What is the Jan Dhan Yojana 2024?

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What is the Jan Dhan Yojana 2024?

The Pradhan Mantri Jan Dhan Yojana (PMJDY), initiated in 2014, is a government scheme administered by the Ministry of Finance of the Government of India. Its primary objective is to extend accessible financial services to individuals who lack access to bank accounts. These services encompass:

Banking, Savings, and Deposit Services
Insurance
Remittance
Credit
Pension

The Jan Dhan Yojana is specifically designed to benefit both rural and urban populations in India who were previously excluded from such financial services.

Providers of the Pradhan Mantri Jan Dhan Yojana (PMJDY)

The PMJDY is primarily offered through government and private sector banks, as well as business correspondent outlets, often referred to as Bank Mitrs.

Benefits of the Pradhan Mantri Jan Dhan Yojana (PMJDY)

This financial inclusion scheme offers several advantages, including:

Access to Loans: Eligible individuals can borrow up to Rs. 5,000 against their Jan Dhan Yojana account after completing six months.

Mobile Banking: The scheme facilitates mobile banking, allowing users to manage their funds online without the need for frequent visits to a physical bank branch. It supports various banking transactions through smartphones or regular mobile phones.

Insurance Coverage: Participants have the opportunity to secure insurance for their families. It offers a life cover of Rs. 30,000 and up to Rs. 2 lakh in case of death due to an accident.

Macro-economic Benefits: The scheme aids in emergency fund savings and provides account holders with a RuPay debit card, enabling easy ATM withdrawals. It also offers insurance coverage that may otherwise be unaffordable. Additionally, account holders can access an overdraft facility of up to Rs. 5,000, with the possibility of a maximum limit of Rs. 15,000.

Security and Interest: Being an Aadhaar-linked scheme, it carries minimal risk of fraud. Account holders also earn interest on their balances.

Fund Transfer: The PMJDY facilitates easy fund transfers between accounts with minimal formalities. It allows account holders to transfer their accounts from one location to another.

Eligibility Criteria for the PM Jan Dhan Yojana

To open a Jan Dhan bank account and avail of its benefits, individuals must meet certain eligibility criteria:

Must be an Indian national with sufficient proof of nationality.
No age limit is specified, allowing anyone aged 10 years or older to open an account. Minors must have a registered guardian to manage their account.
Individuals deemed low-risk by a bank after thorough research may open an account.
Even individuals with existing savings accounts can transfer them to Jan Dhan accounts to access the scheme’s benefits.

Who is Not Eligible for the Scheme

Certain groups are ineligible for the benefits of this scheme

Employees of the state or central government.
Existing income tax payees and their families.
Participants in the Aam Aadmi Bima Yojana, although they can opt for the Jan Dhan account benefits by discontinuing the Aam Aadmi Bima Yojana scheme.
Individuals who fail to meet the eligibility criteria set for the scheme.

List of Banks Offering Jan Dhan Account Benefit

Government Banks

State Bank of India
Bank of Baroda
Bank of India
Allahabad Bank
Central Bank of India
Punjab National Bank
Bhartiya Mahila Bank
Punjab and Sindh Bank
Canara Bank
Bank of Maharashtra
Corporation Bank
Indian Bank
Union Bank of India
Andhra Bank
IDBI Bank
Syndicate Bank

Private Banks

HDFC Bank
ICICI
YES Bank
Karnataka Bank
Kotak Mahindra Bank
Axis Bank
Dhanlaxmi Bank
Federal Bank
IndusInd Bank
ING Vyasa Bank

Documents Required to open a Jan Dhan Account

To determine your eligibility and apply for this scheme, certain documents must be submitted. These include:

Address Proof

Passport or Aadhar Card, If you don’t have an Aadhar Card, you can apply for one and become eligible for the scheme.

If you lack address proof, you can still apply if the bank categorizes you as a low-risk candidate for 12 months. During this period, you can apply and submit your Aadhaar as proof of residence for permanent benefits.

Identity Proof

In addition to two passport-size photographs required to open your Jan Dhan account, you’ll need other forms of ID proof such as a driving license or voter’s ID.

If you lack ID proof, you can provide an authority letter stating your Indian nationality, signed by a gazetted officer.

Pradhan Mantri Jan Dhan Yojana Form

The Jan Dhan Yojana form, known as the Financial Inclusion Account Opening Form, must be filled out and submitted when applying for the scheme. This form comprises three sections:

Bank Details for Account Opening: This section requires information about the bank where the account is being opened. You need to provide details like the bank branch name, town name, sub-district and block name, district, state, SSA code, village code, and town code.

Scheme Applicant’s Details: This section involves personal information about you, including your full name, marital status, father’s/spouse’s name, address, PIN code, telephone number, Aadhaar Card number, MNREGA job card number, occupation, annual income, number of dependents, asset details, existing bank account number, and Kisan Credit Card details.

Nominee Details: Here, you provide information about the nominee you wish to select. Complete details about the nominee’s name, relationship, age, date of birth, and information about the authorized person to receive funds in case of the nominee’s demise.

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