Pradhan Mantri Jan-Dhan Yojana (PMJDY) – National Mission for Financial Inclusion, completes seven years of successful implementation

Posted on by Annu Priya

Pradhan Mantri Jan-Dhan Yojana (PMJDY) – National Mission for Financial Inclusion, completes seven years of successful implementation

Ministry of Finance

Pradhan Mantri Jan-Dhan Yojana (PMJDY) – National Mission for Financial Inclusion, completes seven years of successful implementation

More than 43.04 crore beneficiaries banked under PMJDY since inception, amounting to Rs. 146,231 crore

“The journey of PMJDY led interventions undertaken over a short span of 7 years has in effect, produced both transformational as well as directional change thereby making the emerging FI ecosystem capable of delivering financial services to the last person of the society-the poorest of the poor”– Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman

“Financial Inclusion is among top-most priorities of the Government as it is an enabler for inclusive growth.”- MoS Finance, Dr. Bhagwat Karad

PMJDY Accounts have grown three-fold from 14.72 Crore in Mar’15 to 43.04 Crore as on 18-08-2021

55% Jan-Dhan account holders are women and 67% Jan Dhan accounts are in rural and semi-urban areas

Out of total 43.04 crore PMJDY accounts, 36.86 crore (86%) are operative

Total RuPay cards issued to PMJDY accountholders: 31.23 Crore

Under PM Garib Kalyan Yojana, a total of Rs. 30,945 crore have been credited in accounts of women PMJDY account holders during Covid lockdown

About 5.1 crore PMJDY accountholders receive direct benefit transfer (DBT) from the Government under various schemes

Posted On: 28 AUG 2021 7:30AM by PIB Delhi

Ministry of Finance is committed to provide financial inclusiveness and support to the marginalized and hitherto socio-economically neglected classes. Financial Inclusion is a national priority of the Government as it is an enabler for inclusive growth. It is important as it provides an avenue to the poor for bringing their savings into the formal financial system, an avenue to remit money to their families in villages besides taking them out of the clutches of the usurious money lenders. A key initiative towards this commitment is the Pradhan Mantri Jan Dhan Yojna (PMJDY), which is one of the biggest financial inclusion initiatives in the world.

PMJDY was announced by Prime Minister, Shri Narendra Modi in his Independence Day address on 15th August 2014. While launching the programme on 28th August, the Prime Minister had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle.

On the 7th Anniversary of PMJDY, Finance Minister Smt. Nirmala Sitharaman reiterated the importance of this Scheme “The journey of PMJDY led interventions undertaken over a short span of 7 years has in effect, produced both transformational as well as directional change thereby making the emerging FI ecosystem capable of delivering financial services to the last person of the society-the poorest of the poor. The underlying pillars of PMJDY, namely, Banking the Unbanked, Securing the Unsecured and Funding the Unfunded has made it possible to adopt multi-stakeholders’ collaborative approach while leveraging technology for serving the unserved and underserved areas as well.” she said

Minister of State for Finance, Dr. Bhagwat Karad also expressed his thoughts for PMJDY on this occasion. He said “Pradhan Mantri Jan Dhan Yojana (PMJDY) has been one of the most far reaching initiatives towards Financial Inclusion not only in India but in the world. Financial Inclusion is among top-most priorities of the Government as it is an enabler for inclusive growth. It provides an avenue to the poor for bringing their savings into the formal financial system, an avenue to remit money to their families besides taking them out of the clutches of the usurious money lenders.”

As we complete 7 years of successful implementation of this Scheme, we take a look at the major aspects and achievements of this Scheme so far.

Background

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.

Objectives:

  • Ensure access of financial products & services at an affordable cost
  • Use of technology to lower cost & widen reach

Basic tenets of the scheme

  • Banking the unbanked – Opening of basic savings bank deposit (BSBD) account with minimal paperwork, relaxed KYC, e-KYC, account opening in camp mode, zero balance & zero charges
  • Securing the unsecured – Issuance of Indigenous Debit cards for cash withdrawals & payments at merchant locations, with free accident insurance coverage of Rs. 2 lakh
  • Funding the unfunded – Other financial products like micro-insurance, overdraft for consumption, micro-pension & micro-credit

Initial Features

The scheme was launched based upon the following 6 pillars:

