Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by the central government led by Narendra Modi on 28 August 2014 to ensure financial inclusion by providing access to banking services for all citizens.
Benefits and Features of Jan Dhan Accounts
Jan Dhan accounts offer several advantages over regular savings accounts:
Zero Balance Account: Beneficiaries can open a Jan Dhan account without needing to maintain a minimum balance.
Insurance Coverage: Account holders receive accident insurance coverage of Rs 1 lakh and life cover of Rs 30,000.
Interest on Deposits: Deposits in Jan Dhan Savings Accounts earn interest.
Overdraft Facility: Beneficiaries are eligible for an overdraft facility of up to Rs 10,000 after satisfactory operation of the account.
Rupay Debit Card: Upon opening a Jan Dhan account, account holders receive a Rupay Debit Card, which can be used for transactions.
Differences Between Jan Dhan Account and Regular Savings Account
While similar to regular savings accounts, Jan Dhan accounts offer additional benefits such as zero balance requirements, insurance coverage, and overdraft facilities.
Opening a Jan Dhan Account
In-Person Account Opening
To open a Jan Dhan account:
1) Visit a bank or post office.
2) Carry mandatory documents like Aadhaar Card and PAN Card.
3) Minimum age requirement is 10 years.
Existing savings account holders can also convert their accounts into Jan Dhan accounts.
Online Account Opening
To open a Jan Dhan account online:
1) Visit the official PMJDY website (https://www.pmjdy.gov.in/).
2) Download and fill the account opening form available in Hindi or English.
3) Attach necessary documents and submit the form at your nearest bank branch.
By expanding access to banking services through PMJDY, the government aims to promote financial inclusivity and empower individuals economically across the country.
