Pradhan Mantri Jan-Dhan Yojana (PMJDY)

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a nationwide scheme launched by Indian government in August 2014. In this scheme financial inclusion of every individual who does not have a bank account is to be achieved.

The scheme will ensure financial access to everyone who was not able to get benefits of many other finance related government schemes. These financial services include Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension which will be made available to all the citizens in easy and affordable mode.

According to the data issued by finance ministry, till September 2014 around 40 million (4 crores) bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana since the scheme launched.

However there was another financial scheme (Swabhimaan) launched earlier in which the target of opening the bank accounts was for villages only. But in Pradhan Mantri Jan Dhan Yojna the entire individuals irrespective of their area (rural or urban) can get a bank account without depositing any amount if they fulfill other eligibility criteria. This scheme is very beneficial for the rural population where banking services and other financial institution are rarely available.

Under the Jan Dhan Yojna anyone who is India citizen above age of 10 years and does not have a bank account, can open the account with zero balance. Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet, specially designed for the purpose of opening the accounts under this scheme. The scheme also provides facility of accidental insurance cover up to rupees one lac without any charge for the account holder.

The account holders under the jab dhan yojana will be given a RuPay debit card which can be used at all ATMs for cash withdrawal and at most of the retail outlets for making transaction for purchases.

Pradhan Mantri Jan Dhan Yojana

Benefits of Pradhan Mantri Jan Dhan Yojana

The Pradhan Mantri Jan- Dhan Yojana or more popularly known as PMJDY scheme is planning on revolutionizing the traditional banking system in India by providing the banking opportunity and insurance coverage to all including the poor. It is an initiative taken by the Prime Minister Narendra Modi who started this ambitious project to help the poor become more financially confident through this venture and allowing every citizen the right to have their own bank account and insurance coverage which was previously impossible for most of the population under poverty.

The purpose of this scheme will definitely benefit the overall economy of the country and the scheme provides some lucrative benefits which should certainly be availed and considered. Here is listed some important benefits of the Pradhan Mantri Jan Dhan Yojna (PMJDY) scheme which would certainly inspire the country to a more prosperous future for all.

Life insurance Benefit: Under the PMJDY scheme the account holders will be given worth Rs.30000 insurance coverage if they comply with certain specification of the scheme which includes opening an account by January 26, 2015 and having an accidental insurance coverage of over Rs. 100000.

Loan benefits: The account holder can take loan benefit of up to Rs.5000 from the bank after six months from opening the account. Though the amount might seem insignificant for many but we have to realize the scheme is directed mostly towards people below the poverty line and who are struggling desperately to sustain their everyday living. The loan benefit can be a scintilla of hope for those people who could utilize the loan amount and invest it in a more profitable outcome, particularly in farming or other agricultural prospect.

Mobile banking facilities: Though the technology of using smart phones to conduct our bank transactions is not novel anymore but the PMJDY scheme will allow its account holders to avail the same facilities of checking balance and transferring funds through a normal cell phone which is more affordable to the general economy.

Hence PMJDY is indeed a prosperous venture and we certainly hope the Prime Minister and the mass economy are both benefited through this new venture.

List of Banks authorized to open accounts in Jan Dhan Yojana Scheme

Mr. Narendra Modi, the current and 15th Prime Minister of India, on his 1st Independence Day speech i.e. on 15th August 2014, announced a new scheme called Pradhan Mantri Jan Dhan Yojna alias Prime Ministers People Funding Scheme. This scheme was officially launched on 28th August 2014. The prime purpose of this scheme is that every citizen of India should have easy access to open a saving bank account, thereby providing India financial freedom. The benefits of this scheme such as zero balance account, RuPay debit card, RuPay credit card, easy loan option is outlined keeping the financially backward classes of India in mind. This scheme gives them hope for a better tomorrow.

Jan Dhan account can be opened at all the public sector banks and majority of private sector banks.