  • Universal access to banking services  – Branch and BC
  • Basic savings bank accounts with overdraft facility of Rs. 10,000/- to every eligible adult
  • Financial Literacy Program– Promoting savings, use of ATMs, getting ready for credit, availing insurance and pensions, using basic mobile phones for banking
  • Creation of Credit Guarantee Fund – To provide banks some guarantee against defaults
  • Insurance – Accident cover up to Rs. 1,00,000 and life cover of   Rs. 30,000 on account opened between 15 Aug 2014 to 31 January 2015
  • Pension scheme for Unorganized sector

Important approach adopted in PMJDY based on past experience:

  • Accounts opened are online accounts in core banking system of banks, in place of earlier method of offline accounts opening with technology lock-in with the vendor
  • Inter-operability through RuPay debit card or Aadhaar enabled Payment System (AePS)
  • Fixed-point Business Correspondents
  • Simplified KYC / e-KYC in place of cumbersome KYC formalities

Extension of PMJDY with New features – The Government decided to extend the comprehensive PMJDY program beyond 28.8.2018 with some modifications

  • Focus shift from ‘Every Household’ to Every Unbanked Adult’
  • RuPay Card Insurance – Free accidental insurance cover on RuPay cards increased from Rs. 1 lakh to Rs. 2 lakh for PMJDY accounts opened after 28.8.2018.
  • Enhancement in overdraft facilities –
  • OD limit doubled from Rs 5,000/- to Rs 10,000/-;  OD upto Rs 2,000/- (without conditions).
  • Increase in upper age limit for OD from 60 to 65 years

Impact of PMJDY

PMJDY has been the foundation stone for people-centric economic initiatives. Whether it is direct benefit transfers, COVID-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step of all these initiatives is to provide every adult with a bank account, which PMJDY has nearly completed. 

One in 2 accounts opened between Mar’14 to Mar’20 was a PMJDY account. Within 10 days of nationwide lockdown more than about 20 crore women PMJDY accounts were credited with ex-gratia.

Jandhan provides an avenue to the poor for bringing their savings into the formal financial system, an avenue to remit money to their families in villages besides taking them out of the clutches of the usurious money lenders. PMJDY has brought the unbanked into the banking system, expanded the financial architecture of India and brought financial inclusion to almost every adult.

In today’s COVID-19 times, we have witnessed the remarkable swiftness and seamlessness with which Direct Benefit Transfer (DBTs) have empowered and provided financial security to the vulnerable sections of society. An important aspect is that DBTs via PM Jan Dhan accounts have ensured every rupee reaches its intended beneficiary and preventing systemic leakage. 

Achievements under PMJDY- As on 18th August’21:

PMJDY Accounts

Achievements under PMJDY

  • As on 18th August ’21 number of total PMJDY Accounts: 43.04 Crore; 55.47% (23.87 crore) Jan-Dhan account holders are women and 66.69% (28.70 crore) Jan Dhan accounts are in rural and semi-urban areas
  • During first year of scheme 17.90 crore PMJDY accounts were opened
  • Continuous increase in no of accounts under PMJDY
  • PMJDY Accounts have grown three-fold from 14.72 Crore in Mar’15 to 43.04 Crore as on 18-08-2021. Undoubtedly a remarkable journey for the Financial Inclusion Program.

Operative PMJDY Accounts 

Operative PMJDY Accounts

  • As per extant RBI guidelines, a PMJDY account is treated as inoperative if there are no customer induced transactions in the account for over a period of two years
  • In August’21, out of total 43.04 crore PMJDY accounts, 36.86 crore (85.6%) are operative
  • Continuous increase in % of operative accounts is an indication that more an more of these accounts are being used by customers on a regular basis
  • Only 8.2% PMJDY accounts are zero balance accounts

Deposits under PMJDY accounts 

Deposits under PMJDY accounts

  • Total deposit balances under PMJDY Accounts stand at Rs. 1,46,230 crore
  • Deposits have increased about 6.38 times with increase in accounts 2.4 times (Aug’21 / Aug’15)

 Average Deposit per PMJDY account 

Average Deposit per PMJDY account

  • Average deposit per account is Rs. 3,398
  • Avg. Deposit per account has increased over 2.7 times over Aug’15
  • Increase in average deposit is another indication of increased usage of accounts and inculcation of saving habit among account holders

 Rupay Card issued to PMJDY account holders

Rupay Card issued to PMJDY

  • Total RuPay cards issued to PMJDY accountholders: 31.23 Crore
  • Number of RuPay cards & their usage has increased over time

Jan Dhan Darshak App

Jan Dhan Darshak App

A mobile application, was launched to provide a citizen centric platform for locating banking touch points such as bank branches, ATMs, Bank Mitras, Post Offices, etc. in the country. Over 8 lakh banking touchpoints have been mapped on the GIS App. The facilities under Jan Dhan Darshak App could be availed as per the need and convenience of common people. The web version of this application could be accessed at the link http://findmybank.gov.in.

