PMJDY: How to open an account, documents required and complete list of benefits

Prime Minister Narendra Modi led NDA government has rolled out many people's welfare scheme, one of which is Pradhan Mantri Jan-Dhan Yojana (PMJDY). Under PMJDY, the government offers various benefits to citizens for opening their bank accounts. Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. Accounts opened under PMJDY are being opened with Zero balance. 

However, if the account-holder wishes to get cheque book, he/she would have to fulfil minimum balance criteria.

"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", it's offcial account stated. 

According to latest data available, total deposits in Jan Dhan accounts crossed Rs 80,000 crore mark with more people joining the flagship financial inclusion programme, according to official data.

The deposits, which have been steadily rising since March 2017, were at Rs 80,545.70 crore on April 11, 2018, said finance ministry data.

Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts had come into focus during the demonetisation period when the deposits witnessed a meteoric rise.

The latest report of the World Bank titled Global Findex Report, 2017 released last week cited the success of the Jan Dhan Yojana.

India’s financial inclusion efforts have won recognition from the World Bank as their data indicate that 55% of new bank accounts opened are from India, Financial Services Secretary Rajiv Kumar had said.

Following are the documents required to open an account under PMJDY

An account can be opened by presenting an officially valid document.

Passport,

Driving licence,

Permanent Account Number (PAN) Card,

Voter’s Identity Card issued by Election Commission of India,

Job card issued by NREGA duly signed by an officer of the State Government,

Letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number, or
any other document as notified by the Central Government in consultation with the Regulator: 

Provided that where simplified measures are applied for verifying the identity of the clients the following documents shall be deemed to be officially valid documents:—

identity card with applicant's Photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions;
letter issued by a Gazetted officer, with a duly attested photograph of the person.

Following are the benefits of PMJDY: 
Interest on deposit.

Accidental insurance cover of Rs. 1 lac

No minimum balance required.

The scheme provide life cover of Rs. 30,000/- payable on death of the beneficiary, subject to fulfillment of the eligibility condition.

Easy Transfer of money across India

Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.

After satisfactory operation of the account for 6 months, an overdraft facility will be permitted

Access to Pension, insurance products.

The Claim under Personal Accidental Insurance under PMJDY shall be payable if the Rupay Card holder have performed minimum one successful financial or non-financial customer induced transaction at any Bank Branch, Bank Mitra, ATM, POS, E-COM etc. Channel both Intra and Inter-bank i.e. on-us (Bank Customer/rupay card holder transacting at same Bank channels) and off-us (Bank Customer/Rupay card holder transacting at other Bank Channels) within 90 days prior to date of accident including accident date will be included as eligible transactions under the Rupay Insurance Program 2016-2017.

Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.