Public Sector Banks:

There are 27 public sector banks in India and at all these banks you can open Jan Dhan Yojana Account. Below is the list of banks who are authorized to open accounts in Jan Dhan Yojana scheme

Allahabad Bank

Andhra Bank

Bank Of Baroda (BoB)

Bank Of India (BOI)

Bank Of Maharashtra

Bhartiya Mahila Bank

Canara Bank

Central Bank Of India

Corporation Bank

Dena Bank

IDBI Bank

Indian Bank

Oriental Bank of Commerce

Punjab National Bank (PNB)

Punjab & Sind Bank

State Bank of India (SBI) and all its 5 affiliated banks State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore

Syndicate Bank

Union Bank of India

Vijaya Bank

Private Sector Banks:

Jan Dhan Account can be opened in these banks

Axis Bank Ltd.

Dhanalaxmi Bank Ltd.

Federal Bank Ltd.

HDFC Bank Ltd.

ICICI Bank Ltd.

IndusInd Bank Ltd.

ING Vysya Bank Ltd.

Karnataka Bank Ltd.

Kotak Mahindra Bank Ltd.

YES Bank Ltd.

The government has asked these banks to organise special camps on Saturdays from 8 am to 8 pm to promote and to make all individuals aware of it.

How To Contact PMJDY Team

There are various ways by which you can contact Jan Dhan Yojana team officially. We are listing down all the details

How to contact PMJDY team through email

Email can be sent on pmjdy.grievances@nic.in with the

Subject as Suggestions-PMJDY

This will cover any grievances a customer can have regarding the pradhan mantri jan dhan yojana.

