The government periodically launches various schemes to provide banking access to every section of the country and financial empowerment to economically weaker sections of society. However, most people remain unaware of these schemes, leaving them deprived of significant financial benefits. One such scheme is the Pradhan Mantri Jan Dhan Yojana, launched by the Central Government in 2014. The primary objective of this scheme is to provide banking access to those who were previously excluded from the formal banking system.

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This scheme not only facilitates the opening of bank accounts for those in need, but also provides direct access to benefits from other government schemes through this account. Let’s understand in detail the benefits of a Jan Dhan account and how to open one.

What is the Pradhan Mantri Jan Dhan Yojana?

The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a flagship financial inclusion scheme of the Government of India. Its objective is to provide banking services and financial security to every family and individual. Under the scheme, any Indian citizen can open a zero-balance account and receive government benefits directly into their bank account.

The most significant feature of this scheme is that it allows the poor and ordinary citizens to seamlessly connect with the banking system and secure their financial needs.

Benefits of this scheme

  • Under this scheme, every citizen can open a bank account, regardless of their financial status.
  • There is no minimum balance requirement to open an account, meaning it is a zero-balance account.
  • Jan Dhan account holders are issued a RuPay debit card with accident insurance cover of up to ₹2 lakh. In the event of an accident, the family can receive financial assistance.
  • Through this account, funds from government schemes are transferred directly to the bank account of beneficiaries.
  • If needed, the account holder can avail an overdraft (small loan) of up to ₹10,000. If repaid on time, they can also receive a second loan.
  • A small account can be opened even without the required documents, which can later be converted into a regular account.
  • This account also earns interest like a regular savings account.

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How to Open a PMJDY Account

  • To apply, you must download the form from the scheme’s official website.
  • Fill in the required information and attach identification documents.
  • Then, visit your nearest bank branch and submit the form and documents.
  • After document verification, your Jan Dhan account is activated.