This app is also being used for identifying villages which are not served by banking touchpoints within 5 km. these identified villages are then allocated to various banks by concerned SLBCs for opening of banking outlets. The efforts have resulted in significant decrease in number of such villages.

Pradhan Mantri Garib Kalyan Package (PMGKP) for PMJDY women beneficieries

As per announcement made by the Hon’ble Finance Minister on 26.3.2020, under PM Garib Kalyan Yojana, an amount of Rs. 500/- per month for three months (April’20 to June’20), was credited to the accounts of women account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY). A total of Rs. 30,945 crore have been credited in accounts of women PMJDY account holders during Covid lockdown

Towards ensuring smooth DBT transactions:

As informed by banks, about 5 crore PMJDY accountholders receive direct benefit transfer (DBT) from the Government under various schemes.To ensure that the eligible beneficiaries receive their DBT in time, the Department takes active role in identification of avoidable reasons for DBT failures in consultation with DBT Mission, NPCI, banks and various other Ministries. With close monitoring in this regard through regular VCs with banks and NPCI, the share of DBT failures due to avoidable reasons as a percentage of total DBT failures has decreased from 13.5%  (FY 19-20) to 5.7% (FY 20-21).

The road ahead

  • Endeavour to ensure coverage of PMJDY account holders under micro insurance schemes. Eligible PMJDY accountholders will be sought to be covered under PMJJBY and PMSBY. Banks have already been communicated about the same.
  • Promotion of digital payments including RuPay debit card usage amongst PMJDY accountholders through creation of acceptance infrastructure across India
  • Improving access of PMJDY account holders to Micro-credit and micro investment such as flexi-recurring deposit etc.
Source: PIB

नोट :- हमारे वेबसाइट www.indiangovtscheme.com पर ऐसी जानकारी रोजाना आती रहती है, तो आप ऐसी ही सरकारी योजनाओं की जानकारी पाने के लिए हमारे वेबसाइट www.indiangovtscheme.com से जुड़े रहे।

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प्रधानमंत्री ने आत्मनिर्भर भारत इनोवेशन ऐपइनोवेशन चैलेंज लॉन्च किया प्रधानमंत्री श्री नरेन्द्र मोदी ने आज आत्मनिर्भर भारत ऐप इनोवेशन चैलेंज […]

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Pradhan Mantri Jan Dhan Yojana (PMJDY)

Posted on by Annu Priya
प्रधानमंत्री जनधन योजना 

जनधन खातों में जमा है 75000 करोड़ से ज्यादा रकम, 31 करोड़ से ज्यादा खाते खोले गए । वित्त मंत्रालय ने कहा कि जनधन योजना की शुरुआत से लेकर फरवरी तक देशभर में कुल 31.20 करोड़ जनधन खाते खोले जा चुके हैं

प्रधानमंत्री+जनधन+योजना

प्रधानमंत्री जनधन योजना के तहत खोले गए बचत खातों में फरवरी अंत तक 75572.09 करोड़ रुपए धनराशि दर्ज की गई है, गुरुवार को केंद्रीय वित्त मंत्रालय की तरफ से यह जानकारी दी गई है। वित्त मंत्रालय ने कहा कि जनधन योजना की शुरुआत से लेकर फरवरी अत तक देशभर में कुल 31.20 करोड़ जनधन खाते खोले जा चुके हैं।

