Pradhan Mantri Jan-Dhan Yojana: From Zero Balance To Latest Details In 10 Points

Pradhan Mantri Jan-Dhan Yojana: From Zero Balance To Latest Details In 10 Points

The Pradhan Mantri Jan-Dhan Yojana (PMJDY), a financial inclusion scheme, was launched on August 28, 2014


  1. 28.23 crore accounts opened under Jan-Dhan scheme, says finance ministry
  2. Bank accounts opened under PMJDY scheme come with zero balance feature
  3. Small accounts normally valid normally for period of twelve months
The government's financial inclusion scheme PMJDY or 'Pradhan Mantri Jan-Dhan Yojana' offers easy access to banking services. The Jan-Dhan Yojana was launched by Prime Minister Narendra Modi on August 28, 2014. As on April 5, 2017, 28.23 crore accounts have been opened. This was stated in a tweet by the Finance Ministry on Twitter. A bank account under PMJDY can be opened by visiting any bank branch or business correspondent outlet, or "Bank Mitr", and used thereafter for various social security schemes. The Jan Dhan tally, the ministry added, has reached Rs 63,971 crore in deposits and 22.14 crore Rupay cards.
Here are 10 things to know about PMJDY or Jan Dhan accounts:

The Pradhan Mantri Jan-Dhan Yojana seeks to ensure access to financial services - banking/savings and deposit accounts, remittance, credit, insurance and pension - in an affordable manner.

Jan Dhan accounts are opened with zero balance. For those who want to get a cheque book will have to fulfil the minimum balance criteria of the respective bank.

Those who want to open an account under the PMJDY scheme will need a few documents. Those who don't have all the documents can open Small Accounts with banks, the Reserve Bank of India has said. Small Accounts - valid normally for a period of twelve months - have certain limits related to aggregate credits, aggregate withdrawals and balance. (Know more)

A Basic Savings Bank Deposit Account or BSBDA, as per the RBI, includes services such as deposit and withdrawal of cash at bank branch as well as ATMs and receipt/credit of money through electronic payment channels or by means of collection/deposit of cheques. (Also read: At SBI, no need to maintain minimum balance in these accounts)

Benefits being offered under the Jan Dhan accounts include interest on deposits, accidental insurance cover (Rs 1 lakh) and life cover (Rs. 30,000) subject to fulfilment of eligibility. They also provide access to pension and insurance products

Interest rate applicable for Saving Bank Accounts (presently at 4 per cent in most of the banks) will be admissible to accounts opened under PMJDY scheme, as per the State Bank of India website.

Besides, a Jan Dhan account can also be used to receive Direct Benefit Transfer - under which the government transfers subsidies directly to the people.

An overdraft facility will be permitted after satisfactory operation for six months. An overdraft up to Rs 5000 is offered by the government in only one account per household ".

Rupay Debit Card, a domestic debit card introduced by National Payment Corporation of India, is accepted at all ATMs (for cash withdrawal) and at most of the PoS or point-of-sale machines in the country.

The government aims to achieve a comprehensive financial inclusion by August 14, 2018 in two phases.

Here's what the Financial Inclusion Account Opening form looks like:

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