Pradhan Mantri Jan Dhan Yojana – PMJDY Last Updated: 04 January 2020 Page content About Pradhan Mantri Jan Dhan Yojana PMJDY eligibility Required documents PMJDY interest rate Benefits of Pradhan Mantri Jan Dhan Yojana Banks providing PMJDY scheme credit score The Government of India has launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) to provide financial services and products to those who do not have access to bank accounts. No minimum balance to maintain Interest rate 4% p.a.
Transfer of funds is simple Overdraft facility available Pradhan Mantri Jan Dhan Yojana Pradhan Mantri Jan Dhan Yojana About Pradhan Mantri Jan Dhan Yojana The scheme was launched in August 2014, and according to the Finance Ministry, more than 4 crore bank accounts have been opened till September 2014.
Under the PMJDY scheme, some of the financial services offered to individuals are pension, insurance and banking. . Zero balance account under PMJDY can be opened by individuals. However, if individuals want to use the check facility, maintenance of minimum balance is mandatory. No person will be charged for opening an account under the PMJDY scheme. For more information, see related articles PMJDY Online, PMJDY Withdrawal, PMJDY Form and Pradhan Mantri Ujjwala Yojana. PMJDY eligibility To open a PMJDY account for individuals, the following criteria have to be met:
Under the scheme, accounts can be opened only by Indian citizens. Individuals can visit any bank branch or Business Correspondent (Bank Mitra) outlet to open an account under PMJDY scheme. A savings account can be opened in a bank which is more than 10 years of age. The account opening form is available in both English and Hindi and it is available on the official website of PMJDY (https://www.pmjdy.gov.in/scheme).
credit score Documents required to open PMJDY account If a person wants to open an account, then viable documents have to be submitted. The list of documents required for PMJDY account under the scheme is given below:
Passport Permanent Account Number (PAN) Card The National Rural Employment Guarantee Act (NREGA) issued a job card. However, a state government official should sign the card. driving license Voter id The other documents sought after the central government’s advice to the regulator should be submitted.
A photograph that has been verified with the gazetted officer’s letter must be submitted. Any ID card issued by the state or central government, scheduled commercial banks, statutory or regulatory authorities, public financial institutions and public sector undertakings must be presented. However, the photo of the applicant on the ID card should be there. Rate of interest under PMJDY The rate of interest offered by most banks under this scheme is 4%. Benefits of PMJDY Scheme The main benefits of the PMJDY scheme given below are:
Interest is offered on deposits made towards savings account opened under the scheme. Individuals are not required to maintain minimum balance under the plan. However, if they want to avail the check facilities, a minimum balance must be maintained.
If the person maintains the account well for 6 months, then overdraft facility is provided. Under RuPay scheme, individuals get accident insurance cover of Rs 1 lakh. If the beneficiary dies, the account was opened between 20 August 2014 and 31 January 2015. Under the scheme, insurance products and pension access are provided. If individuals are beneficiaries of government schemes, a direct benefit transfer option is provided. For an account in the house, Rs. An overdraft facility of 5000 is provided. This facility is usually provided to the lady of the house. Personal accident cover can be claimed only after the RuPay card holder has done it