प्रधानमंत्री नरेंद्र मोदी ने अगस्त 2014 में जनधन योजना की शुरुआत की थी, इस योजना का मकसद देश के हर नागरिक का बैंक खाता खोलना है, शुरुआत में जब इस योजना के तहत खाते खोले जा रहे थे तो खातों में ज्यादा रकम नहीं थी लेकिन अब जनधन योजना के तहत खोले गए खातों में लोगों ने पैसा जमा कराना शुरू किया है तो इन खातों में कुल रकम 75572.09 करोड़ रुपए हो गई है।
जनधन योजना के तहत खोले गए खाते जीरो बैलेंस खाते होती है और इनमें मिनिमम बैलेंस रखने की जरूरत नहीं होती, खाताधारक को 1 लाख रुपए तक का दुर्घटना बीमा दिया जाता है, साथ में 30000 रुपए का जीवन बीमा भी दिया जाता है। बचत खातों पर 4 रुपए सालाना की दर से ब्याज दिया जाता है।
वित्त राज्यमंत्री शिव प्रसाद शुक्ल ने गुरुवार को राज्यसभा में बताया कि अबतक जितने भी जनधन खाते खुले हैं उनमें से करीब 1.9 प्रतिशत यानि 59 लाख खाते लगभग बंद हुए हैं। कुछ खाते जनधन खातों से बदलकर सामान्य बचत खाते बना दिए गए हैं जिस वजह से जनधन खातों की सुविधा उनके लिए बंद हुई है, कुछ मामलों में जनधन खाता धारक के नाम संबधित बैंक में अन्य खाते पाए जाने पर भी उस खाता धारक का जनधन खाता बंद किया गया है। 
*****

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Pradhan Mantri Jan Dhan Yojana (PMJDY)

Posted on by Annu Priya
Pradhan Mantri Jan Dhan Yojana (PMJDY)
Hon’ble Prime Minister announced Pradhan Mantri Jan Dhan Yojana as the National Mission on Financial Inclusion in his Independence Day address on 15th August 2014, to ensure comprehensive financial inclusion of all the households in the country by providing universal access to banking facilities with at least one basic bank account to every household, financial literacy, access to credit, insurance and pension facility. Under this, a person not having a savings account can open an account without the requirement of any minimum balance and, in case they self-certify that they do not have any of the officially valid documents required for opening a savings account, they may open a small account. Further, to expand the reach of banking services, all of over 6 lakh villages in the country were mapped into 1.59 lakh Sub Service Areas (SSAs), with each SSA typically comprising of 1,000 to 1,500 households, and in the 1.26 lakh SSAs that did not have a bank branch, Bank Mitras were deployed for branchless banking.

Pradhan+Mantri+Jan+Dhan+Yojana

Thus, PMJDY offers unbanked persons easy access to banking services and awareness about financial products through financial literacy programmes. In addition, they receive a RuPay debit card, with inbuilt accident insurance cover of Rs. 1 lakh, and access to overdraft facility upon satisfactory operation of account or credit history of six months. Further, through Prime Minister’s Social Security Schemes, launched by the Hon’ble Prime Minister on 9th May 2015, all eligible account holders can access through their bank accounts personal accident insurance cover under Pradhan Mantri Suraksha Bima Yojana, life insurance cover under Pradhan Mantri Jeevan Jyoti Bima Yojana, and guaranteed minimum pension to subscribers under Atal Pension Yojana.
PMJDY was conceived as a bold, innovative and ambitious mission. Census 2011 estimated that out of 24.67 crore households in the country, 14.48 crore (58.7%) had access to banking services. In the first phase of the scheme, these households were targeted for inclusion through opening of a bank account within a year of launch of the scheme. The actual achievement, by 26th January 2015, was 12.55 crore. As on 29.3.2017, the number of accounts has grown to 28.17 crore. Further, in 2011, only 0.33 lakh SSAs had banking facility and through provision of Bank Mitras in 1.26 lakh branchless SSAs, banking services were extended throughout rural India. The inclusive aspect of this is evident from the fact that 16.87 crore (60%) of PMJDY accounts are in rural areas and 14.49 crore (over 51%) PMJDY account holders are women.
The deposit base of PMJDY accounts has expanded over time. As on 29.3.2017, the deposit balance in PMJDY accounts was Rs. 62,972 crore. The average deposit per account has more than doubled from Rs. 1,064 in March 2015 to Rs. 2,235 in March 2017.
The Bank Mitra network has also gained in strength and usage. The average number of transactions per Bank Mitra, on the Aadhaar Enabled Payment System operated by Bank Mitras, has risen by over eightyfold, from 52 transactions in 2014-15 to 4,291 transactions in 2016-17.
From Jan Dhan to Jan Suraksha
For creating a universal social security system for all Indians, especially the poor and the under-privileged the Hon’ble Prime Minister launched three Social Security Schemes in the Insurance and Pension sectors on 9th of May, 2015.
Opening of no-frills accounts: The Bank account open under PMJDY does not require minimum balance. And Overdraft facility up-to ₹.10000 is also available after six months. Interest is on deposit. Free RuPay debit card for account.
Relaxation on know-your-customer (KYC) norms: Person don’t have valid identification document can also open bank account. This type of account call “Small Account” , can regularised within one year.
Engaging business correspondents (BCs): Account opening and bank transactions are through business correspondent. Usually business corespondent appointed in remote rural area where bank branches not present.
Use of technology: Bio-metric based account opening and transaction are available through business correspondent. This helps illiterate people also do banking.
Direct Benefit Transfer: The government subsidies are directly transferred to the beneficiary. This reduces delay and leakage to get service.
Insurance: Accidental insurance cover of ₹.2.00 lac. provide life cover of ₹. 30,000/- payable on death of the beneficiary.