Alternatively You may write to us on public portal at http://pgportal.gov.in

How to contact PMJDY team through phone

You can also call them at the below toll free numbers

1800 11 0001

1800 180 1111

Bank Accounts opened in Tamil Nadu under PMJDY SRL NO

BANK NAME ACCOUNTS RURAL

ACCOUNTS URBAN

TOTAL ACCOUNTS

AADHAR SEEDED

RUPAY-CARD ISSUED

1 Allahabad Bank 10921 21581 32502 16165 31831

2 Andhra Bank 27796 40129 67925 45357 64888

3 Axis Bank Ltd 9503 23439 32942 3985 32551

4 Bank of Baroda 26230 122480 148710 44372 144655

5 Bank of India 45687 104831 150518 86631 145944

6 Bank of Maharashtra 1709 5517 7226 4855 7142

7 Bhartiya Mahila Bank 0 881 881 323 874

8 Canara Bank 756189 211795 967984 306408 957553

9 Central Bank of India 126094 65539 191633 72474 178601

10 City Union Bank Ltd 11963 42498 54461 28234 0

11 Corporation Bank 79536 81822 161358 60531 144470

12 Dena Bank 17744 36044 53788 10369 52117

13 Federal Bank Ltd 19395 8857 28252 3965 27352

SRL NO

BANK NAME ACCOUNTS RURAL

ACCOUNTS URBAN

TOTAL ACCOUNTS

AADHAR SEEDED

RUPAY-CARD ISSUED

14 HDFC Bank Ltd 7195 76391 83586 8313 83582

15 ICICI Bank Ltd 130882 26163 157045 12647 157045

16 IDBI Bank Ltd. 21579 23033 44612 3478 41859

17 Indian Bank 753501 236949 990450 202306 967697

18 Indian Bank 152925 13931 166856 16352 26000

19 Indian Overseas Bank 338921 530077 868998 181948 819809

20 Indian Overseas Bank 57993 764 58757 4154 998

21 IndusInd Bank Ltd 20 2207 2227 746 2140

22 Jammu & Kashmir Bank Ltd 0 115 115 3 0

23 Karur Vysya Bank Ltd 4451 49760 54211 21341 52371

24 Kotak Mahindra Bank Ltd 2658 2932 5590 1105 4771

25 Lakshmi Vilas Bank Ltd 14665 36408 51073 9661 11951

26 Oriental Bank of Commerce 13604 33338 46942 9336 46204

27 Punjab & Sind Bank 587 12349 12936 3917 12298

28 Punjab National Bank 40666 25148 65814 34265 57648

29 Ratnakar Bank Ltd 5198 0 5198 2622 5198

30 South Indian Bank Ltd 6341 15750 22091 10127 7519

SRL NO

BANK NAME ACCOUNTS RURAL

ACCOUNTS URBAN

TOTAL ACCOUNTS

AADHAR SEEDED

RUPAY-CARD ISSUED

31 State Bank of Bikaner & Jaipur 0 4836 4836 1677 4162

32 State Bank of Hyderabad 2852 31155 34007 21007 33537

33 State Bank of India 155246 332100 487346 126127 457556

34 State Bank of Mysore 9689 10370 20059 6303 19255

35 State Bank of Patiala 0 9976 9976 3465 9312

36 State Bank of Travancore 6196 37720 43916 11107 40130

37 Syndicate Bank 106579 72775 179354 61625 177617

38 UCO Bank 16538 52857 69395 44245 61829

39 Union Bank of India 102282 40236 142518 47655 138056

40 United Bank of India 2327 16616 18943 17798 41607

41 Vijaya Bank 45780 34831 80611 44056 80230

42 Yes Bank Ltd 43 22 65 43 0

3131485 2494222 5625707 1591098 5148359

Document required for opening account under Jan Dhan Yojana

The Jan Dhan Yojana: Bank account was a scheme that was initiated by the Pradhan Mantri on 15th august, 2014. This scheme was initiated with the motive of providing bank account to every household in India.

Under this scheme good facilities like insurance scheme of upto 3500 is added for every individual who is a holder of this account. Not only this after completing six months the holder of this account gets a facility of overdraft for INR.5000/. This is a normal savings account where one can open this as having zero balance in their account. The account holder will also be given a RuPay Card which facilitates the owner to withdraw the cash from the ATMs.

Documents required by an individual to open Jan Dhan Yojana account are mentioned below:-

Should have valid current or permanent address proof like passport, aadhar card etc. Aadhar card is very important document that everyone should habe. If you have applied for aadhar card then you check the status of aadhar card online

If the address is changes he/she should have valid documents mentioning the transfer of address

2 passport size photographs

If he/she does not have valid residential proof, one can also show identity proof that has been issued by government of India

One can also arrange for an authority letter from the gazette officer giving an assurity that an individual is a resident of India and hold an Indian Nationality.

If the individual fails to provide any of the above proofs, then the bank can do a ground check of the individual. If the approached bank finds the individual to fall under low risk category then he/she will be given a chance to open a temporary account for 12 months known as small account. For converting this account into permanent account one has to submit valid documents before the completing the tenure of 12 months with the bank.

Eligibility Criteria To open PM Jan Dhan Yojana Account

Jan Dhan Yojana Account scheme was launched by the Pradhan Mantri Shri Narendra Modi with the motive of inviting every family to have one bank account where their money will be safe. Facilities like zero balance were given to the individual who opens the account. He is also eligible for a RuPay card and can apply for a loan of INR5000.00 after having the account operative for a period of 6 months.

The major aim was to make the rural population participate and open a bank account where their money is utilized in the right way. All nationalized banks and a couple of international banks have actively participated in this scheme have set up camps in different locations to invite the individuals to come and open bank accounts under Jan Dhan Yojana scheme.

Below is the list of Pradhan Mantri Jan-Dhan Yogana Account eligibility criteria:-

An individual who holds an Indian nationality is eligible to open an account under this scheme.

A minor who is above 10 years of age is eligible to open the account in any bank under this scheme. He will need to have a guardian to manage the account along with him. He will also be eligible for a RuPay Card on which one can withdraw 4 times from any ATM.

An Individual who does not hold any valid documents to prove that he is an Indian national but after the bank does their ground research and categorizes the person into low risk is eligible to open the account under this scheme.

An individual who has any identity proof authorized by any gazette officer is eligible to open the account under this scheme.

An individual who has an existing bank savings account with the bank can transfer his account to Pradhan Mantri Jan-Dhan Yojana account so he is eligible for the benefits from that account.

How to open account in Jan Dhan Yojna for a minor person?

Jan Dhan Yojana: Bank account was launched by the Pradhan Mantri on the 15th of august, 2014 with the motive that each family should have one bank account. Since these days it is important for a minor to also have savings account, under this scheme one can open an account for a child above 10 years. Though the child needs to have a guardian who will take care of the account till the child turns 18 years of age.

