The Pradhan Mantri Jan Dhan Yojana (PMJDY), a program for financial inclusion, was launched on August 28, 2014, and has been operational for nearly nine years. Recent bank data reveals that the total number of Jan Dhan accounts has exceeded 500 million by August 9, 2023.
Around 56% of these accounts belong to women, with 67% located in rural or semi-urban areas. The cumulative deposits in these accounts have surpassed Rs. 2.03 lakh crore, accompanied by the distribution of around 34 crore RuPay cards without any cost. The average balance in PMJDY accounts is Rs 4,076, and over 55 million accounts are presently benefiting from Direct Benefit Transfer (DBT) advantages.
The PMJDY initiative has significantly reshaped the country's economy and achieved extensive adult bank account coverage. Its success is owed to a comprehensive strategy that leverages technology, collaboration, and innovation to bring underserved areas into the formal banking system. PMJDY offers multiple advantages to account holders, including no minimum balance requirement for bank accounts, free RuPay debit cards with Rs. 2 lakh accident insurance, and the potential for overdrafts up to Rs. 10,000.
Benefits of Pradhan Mantri Jan Dhan Yojana
Through the Jan Dhan Yojana (Pradhan Mantri Jan-Dhan Yojana PMJDY), not only are basic savings bank deposit (BSBD) accounts extended to disadvantaged individuals, but they are also granted the ability to deposit, transfer funds, request transactions, borrow, access insurance, and avail pension services.
Top Benefits Of PM Jan Dhan Yojana (Pradhan Mantri Jan Dhan Yojana PMJDY)
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Individuals without an account can establish one
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The account operates as a zero-balance account, exempting individuals from maintaining a specific balance, and the bank is prohibited from imposing penalties
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Interest is provided on the deposited sum
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Account holders of Jan Dhan Pradhan Mantri Jan Dhan Yojana (PMJDY) receive a Rupay Debit Card
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Additionally, there is the accident insurance coverage of up to one lakh rupees, which has been elevated to Rs. 2 lakhs for cards issued after 28-08-2018
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Eligible account holders can access Overdraft (OD) facilities of up to Rs. 10,000
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Jan Dhan account holders (PMJDY) also enjoy the benefit of the government's Direct Benefit Transfer (DBT) services. Schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and Mudra Yojana are exclusively accessible through these accounts
