Pradhan Mantri Jan Dhan Yojana – A Quick Information!

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The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by the Indian Central Government on 28th August 2014. The major objective of the Pradhan Mantri Jan Dhan Yojana is offering financial and banking services reasonably – or offering financial inclusion at affordable prices. Let us know how to open jan dhan yojana account and the major highlights of it in this quick post.

Pradhan Mantri Jan Dhan Yojana Highlights

  1. You could enjoy a life insurance coverage worth Rs.30,000 if your account got opened between 15th Aug 2015 and 26th January 2015.
  2. The RuPay debit card given to Jan Dhan Yojana members also carries an accidental insurance coverage of Rs.1 lakh. You should have used the RuPay debit card at least once in 45 days to be eligible for the facility.
  3. The general perception that the Government will deposit Rs.5,000 in all bank accounts opened under the Pradhan Mantri Jan Dhan Yojana plan is not true. The overdraft facility is conditional and only depends on the successful handling of the bank account for 6 months. Many people got many accounts opened to get Rs.5,000 in all accounts, but the facility is available for one account per household. The overdraft facility will be first given to females. And yes, for using the overdraft facility, interest will be charged.
  4. You will be able to open a zero balance savings account under the Pradhan Mantri Jan Dhan Yojana.

Some facts to know about the Pradhan Mantri Jan Dhan Yojana

  1. You will need to pay interest while using the overdraft facility. The rate of interest will be prevailing bank base rate + 2% or 12% whichever is lower.
  2. The zero balance savings account facility is available without chequebook facility. If you intend to demand a chequebook linked to the account, the same will be provided but will need to maintain minimum amount balance. You can open zero balance savings accounts only when you don’t demand a chequebook.
  3. The life insurance facility is available just for 5 years
  4. HDFC Ergo awards the accidental insurance coverage, and LIC offers life insurance  
  5. One can also open joint savings account under the Pradhan Mantri Jan Dhan Yojana
  6. You need to pay no fee for opening an account under the Pradhan Mantri Jan Dhan Yojana
  7. A minor whose age is 10 years is eligible to open a savings account in any bank
  8. There are several Jan Dhan Yojana benefits that you can avail under it, but the life insurance cover eligibility is not for everyone even if you have opened a savings account under the Pradhan Mantri Jan Dhan Yojana. To avail it, you need to prove your eligibility such as:

    >> The Pradhan Mantri Jan Dhan Yojana bank account needs to be the first account of the insured member. It must have been opened between August 15th 2014 and 26th January 2015.
    >> The person needs to be the earning member or the head of a family
    >> The age limit is between 18-59 years
    >> The account holder needs to have a RuPay Debit Card, and it must be used at least once in the last 45 days
    >> He life insurance coverage will be available only for one person in the family
    >> A biometric card that is linked to your savings account is a must to avail the life insurance facility

The Bottom Line

You are now aware of the basic information about the Pradhan Mantri Jan Dhan Yojana which will help you deal with it confidently.
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