary, only on satisfying eligibility conditions.
Loan/ Overdraft Benefits:
Under this scheme, an account holder can take a loan of up to Rs.5000 from a bank after six months from opening the account. The tenure of the loan under this scheme is 36 months with zero processing fees
So, overall this scheme tends to be a boom benefitting the weaker section effectively and is expected to change their condition in the coming days.
The government also anticipates channeling all government benefits (be it by local, state, or Centre body) to the beneficiaries’ accounts and providing the direct benefits transfer scheme of the union government to them. The technological issues like poor connectivity, on-line transactions will be handled effectively. Also, an urge to the youth is being made by the Government of India to actively participate in this mission for its success.