Pradhan Mantri Jan Dhan Yojana: To facilitate financial inclusion, the government of India has launched the Pradhan Mantri Jan Dhan Yojana in 2014. Under this scheme, bank accounts for poor people are opened at zero-balance in post offices and nationalised banks. As of now, crores of people have opened their Jan Dhan accounts at post offices and banks. The scheme offers direct-benefit-transfer (DBT) to the account holders. Through this scheme, beneficiaries can avail of a host of benefits, including insurance. “Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, a basic savings and deposit accounts, remittance, credit, insurance, pension in an affordable manner,” the PMJDY describes the scheme on its website.
“Under the scheme, a basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet, by persons not having any other account,” the PMJDY website says about the scheme.There are several benefits of opening a Jan Dhan account.
Here are the benefits that an individual gets when he or she opens a Jan Dhan account under the Pradhan Mantri Jan Dhan Yojana:
– The account holder can get to avail an overdraft facility after six months
– The account holder would be provided with an accidental insurance cover up to Rs 2 lakh
– Life insurance cover up to Rs 30,000 for the Jan Dhan account holder, which is available subject to fulfilment of eligibility conditions.
– The Jan Dhan account holder would earn interest on the deposit.
– Account holders would get a free mobile banking facility. This allows the user to check the bank balance easily and avail a host of other services.
– The account opener would be provided with a free RuPay debit card, with which he or she can withdraw money.
– It is easy to buy pension products through a PMJDY account.
– If there is a Jan Dhan account, then the account will be opened for pension in schemes like PM Kisan and Shramyogi Maandhan.
– An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available. Under this, one can withdraw an amount of Rs 10,000 per month.
– Jan Dhan accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development and Refinance Agency Bank (MUDRA) scheme.
– There is no requirement to maintain any minimum balance in Jan Dhan accounts.
Private Banks Offering Jan Dhan Account Opening
Not only nationalised banks and post offices, many private banks too now allow the opening of Jan Dhan accounts to make the process of financial inclusion easier.
As per a report by India.com, the banks which offer the opening of Jan Dhan accounts include Axis Bank, ICICI Bank, HDFC Bank, Yes Bank, Kotak Mahindra Bank, IndusInd Bank, ING Vysya Bank, Karnataka Bank, Federal Bank and Yes Bank.