India is known to be an extremely diversified country. This comes from the fact that it is one of the most populated countries in the world. However, it is also a country where more than half of its total population is under the poverty line. Hence, the need to introduce various measures that would directly provide benefits and subsidies to the poor and needy has always been prominent. For this very purpose, the Government of India had enforced the Pradhan Mantri Jan Dhan Yojana. This scheme is considered one of the most potent plans that were bought into action along with the Digital India initiative. In this article, we dive into the details of this scheme and learn about it in depth.
Information of Pradhan Mantri Jan Dhan Yojana Loan
On August 2014 mission (PMJDY) has launched national, for financial inclusion to ensure access to useful and affordable financial services like banking, insurance, and pension to the people?
If you are planning to open an account under PMJDY, you must meet the norms outlined by the concerned bank. The Pradhan Mantri Jan Dhan Yojana Account Eligibility Criteria entails that the applicant should be from the age group 18-59 years.
The Jan Dhan Yojana scheme applicable for all Indians. Any type of identity proof that is suitably certified by gazette officers is acceptable to open a Jan Dhan Yojana account. In the absence of any available character, banks are required to conduct thorough background checks. Rest assured that the lack of capable documentation does not automatically disqualify you from the scheme. Above the age of 10 years of Minors are also eligible for the scheme and can advantage of the RuPay debit card associated with the account to withdraw money from ATMs.
Benefits of PMJDY Scheme
The Pradhan Mantri Jan Dhan Yojana focuses on the betterment of the poor and backward sectors of the society. The scheme is a national mission that incorporates an integrated approach in order to bring about a comprehensive financial inclusion of every household in India. The following are the significant benefits of the PMJDY scheme under various sections.
- An account holder under this scheme can enjoy the benefit of accessing a loan up to INR 5,000 from their respective bank after 6 months from opening the PMJDY scheme account.
- This benefit is specially offered to those who are below the poverty line.
- The amount obtained as a loan may be invested in various other areas, for example, in agriculture or farming.
- The account holder may also choose to increase the loan about as per their repayment tenure.
- The tenure of the loan under the PMJDY scheme is 36 months.
- The loan comes with absolutely NO processing fees.
The account holders under the PMJDY scheme may avail of an insurance accidental life cover and life cover benefits as a part of the program. The scheme enables the account holders to enjoy life-accidental life insurance coverage up to INR 1,00,000 and a life insurance coverage worth INR 30,000.
- The bank accounts opened under the PMJDY scheme are zero balance accounts.
- The account holder is required to maintain any minimum balance in this account.
- Account-holders would be offered with the Rupay Kisan Debit Cards in order to withdraw money from ATMs as and when they require.
- Account-holders have the benefit of getting a striking interest on their deposit.
- To continue the account, the holder is not required to keep any minimum balance
- The PMJDY scheme permits the account holder to transfer funds anywhere in India quickly.
- The bank account offers the facility of Direct Benefit Transfer for beneficiaries of any Government schemes.
- Account-holders can easily access pension and other insurance products offered through the PMJDY scheme.
- Overdraft facility up to INR 5,000 is available in only 1 bank account per household, preferably to the woman of the family.
Mobile Banking Benefits
- The PMJDY scheme is simple, easy and convenient to access as it comes with various mobile banking benefits as well.
- Any account holder will be able to check and transfer the account balance with a standard cell phone. A majority of India’s citizens are now able to avail of this scheme as affording a cellphone is the least of the problems.
Required Documents For Jan Dhan Yojana Account
- Driving Licence
- PAN card
- Aadhaar card
- Voter’s identity card
- Job card issued by NREGA signed by an officer of the State Government
- An ID card with photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions
- A letter with a duly attested photograph of the person issued by a Gazetted officer
If you do not have any valid document, you can still open a ‘Small Account’ with the bank by submitting a self-attested photo and signing or giving a thumbprint in the presence of a bank official.
Once you have successfully used the PMJDY account for 6 months, you will be eligible for an overdraft amount of INR 5,000 as a part of the scheme from the Government.
Queries, Complaints, and Objections
For those citizens having queries, grievances or complaints concerning the Pradhan Jan Dhan Yojana scheme, the Government has set up dedicated toll-free connections for this very purpose. The toll-free numbers are as follows:
- 1800 110 011
- 1800 180 111