Pradhan Mantri Jan-Dhan Yojana (PMJDY)

Mantri Jan-Dhan Yojana (PMJDY)
Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to provide
affordable access to financial services, namely, Banking/ Savings & Deposit
Accounts, Remittance, Credit, Insurance and Pension. The Government has decided
to continue PMJDY beyond 14.8.2018
PMJDY Account can be opened in any bank branch or Business Correspondent (Bank
Mitr) outlet. PMJDY account can be opened in any branch of scheduled commercial
bank, private bank or regional rural bank. Joint account can also be opened
under PMJDY.


Savings Bank Deposit Account (BSBDA) and BSBDS (small accounts) are opened
under PMJDY. BSBDA has been defined by Reserve Bank of India vide its circular
dated 10.08.2012.
Documents required to open
account under PMJDY.
Aadhaar Card is there then no other documents is required. If address has
changed, then a self-certified letter containing details of current address is
Aadhaar Card is not available, then any one of the following Officially Valid
Documents (OVD) is required: Voter ID Card, Driving License, PAN Card and
Passport & NREGA Card. If these documents also contain your address, it can
serve both as “Proof of Identity and Address”.
a person does not have any “officially valid documents” mentioned above, but it
is categorized in low risk by the banks, then he/she can open a bank
account by submitting any of the following documents:
Card with applicant’s photograph issued by Central/State Government
Departments, Public Sector Undertakings, Statutory/Regulatory Authorities, Scheduled
Commercial Banks and Public Financial Institutions;
issued by a gazette officer, with duly attested photograph of the person.
Bank of India (RBI) vide its Press Release dated 26.08.2014 has stated as
residents who do not have any of the officially valid documents (OVD) can open
“Small Accounts” . A “Small Account” can be opened by submitting a letter
containing a self-attested photograph and putting his/her signatures/ thumb
print in the presence of bank officials. Such accounts have restrictions
regarding the aggregate credits (not more than Rupees one lac in a year),
aggregate withdrawals (nor more than Rupees ten thousand in a month) and
balance in the accounts ( should not be more than Rupees fifty thousand at any
point of time). These accounts are valid normally for a period of twelve
months. Thereafter, such accounts are further allowed to continue for a period
of twelve more months, if the account-holder submits proof that he/she has
applied for any of the Officially Valid Document (OVD), within twelve months of
opening of the small account. If address has changed, then a self-certified
letter of current address is sufficient.
PMJDY accounts are normally opened with Zero balance. However, if the customer
desires to get cheque book, he/she will have to fulfill minimum balance criteria,
if any, of the bank.
Special benefits attached to
the PMJDY scheme are:
i. Customer gets interest on
Accidental insurance cover of Rs.1.00 lakh.
iii. No minimum balance requirement.
v. Easy Transfer of money across
vi. Beneficiaries of Government
Schemes get Direct Benefit Transfer in these accounts.
vii. After satisfactory operation of
the account for 6 months, an overdraft facility is permitted
Easy access to Pension, insurance products.
Salient features of BSBDA are:
is no requirement of minimum balance.
services available include deposit and withdrawal of cash at bank branch as well
as ATMs, Receipt/credit of money through electronic payment channels or by
means of collection/deposit of cheques.
4 withdrawals in a month including ATM withdrawal without any charge.
of ATM card or ATM-cum-Debit card.
facilities are provided free of cost.
individual above the age of ten years can open BSBDA Account.
RuPay Debit Card
Debit Card is domestic debit card introduced by National Payment Corporation of
India (NPCI). RuPay Card got a boost with the introduction of PMJDY. RuPay card
provides accidental insurance cover up to Rs.1.00 lac without any charge to the
customer. Under the expanded coverage in PMJDY from “Every household to every adult”,
accidental insurance cover for new RuPay card holders is raised from Rs 1 lakh
to Rs 2 lakh for new PMJDY accounts opened after 28 August 2018. Accidental
insurance cover is available only in one account in case a customer has more
than one RuPay card under multiple accounts. RuPay card can be issued to illiterate
customers also However, Branch Manager will have to advise all the related
risks to the illiterate account-holder at the time of issuance of RuPay Card. A
person already having a bank account NEED NOT to open a separate account under
PMJDY. He/she just have to get issued a RuPay Card in existing account to get insurance
Overdraft (OD) facility under
facility up to Rs.5000/- is available to one account holder of PMJDY per
household after 6 months of satisfactory conduct of the account.  Existing OD limit of Rs 5,000 is raised to Rs
10,000. No conditions to be attached for OD up to Rs 2,000.  Age limit for availing OD facility is revised
from 18-60 years to 18-65 years. To prevent duplication Aadhaar number will
also be required. If Aadhaar number is not available then Bank will do extra
due diligence and also seek declaration from the beneficiary. Overdraft
facility up to Rs.5000/-(revised up to 10000/-) is available to only one person
in the family (preferably lady of the house).

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