Launched by the Government of India on 28th August 2014, Pradhan Mantri Jan Dhan Yojana (PMJDY) is a revolutionary financial inclusion scheme. It aims to provide universal access to banking facilities for every Indian, especially those who were excluded from the formal financial system like the poor and rural population.
✅ Objective of PMJDY
The core objective of PMJDY is:
-
To provide affordable financial services including:
-
Banking
-
Savings & Deposit Accounts
-
Remittance
-
Credit
-
Insurance
-
Pension
-
📊 Key Features of PMJDY
| Feature | Description |
|---|---|
| Zero Balance Account | Accounts can be opened with zero balance. |
| Interest on Deposit | Yes, accounts earn interest just like regular savings accounts. |
| Free RuPay Debit Card | Issued to every account holder. |
| Accidental Insurance Cover | ₹1 lakh (increased to ₹2 lakh for accounts opened after 28.08.2018). |
| Life Insurance Cover | ₹30,000 (for eligible beneficiaries). |
| Direct Benefit Transfer (DBT) | Subsidies from government schemes like LPG, PMAY, etc., are transferred directly. |
| Overdraft Facility | Up to ₹10,000 after satisfactory account operation for 6 months. |
| Mobile Banking | Enabled to empower digital transactions. |
📝 Eligibility Criteria
-
Indian Citizens above the age of 10 years can open a PMJDY account.
-
Even minors above 10 years can open an account with a guardian.
-
No need to have any initial deposit.
-
No strict requirement for documents – accounts can be opened even under simplified KYC norms using self-certification or other officially valid documents (OVDs).
🏦 Types of Accounts under PMJDY
-
Basic Savings Bank Deposit Account (BSBDA):
-
No minimum balance required.
-
Limited number of withdrawals per month.
-
-
Small Accounts:
-
For those who do not have valid KYC documents.
-
Valid for 12 months and can be extended upon submission of proper documents.
-
📈 Progress and Achievements (As of July 2025)
| Metric | Data |
|---|---|
| Total PMJDY Accounts Opened | Over 50 crore |
| Total Deposits | More than ₹2.25 lakh crore |
| % of Accounts with Zero Balance | Reduced to ~8% |
| Women Account Holders | Around 55% of total accounts |
| Rural/Semi-Urban Accounts | Over 60% |
| RuPay Debit Cards Issued | Over 31 crore |
| DBT Transactions in FY 2024-25 | ₹1.5 lakh crore+ |
🛡️ Insurance Benefits Under PMJDY
1. Accidental Insurance
-
₹1 lakh (₹2 lakh if opened after 28 Aug 2018).
-
Provided by National Insurance Company under Pradhan Mantri Suraksha Bima Yojana (PMSBY).
2. Life Insurance
-
₹30,000 for death of the account holder.
-
Applicable only for accounts opened between 15 Aug 2014 and 31 Jan 2015.
💰 Overdraft Facility Details
-
Available after 6 months of satisfactory operation.
-
Limit: Up to ₹10,000.
-
Only one account per household is eligible (preferably women).
-
Not available to minors.
🔗 Important Links
📌 Benefits of PMJDY
-
Financial Security: Brings the poor and underserved into the formal banking system.
-
Direct Subsidy Transfer: Transparent and faster benefit delivery.
-
Women Empowerment: Majority of the accounts are held by women.
-
Digital Literacy: Promotes digital transactions via RuPay card and mobile banking.
-
Credit Inclusion: Access to overdraft and future credit schemes.
📲 How to Open a PMJDY Account?
-
Visit any bank branch or Business Correspondent (BC)/Bank Mitra.
-
Fill out the PMJDY account opening form.
-
Submit KYC documents (Aadhaar, PAN, or other OVDs). If unavailable, a Small Account can be opened.
-
After successful verification, account will be opened.
-
RuPay card and passbook will be issued.
🤔 Frequently Asked Questions (FAQs)
Q1. Can I open a PMJDY account online?
Ans: No, currently you need to visit a bank or BC to open a PMJDY account with proper verification.
Q2. Is there any fee for opening a Jan Dhan account?
Ans: No, PMJDY account is opened free of cost with zero balance requirement.
Q3. What if I already have a savings account?
Ans: You can convert your existing savings account into a PMJDY account by submitting a request to the bank.
Q4. What happens if I do not maintain a balance?
Ans: There is no penalty for zero balance. However, inactive accounts may become dormant after a certain period.
Q5. Can minors open a Jan Dhan account?
Ans: Yes, minors above 10 years can open accounts with a guardian’s support.
Q6. What is RuPay Card?
Ans: RuPay is an Indian domestic card used for ATM withdrawal, POS transactions, and online payments. It is provided free under PMJDY.
Q7. What documents are required for KYC?
Ans: Aadhaar, Voter ID, PAN card, Passport, Driving License, NREGA job card, etc.
Q8. Can I avail insurance benefit without using my account?
Ans: No, to claim accidental insurance, you must use your RuPay card at least once every 90 days.
Q9. Who is eligible for the overdraft facility?
Ans: Accounts older than 6 months with regular transaction history. Only one person per household is eligible.
📌 Conclusion
Pradhan Mantri Jan Dhan Yojana is one of the most transformative financial inclusion programs in India’s history. It empowers the poor, brings them into the formal financial fold, and opens doors to various government benefits. With robust infrastructure, mobile banking, and RuPay debit cards, PMJDY continues to be a gateway to economic inclusion and social upliftment.
The success of PMJDY has not just been in numbers but also in transforming lives — enabling savings, reducing corruption through DBT, and enhancing dignity and financial independence of millions.