On August 15, 2014, our country’s Prime Minister, Shri Narendra Modi, launched the Pradhan Mantri Jan Dhan Yojana, which commenced on August 28, 2014. This program intends to give poor and needy people simple provision of financial services such as banking, savings and deposit accounts, credit, remittance, insurance, and pensions that is more affordable to everyone. A PMJDY bank account can be opened at any branch of any bank or any Business Correspondent shop. The majority of bank accounts opened under this scheme have no balance. Read below to check the detailed information related to Pradhan Mantri Jan Dhan Yojana 2022 like Highlights, Objectives, Features, Benefits, Eligibility Criteria, Required Documents, Application Procedures, and much more.
Pradhan Mantri Jan Dhan Yojana 2022 – Comprehensive Details
The Pradhan Mantri Jan Dhan Yojana is a government initiative aimed at ensuring that every household in the country has at least one bank account. This is an important program that assists the government in combating corruption. This is addressed as benefits, and other subsidies are directly credited to the user’s account without the involvement of a middleman. This contributes significantly to the upliftment of the underprivileged and the economic and social development of the country. The RuPay Debit Card and RuPay Kisan Card will have a Rs 5000 overdraft and a Rs 1 lakh accident insurance cover built-in. Anyone can start a PMJDY account with no deposit. People who want to utilize the check feature, however, must have a specific sum of money in their account. To open an account under the PMJDY system, the user will not be charged anything.
Highlights of PMJDY Scheme 2022
|Name of the Scheme||Pradhanmantri Jan Dhan Yojana|
|Launched by||Prime Minister Shri Narendra Modi Ji|
|Introduced on||15 August 2014|
|beneficiary||Residents of the country|
|Interest Rate||Based on the bank’s interest rate on savings accounts|
|Balance||Minimum zero balance account|
|Accidental Insurance Cover||Under Rupay Scheme, Rs.1 lakh. Accounts opened after 28 August 2018, Rs.2 lakh|
Objectives of Pradhan Mantri Jan Dhan Yojana 2022
The major purpose of this scheme is to provide the disadvantaged sectors and low-income people with simple and quick access to a variety of financial services, such as a basic savings bank account, access to need-based loans, remittances, insurance, and pensions. Under this proposal, accounts for the poor people of the country will be opened at zero balance in the bank of the poor people of the country, the post office, and nationalized banks.
Benefits of Pradhan Mantri Jan Dhan Yojana 2022
Some of the key benefits of the PMJDY Scheme 2022 are as follows:
- Users are not needed to keep a certain amount of money in their accounts to enroll in the plan.
- Everyone has access to banking services.
- Interest is paid on deposits made to the program’s savings account.’
- If consumers keep their accounts in good standing for six months, they can get an overdraft.
- The recipient will be insured for Rs.30,000 if the account was opened between August 20, 2014, and January 31, 2015.
- An overdraft facility of Rs.5,000 has been granted to one account in the household. This service is frequently rendered to the lady of the house.
- Accidental Insurance coverage of Rs.1 lakh is provided under the RuPay plan.
- The Direct Benefit Transfer option is available to people who are government program recipients.
- Account-holders can check their balances using the mobile banking tool.
- The program provides access to insurance plans and pensions.
- Financial literacy, freedom, and long-term sustainability are all improving.
- Accounts that have been inactive for a long time are being resurrected to give existing account holders a fresh start.
Features of Pradhan Mantri Jan Dhan Yojana 2022
Some of the key features of the Pradhan Mantri Jan Dhan Yojana 2022 are as follows:
- Under the PMJDY initiative, every unbanked person is granted one basic savings bank account.
- You must, however, be between the ages of 18 and 65 to apply. After six months have passed after the account was opened, you can apply.
- The account holder will receive a Rupay debit card.
- The basic savings bank account has no minimum balance requirement.
- Account-holders have access to an overdraft facility of up to Rs 10,000.
