Pradhan Mantri Jan Dhan Yojana

Ministry/Department :  Ministry of Finance
Objective: Its objective is to eradicate financial exclusion by covering all households in the country with banking facilities and having a bank account for each household.
  • 3 Pillars:
    • Universal access to banking facilities
    • Financial Literacy Programme
    • Bank account with additional benefits
  • Provides Basic Banking Accounts with overdraft facility of Rs.5000 after six months and RuPay Debit card
  • Account holders is entitled to Rs. 1 lakh accidental death cover and Rs. 30,000 life insurance cover
  • All Indian citizens can now avail of a bank account despite the lack of KYC documentation.
  • These bank accounts are valid for a year within which account holders must furnish proof of having applied for valid documents required to comply with KYC norms.
  • The objective of the Pradhan Mantri Jan Dhan Yojana (PMJDY) is to ensure access to financial services viz. Banking, Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
  • No minimum balance required in account
  • Beneficiaries of Government Schemes would get Direct Benefit Transfer in these accounts
  • RuPay Debit Card must be used at least once in 45 days
  • Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household
Factual Information:
  • Launched in 2014

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