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Pradhan Mantri Jan Dhan Yojana (PMJDY): Definition and Benefits

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Definition: PMJDY is a National Mission on Financial Inclusion, aimed at ensuring all country citizens get easy access to banking, credit, insurance, and pension facilities.

Launched by Prime Minister Narendra Modi on 15th August  August 2014 the Pradhan Mantri Jan Dhan Yojana provides every household, both urban and rural, financial literacy and services. The concept of financial inclusion refers to the idea of including people from all economic backgrounds in India’s economic set-up. To bring the underprivileged to the forefront, the scheme works by giving easy access to people in rural areas and those with minimal resources

Anyone can open an account in any bank branch or Business Correspondent (Bank Mitr) outlet. If an individual wants to avoid avail of services like cheque book etc. they can open an account with a zero balance. The other key features of the scheme include: 

  • People in the age group of 18 to 65 years can apply for this scheme

  • Easy money transfer across India

  • Government scheme beneficiaries will receive the benefits directly in their bank accounts

  • After 6 months of account opening the account holder can receive the ₹5,000 to ₹10,000 overdraft facility (this facility is only for Aadhar-linked accounts)

  • People under the PMJDY scheme can be eligible for a loan of ₹5,000 once their account is 6 months old

  • Account holders receive a RuPay debit card that allows cash withdrawals across the country

  • with built-in accident insurance

  • Up to ₹2 lakh accident insurance cover.

Simplified banking services can go a long way in helping and empowering the masses.  

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory. For All Disclaimers Click Here.

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BFSL is acting as distributor for non-broking products/ services such as IPO, Mutual Fund, Insurance, PMS, and NPS. These are not Exchange Traded Products. For more details on risk factors, terms and conditions please read the sales brochure carefully before investing.

Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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