- A bank representative, often known as a Bank Mitra, is someone or something who represents a bank. In both rural and urban regions, they are allowed to provide basic financial services.
- Some of the programs offered are Direct Benefit Transfer (DBT), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Micro Units Development & Refinance Agency Bank (MUDRA).
- Account-holders receive accident insurance in addition to the Rupay card. Accidental coverage is offered up to Rs 2 lakh if the account was started after August 28, 2018. If the account was started before August 28, 2018, the coverage is restricted to Rs 1 lakh.
- PMJDY account members can also participate in other social security programs.
- Financial services are provided by public sector banks, regional rural banks, and private sector banks under the PMJDY program.
- Only an Indian citizen can open a bank account. With the assistance of a guardian, a minor can open an account.
- On accounts under the PMJDY system, the interest rate is normally approximately 4%. This interest rate, on the other hand, may fluctuate often.
Banks That Offer Pradhan Mantri Jan Dhan Yojana 2022
Users can open accounts in both public and private sector banks under the PMJDY system. The following is a list of banks that are members of the scheme:
|Private Sector Banks|
|HDFC Bank Ltd.|
|Kotak Mahindra Bank Ltd.|
|ING Vysya Bank Ltd.|
|Federal Bank Ltd.|
|Dhanalaxmi Bank Ltd.|
|YES, Bank Ltd.|
|ICICI Bank Ltd.|
|Karnataka Bank Ltd.|
|IndusInd Bank Ltd.|
|Axis Bank Ltd.|
|Public Sector Banks:|
|Central Bank of India|
|State Bank of India (SBI)|
|Punjab National Bank (PNB)|
|Bank of India (BoI)|
|Oriental Bank of Commerce (OBC)|
|Union Bank of India|
|Punjab & Sind Bank|
|Bank of Baroda (BoB)|
|Bank of Maharashtra|
Eligibility Criteria for Pradhan Mantri Jan Dhan Yojana 2022
The applicants applying for PMJDY Yojana 2022 must fulfill the following eligibility criteria:
- For the first time in his or her life, the applicant must have opened a bank account.
- Candidates must be between the ages of 18 and 59 to be considered.
- This scheme is only available to applicants who are the family’s head or the family’s earning member.
- Citizens who pay taxes are not eligible for this program.
- Employees who have retired from the federal or state government are not eligible for this program.
- This program is not open to employees of the federal or state governments.
Required Documents for Pradhan Mantri Jan Dhan Yojana 2022
While filling up the application form for Pradhan Mantri Jan Dhan Yojana 2022, some important documents will be needed by the applicants, make sure to keep them handy. The documents required for PMJDY Yojana 2022 are as follows:
- Aadhaar Card
- Attested photograph
- Authorized Identity card with photo
- PAN Card
- The National Rural Employment Guarantee Act (NREGA) issued job card
- Driving license
- Voter ID
Steps to Apply for Pradhan Mantri Jan Dhan Yojana 2022
Applicants need to follow the below-given steps to apply for the PMJDY Yojana 2022
- First of all, go to your nearest bank branch
- From the concerned officials of the bank get the application form or you can also download the application form from the Pradhan Mantri Jan Dhan Yojana 2022 official website.
- After that fill in the form with all the required details
- Now attach all the required documents
- Finally submit the application form to the concerned bank officials.
For further details or in case of any query or complaint related to the PMJDY Yojana 2022, feel free to contact on the below-given details:
- Address: Pradhanmantri Jan Dhan Yojana, Department of financial services, Ministry of finance, Room number 106, 2nd floor, jeevandeep building, Parliament Street, New Delhi-110001
- Helpline Numbers: 1800110001, 18001801111
The scheme provides an Rs. 30,000 life insurance policy.
To acquire a loan against your account, you don’t have to pay any processing costs.
Yes, under the Pradhan Mantri Jan-Dhan Yojana, you can open a joint account.