This account will be a joint account. The joint account holder will be the minor and the guardian. No transactions will be done without the consent from both the account holders. The guardian on his/her behalf needs to submit his/her documents. Once the minor attains an age of 18years the bank will ask for the childs identity proof after which the account will be automatically transferred to the child after submitting the documents.

The guardian will need to submit the following documents:-

Any valid residential proof i.e. Adhar card, ration card, passport etc.

If the person is not holding any of the above then he will need to submit an identity proof issued by the central government of india.

He can also submit an authority letter issued by the gazette officer.

If he does not have any of these, he can yet open a small bank account where if the bank declares the account holder who belongs to the low risk category. In this scenario, the individual needs to sign the application for opening the account in front of the bank authorities. This account will be valid only for a period of 12 months. If he/she wants to keep the account operative, he/she will need to submit any of the above documents before 12 months.

How to open an account under Pradhan Mantri Jan-Dhan Yojana?

Indian citizens above the age of 10 can open a bank account under the Pradhan Mantri Jan-Dhan Yojana and can enjoy all the benifits of Jan dhan yojana scheme. There are other eligibility criteria and the details are mentioned in our article Eligibility Criteria To open PM Jan Dhan Yojana Account. Here we are providing the details on how to open an account under Pradhan Mantri Jan-Dhan Yojana?

Jan Dhan Yojana Account opening process

You need to visit the bank or institution designated by the government. check List of Banks authorized to open accounts in Jan Dhan Yojana Scheme.

In the bank or the designated institutions you will find the desk with Jan dhan Yojanadetails and the officials are normally called Bank Mitr.

Bank Mtr will provide the account opening form and you need to fill the account opening form and submit copy of valid official id proof.

List of ID Proof valid to open a Jan Dhan Yojana account

People with Aadhaar Card do not need to produce any other document at the time of opening the account.

In case Aadhaar Card is not available; any one of the Officially Valid Documents (OVD) can be submitted including

Voter ID Card

Driving License

PAN Card

Passport

NREGA (Mahatma Gandhi National Rural Employment Guarantee Act) Card.

However earlier it was mandatory to have Adhaar card or any other identity proof for opening an account but now according to the Finance Ministry people who do not have valid documents or Aadhaar card or Aadhaar number, they can also open bank account under the Pradhan Mantri Jan Dhan Yojana (PMJDY) without the document.

Such people have to give two signed photographs only with the filled account opening form. These accounts have a validity of 12 months without any official document being produced. In this 12 months period account holder have to either submit required identity proof or any other proof which validates that the person has applied for the official valid document required for opening the account.

The account holders will also get a RuPay debit card and they can use this card to withdraw money and/or make other transaction at retail stores etc. The benefits of the account opened under the Jan Dhan Yojna include no requirement of minimum balance. Also the account holder can deposit and withdraw cash at bank branch as well as ATMs without paying extra charge for using these facilities.

How to transfer old accounts under this Jan Dhan Yojana?

The Prime Minister Office of Indias new initiative of Jan Dhan Yojana is appreciated for its approach to eradicate the economic discrimination prevailing in India by providing opportunity to every Indian to open a bank account with even a zero balance. This venture is the first step taken by the elected Prime Minister in India to bring equality in banking facility to every Indian.

Jan Dhan Yojana account transfer

The banking system which was previously within reach of only the few Indians with a sustainable earning and who can successfully maintain the predetermined bank limit of their savings account; is now open to every individual Indian for its zero balance feature. Also to encourage every Indian to open an account, the lucrative features of this scheme include overdraft facilities of up to Rs. 5000 after successful operation of the account after six months from opening.

Also the account holder gets a personal accident insurance cover of Rs.1 lac and Rs. 30000 for life insurance coverage. These features indeed can inspire most account holders to learn how to transfer their old accounts under this Jan Dhan Yojana. However to avoid complexity and account mismanagement, an account holder does not have to re-open a different account under this scheme.

In order to learn how to transfer their old accounts under this Jan Dhan Yojna, the account holder of any bank just needs to issue a RuPay Card to avail the insurance facilities offered under PMJDY scheme. Therefore an already existing account holder does not need to open a separate Jan Dhan Yojna account to avail the insurance benefits.

