PMJDY Scheme: The central government’s Pradhan Mantri Jan Dhan Yojana, also known as PMJDY, was launched in India in 2014. The main objective of this scheme is that everyone should have a bank account. A large number of lower-class and common people in India generally do not have bank accounts. So considering this, Indian Prime Minister Narendra Modi introduced this scheme in India. Through this scheme, you can open a bank account in a nationalized bank completely free of charge. And we have clearly provided you with complete information about this plan in this article.
PMJDY Scheme
Generally, it was mandatory to pay a certain amount to open a bank account either in a private bank or in a government bank, so poor people did not open a bank account. Thus, the Hon’ble Prime Minister of India introduced a scheme called PMJDY. With this, you can open a bank account absolutely free. It also has facilities like life insurance and loans. The basic objective of this scheme is that all the poor and middle-class people should open a new bank account. And till now lakhs of people in India have opened a new bank account for free through this scheme.
Benefits of the PMJDY Scheme
- There is no fee for opening a bank account
- No minimum balance maintenance required
- Accident insurance up to Rs 2 lakh
- There is life coverage up to Rs.30,000
- There is a loan of up to 10,000 rupees
Eligible for the PMJDY scheme
- Should not have an account with any other banks
- Should be a citizen of India
- Must be above 10 years of age
- Only one account per person
- Should not be a taxpayer
How to Open a PMJDY Scheme Bank Account
- Go to the Nearest Bank
- Ask for the PMJDY Application at the bank
- Then fill out the application completely
- Please attach any ID proof
- Then give the application to the bank manager
A Bank account will be opened for you through the PMJDY scheme within two or three days after submitting your application to the bank.
Is it Possible to open an online Account Through the PMJDY scheme?
Online account opening is not possible through the PMJDY scheme. So go to the nearest nationalized bank and open it offline.
Account Type of PMJDY Scheme
There are a total of two account types in the PMJDY scheme
- Joint Account
- Single account
If you are under 18 years of age, you can open a joint account with the help of your parent or guardian.
Interest Rate of PMJDY Scheme
The same four percent interest rate that is normally available to normal bank account holders is also available to those enrolled through the PMJDY scheme.
Accidental Coverage
Under this scheme, those who joined before 2018 will get an accident cover of up to ₹1 lakh and those who joined after 2018 will get up to ₹2 lakh.
Life Coverage
Currently, there is no life cover available to account holders through this scheme. Life coverage has been discontinued in 2020 and 2019.
PMJDY Loan Facility
The central government provides loans to account holders through the PMJDY scheme. And we have given the details about it below.
- After six months of opening a bank account, you can take a loan
- The interest rate on the loan amount is 3 percent or more
- The maximum loan amount is Rs 10000
- No processing Fees
- Only one loan per family
The central government has announced a number of schemes