Investments
Pradhan Mantri Jan-Dhan Yojana statistics as on 26 December 2018 (All figures in crores)
Bank Type
Number of Accounts
Balance in Accounts

Number of

RuPay

Cards

Rural
Urban
Total
Female
Public Sector Banks
14.62
12.43
27.05
14.23
₹69,083.71
22.10
Regional Rural Banks
4.67
0.88
5.55
3.06
₹14,838.24
3.79
Private Banks
0.62
0.43
1.05
0.55
₹2,398.85
0.98
Total
19.92
13.74
33.66
17.84

₹86,320.79

crore

(US$12 billion)

26.87
Performance
Due to the preparations done in the run-up, as mentioned above, on the inauguration day, 1.5 Crore (15 million) bank accounts were opened.[2] The Prime Minister said on this occasion- “Let us celebrate today as the day of financial freedom.” By September 2014, 3.02 crore accounts were opened under the scheme, amongst Public sector banks, SBI had opened 30 lakh (3 million) accounts, followed by Punjab National Bank with 20.24 lakh (2 million) accounts, Canara Bank 16.21 lakh (1.62 million) accounts, Central Bank of India 15.98 lakh (1.59 million) accounts and Bank of Baroda with 14.22 lakh (1.42 million) accounts.[7] On 20 January 2015, the scheme entered into Guinness book of world records setting new record for ‘The most bank accounts opened in one week’.
The balance in Jan Dhan accounts rose by more than ₹270 billion (US$3.8 billion) between 9 November 2016 and 23 November 2016.[9] 19 lakh householders have availed the overdraft facility of ₹2.56 billion (US$36 million) by May 2016.[10] Uttar Pradesh and West Bengal have got 29% of the total deposits under the scheme,[11]whereas Kerala and Goa became the first states in the country to provide one basic bank account to every household.[12]
The total number of account holders stood at 294.8 million, including 176.1 million account holders from rural and semi-urban branches. A total of 227 million RuPay cards have been issued by National Payments Corporation of India (NPCI) till August 2017. The amount of deposits rose to ₹656.97 billion (US$9.1 billion) by August 2017.[6]
According to an analysis of various studies, “Beyond enabling account ownership and the use of financial services, the PMJDY also facilitated financial inclusion for a variety of demographics. While the programme has made significant headway towards genuine financial inclusion, it is clear that improving policy communication, widening and deepening progress in low-income states, and ironing out the kinks in the bank-agent model will be crucial if these hard-fought gains are to prove sustainable.”[13] At least 30 crore new families have got Jan Dhan accounts in which almost Rs 65,000 crore have been deposited, Prime Minister Narendra Modi said on 28 August 2017, on the eve of third anniversary of the scheme aimed at financial inclusion.
Criticism
The scheme has been criticized by opposition as an effort to please voters that has created unnecessary work-burden on the public-sector banks. It has been claimed that the poor deserve food more than bank accounts and financial security. Further, these accounts have not yet added considerable profits to PSU banks. According to the experts, offers like zero balance, free insurance and overdraft facility would result in duplication. Many individuals who already have bank accounts may have had accounts created for themselves, lured by the insurance covers and overdraft facilities.  As per the scheme, a very few people are eligible to get the life insurance worth ₹30,000 (US$420) with a validity of just five years.[19] The claimed overdraft facility has been completely left upon the banks. As per the government notice, only those people would get the overdraft facility whose transaction record has satisfactory operations in their account for some time.[20]
In addition, while the Indian Government was actively attempting to promote financial inclusion through this scheme, the Reserve Bank of India, permitted banks to charge customers for conducting ATM transactions beyond a certain number of times per month. This effectively prevented people from easily accessing their own savings and discouraged them from using formal banking channels.