The benefits to the accountholders dont just end there though. Similarly the overdraft facilities can be attained with the existing account provided the account has been successfully operated and the account holder has a clean profile on default loan payments

Types of account to open under Jan Dhan Yojana

In this article we will talk about the type of account that can be opened under Jan Dhan Yojana. The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a novel venture to improve the economic cycle of India by inclusion of the population in financial transactions through banks. The scheme was initially launched in late 2014 and will operate in full fledge from January 2015 by participation of various banks in India.

Account open under Jan Dhan Yojana

However there are speculations about the feasibility of the project and the financial burden that some of the schemes would bring. Government subsidies would be provided for the success of the project and the PMJDY targets on getting 75 million un-banked Indian families to open a bank account with even a zero balance deposit.

Promotions have been done and various enrolment camps have been set up across the various states in India to educate people about this new venture and the benefits that the scheme could provide to their household income. However, given that the population size of India is so huge, among the various types of bank accounts offered by different banks the Jan Dhan Yojana aims on providing only Basic Savings Bank Deposit Account (BSBDA) to its subscribers.

The savings account under this scheme has various significant features which are not inclusive with the regular savings account offered by the banks. The BSBDA allows its account holder to keep the account functional even with a zero balance deposit and has no restrictions or regulations on the minimum balance.

Apart from the regular deposit and withdrawal features the account holders can also execute electronic transactions through their regular phones. Up to four transactions can be carried out through ATM without any additional charges applicable. Also overdraft facilities of up to Rs.5000 can be availed for functional accounts of six months and accident insurance of Rs.100000 and life insurance coverage of Rs.3000 are other features under the Jan Dhan Yojana scheme.

If you do not have any valid documents to open a Jan Dhan Yojana Account you can opt for a Small Account , which requires no documents.

Small Account PMJDY

Prime Minister of India, Narendra Modi, has come up with a Pradhan Mantri Jan-Dhan Yojana (PMJDY). It is a nationwide initiative to ensure that everyone is financially included. This scheme allows easy access to the major financial services to everyone at a very low cost. The services include banking services such as savings account, insurance, credit and more.

These accounts can be opened at any branch. You can also open an account at the Business Correspondent, also called Bank Mitr, outlets. This scheme allows people to open account with a zero balance. But with zero balance you do not get

a cheque book. If you want a cheque book issued then you will need to have a certain minimum balance in your bank account.

What if you have No Documents and what a PM Jan dhan Yojana Account (PMJDY)

If you have the officially valid documents, such as Aadhaar card, you can submit it at the time of opening of the bank account. However, if you do not have any documents, you can still go ahead and open a bank account under this scheme called Small Account PMJDY

You can have a Jan Dhan account at a bank by giving two photographs self attested at the branch where you want to open the account. In an official statement issued by RBI which was dated 26 August 2014, it was mentioned that if there is no official valid document or the ULID number, the bank accounts can be opened with just two self-attested photographs.

Small Account PM Jan Dhan Yojana

Limits of Small Account Pm Jan Dhan Yojana (PMJDY)

But there are certain limits to these accounts. These accounts are called small accounts and will remain valid for about 12 months only. If the account holder is able to provide the officially valid documents within this period they shall be able to continue with the account.

A small account also has a maximum 50,000 balance and 100,000 Rs credit limit. Also, you will not be able to withdraw more than 10,000 Rs per month from a small account.

Jan Dhan Yojana Overdraft Facilities and benefits.

An overdraft facility is an agreement made between the financial instruments i.e. a bank and the account holder. It is a facility which allows the account holder to withdraw money from their account when there is zero balance in their account. This facility is usually given to account holders who have good credit history with the bank. Also there is a set limit to the amount that can be withdrawn as an overdraft. This limit is set by the financial body keeping in account the previous history of the account holder. However this amount needs to be cleared within a specified time that has been set by the financial body.

What are the benefits that one can avail under overdraft?

