PRADHAN MANTRI JAN-DHAN YOJANA (PMJDY)

Objectives

To ensure comprehensive financial inclusion of all the households in the country by providing universal access to banking facilities with at least one basic bank account to every household, financial literacy, access to credit, insurance, remittance and pension facility.

Salient features

  • Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet.
  • It focuses on coverage of households as against the earlier plan which focused on coverage of villages. It focuses on coverage of rural as well as urban areas. Any individual above the age of 10 years can open Basic Savings Bank Deposit Account (BSBDA) Account.
  • Special Benefits under PMJDY Scheme include:
  • No minimum balance required.
  • The scheme provides life cover of Rs. 30,000/- payable on death of the beneficiary, subject to fulfillment of the eligibility condition.
  • Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
  • Overdraft facility upto Rs.10000/- is available in only one account per household, preferably lady of the household after satisfactory operation of the account for 6 months. There will not be any conditions attached for OD upto Rs 2,000.
  • The National Mission for Financial Inclusion (PMJDY) to continue beyond 14.8.2018
  • Age limit for availing OD facility to be revised from 18-60 years to 18-65 years.
  • Under the expanded coverage from “every household to every adult”, accidental insurance cover for new RuPay card holders to be raised from Rs 1 lakh to Rs 2 lakh to new PMJDY accounts opened after 28.8.18

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