It is estimated that huge amount of black money has been converted into white through Jan Dhan accounts after demonetisation. [24]

Application Form for Pradhan Mantri Jan Dhan Yojana
You can download the application form for Pradhan Mantri Jan Dhan Yojana from the scheme’s official website, fill it out, and submit it at the local bank branch. You will also have to provide some documents along with the form to avail this scheme.
Pradhan Mantri Jan Dhan Yojana is an excellent and innovative scheme to boost social security in the country and to ensure that all citizens in all parts of country are connected financially. The scheme aims to foster the saving trend in citizens by making available a savings account to each family in the urban, semi-urban as well as rural parts of the nation. The scheme also brings along an inter-linked life insurance as well as accidental insurance policy. This will help bring crores of Indians under the purview of insurance protection who otherwise are unable to afford insurance.
Financial Inclusion Account Opening Form (Jan Dhan Yojana Application Form)
The application form for Pradhan Mantri Jan Dhan Yojana is known as Financial Inclusion Account Opening Form, based on the aim of financial inclusion that the scheme wishes to realize. Following are the contents of the form which needs to be duly filled and submitted in order to avail the Pradhan Mantri Jan Dhan Yojana Scheme.
Bank Details where the account is being opened
  • Name of the Bank Branch
  • Name of the applicant’s Village or Town
  • Sub District or Block Name
  • District
  • State
  • SSA Code or Ward Number
  • Village Code or Town Code
Scheme Applicant’s Details
  • Full Name
  • Marital Status
  • Name of Father/Spouse
  • Address
  • Pin Code
  • Telephone and Mobiel No.
  • Aadhar Number
  • MNREGA Job Card Number
  • Occupation/Profession
  • Annual Income
  • Number of dependents
  • Asset Details
  • Existing Bank Account Number if any
  • Kisan Credit Card Details
Nominee Details
  • Name of Nominee
  • Relationship
  • Age
  • Date of Birth of Nominee in case of minor
  • Person authorized to receive funds in the event of minor nominee’s death
Process for Pradhan Mantri Jan Dhan Yojana Account Opening
A duly filled copy of the Pradhan Mantri Jan Dhan Yojana form is to be submitted to the bank where you are opening your account. Usually all participating banks will have a Jan Dhan Yojana dedicated desk where you will be helped by Jan Dhan Professionals called Bank Mitr who will help you with the form submission and account opening procedure in order to obtain Pradhan Mantri Jan Dhan Yojana Account. The account opening form needs to be submitted along with certain ID proofs like identity and address proofs. However, applicants with a valid Aadhar number will not be required to submit any extra proofs. Also, two passport sized photographs needs to be furnished to the bank at the time of account opening.
Once the documents are submitted, account will be opened in a few working days and the applicant will be given a passbook, a cheque book, a RUPay Debit card and in some cases a Jan Dhan Yojana 

Information kit by the bank.
  • Download Application Form for Jan Dhan Yojana Bank Account
  • To apply for the account, you will be required to download the application form in PDF format (available in Hindi and English) from the official website for the scheme. You can choose a file of either language, as per your convenience.
  • In the downloaded form, you have to fill in the name of the bank, along with the bank code. Also update the bank branch, name of the village and town, block name/sub district, district, state, ward number/SSA code, village code, and town code.
  • Enter your personal information, such as name, address, occupation, Aadhaar number, annual income, existing bank accounts of your family members, and details of your kisan credit card. You should also tick the checkbox in order to receive a Rupay debit card.
  • You should next enter the nomination details and submit the form to the nearest bank branch.
  • You should ensure that the form is filled in accurately. In case you have any queries, you can approach the bank officials for clarification before submitting the form.

In addition to the application form you will be required to submit the following documents to avail the benefits of this scheme:

  • Ration card
  • Voter ID card
  • PAN card
  • Permanent/temporary address proof that could be an electricity bill, water bill, or gas connection bill.
  • Aadhaar card
  • Government ID proof
  • Any other documents as requested by the bank
Once the account has been set up, the account holder can take a loan of up to Rs.5,000 from the bank after 6 months of opening the account. This loan benefit will offer consolation to many beneficiaries under the scheme who are below the poverty line. They can utilise this loan amount to invest in more profitable ventures or in agricultural prospects.
Account holders under the scheme can also avail insurance coverage worth Rs.30,000 if they satisfy certain conditions. This includes being in possession of an accidental insurance coverage above Rs.2 lakh, and opening of the account by 26th January, 2015. PMJDY also enables account holders to check bank balances and transfer funds through their mobile phones.
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