If a person is given an overdraft facility it can really benefit their business. For eg. If there is an urgent cheque that has been received by a vendor and the customer payment is yet not deposited in the bank account, the cheque does not bounce. Instead it is cleared by the bank. This does not harm the image of the businessman and also there are no charges levied towards the cheque bounce.

A specific interest rate may be charged by the bank for making an overdraft. This charge is not as large as compared to the cheque bounce charges.

This rate may or may not be disclosed to the account holder.

Sometimes overdraft also helps when ATM withdrawals are made at an emergency without knowing the balance in the debit card.

Once the amount has been returned to the bank the account is shown as zero balance.

To summarize, this kind of facility helps in a lot of emergencies and other business transactions. These business can be small time or large scale business. It works similar to a loan that can be taken from the bank based on the credibility of the account holder.

pmjdy overdraft

Is there a particular scheme where a normal salaried person can enjoy this facility?

To start with yes, there is a scheme known as Jan Dhan Yojana where a common man can avail the overdraft facilities as mentioned below:-

An overdraft facility of INR5000.00 is available to any one account holder per household. i.e. only one member of a particular family can avail the overdraft facility. It is preferred though not obligatory that the member who avails the overdraft facility is a female member.

The facility will be available to the customer/account holder only after the account is functional for six months.

The account holder should have a good transaction record to avail this facility.

The amount that can be availed in an overdraft facility is upto INR. 5000.00. This amount can be extended to a maximum of INR.15,000 by the bank if the transaction history of the account holder has been remarkably good in the past six months.

There is a nominal interest rate that is charged to the account holder on availing the facility of overdraft. Usually the interest rate in India is between 12%p.a. to 20%p.a. which is set by the bank.

Let us demonstrate the above with the help of an example to help one understand better.

So Mr. Hari and Mrs Hari, opens a bank account on 1st of January, 2015. They use this account for 6 months without making any negative reputation on the account like cheque bounce or misusing the RuPay card till 30th June, 2015. On 1st of July, 2015 Mr. Hari has INR.500 balance in his account and Mrs. Hari has INR.1000 balance in his account. Since only one member can avail the overdraft facility and that member preferably should be a female member, the family decides to avail an overdraft facility in the name of Mrs. Hari. Now the maximum that can be made available is INR.5000, so the family decides to withdraw INR. 6000 from Mrs. Haris account. The account now shows a balance of INR.-5000 on 1st of July, 2015. This will become zero only once INR5000 is returned to the bank. There will be an interest that will be levied on INR5000. The interest rate will be charged as per the bank norms. Also not to forget that INR.5000 also needs to be returned to the bank within a specified period as agreed between the account holder and the bank.

RuPay card in Jan Dhan Yojna

The popularity of the PMs Jan Dhan Yojna can be evaluated from the fact that it has been registered in Guinnees Book of World records. To add more to its benefits, the government has passed a provision of RuPay debit card. It can be seen as an Indias answer to worlds top most transaction processing cards.

The issues related to RuPay card is dealt by National payment cooperation of India. It was designed to have a native and a multilateral system of transaction processing in India. It helps the user and the banks in following way:

Faster processing of transactions: Since all the transactions will be taking place through domestic means within India, the processing will pace up.

Lesser processing fee: Again, since all the transactions will be taking place within India through RuPay, there will be lesser processing fee per transaction that will be beneficial for the banks and the users as well.

Cost:These cards are quite affordable. Thus it allows the card technology and the banking facility to reach remote villages.

Acceptance in ATMs and other transaction portals: RuPay card is accepted widely in over 1.45 lakhs ATMs. Over 8.75 lakhs POS terminals allowed its use and over 10000 e-commerce sites use this card.

Customized products and services: Since RuPay card is a domestic card, it offers a variety of benefits to the Indian users. A large range of customized products and services are being offered for the native consumers.

Protection of Indian citizens privacy: All the transactions through RuPay card are limited to India only. Thus all the consumer data related to the transactions and transaction history will reside to India only.

No issues about quarterly processing fee: RuPay is issued by a government body that allows various banks to use its services without any extra quarterly processing fee.

RuPay Card Jan Dhan Yojana

Bank Accounts opened in Tamil Nadu under PMJDY