Introduction

The Pradhan Mantri Jan Dhan Yojana (PMJDY) is India’s largest financial inclusion initiative, launched in 2014. By providing zero-balance bank accounts, it has empowered millions of underprivileged citizens. Here’s an overview of its benefits and how to apply.

What is PMJDY?

PMJDY enables every Indian household to open a basic savings bank account, regardless of financial background. As of 2024, over 50 crore accounts have been opened under this scheme.

Benefits of PMJDY

  1. Zero-Balance Accounts:

    • No minimum balance required.

  2. Insurance Coverage:

    • ₹2 lakh accidental insurance cover.

  3. Direct Benefit Transfer (DBT):

    • Enables subsidies and welfare funds to be directly credited to beneficiaries.

  4. Overdraft Facility:

    • Up to ₹10,000 after six months of satisfactory account activity.

How to Open a PMJDY Account

  1. Visit the nearest bank or post office.
  2. Submit your Aadhaar card, PAN card, or any other valid ID proof.
  3. Fill out the PMJDY account opening form.

Impact of PMJDY

The scheme has improved rural financial literacy, increased access to banking, and empowered women by enabling them to control their finances.

Important Links: