Jandhan Account



→ Meaning:- Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, a basic savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner. Under the scheme, a basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet, by persons not having any other account.

→ Eligibility:- 

  • Individuals who are Indian nationals are eligible to open an account under this scheme.
  • Even minors above 10 years old are eligible to open an account under this scheme. Nevertheless, for minors, the accounts are managed by guardians.
  • The minors are eligible for RuPay Card that can be used to withdraw money four times a month.
  • Individuals who already have an existing Savings Account can also open an account under this scheme. They can even transfer their account balance to the PMJDY scheme so as to enjoy the benefits.
→ New/Convert:- 
  • If you do not have Jandhan account and you want to open an account, you do not need to open a new account.
  • You can convert your old account to Jandhan.
  • For which you have to go to the bank branch and fill up the form and apply for the card.
  • After submitting this form, your account will be converted to Jandhan.
  • If you want to open a new account, you have to go to the nearest bank and fill in the form and fill in all your details and apply. Fill in your name, address, mobile number, branch name, SSA code number etc. and submit.
  • According to PMJDY's website, your Jandhan account will be opened through documents like passport, driving license, PAN card number, water ID card.
→ Benefits:- 
  • One basic savings bank account is opened for unbanked person.
  • There is no requirement to maintain any minimum balance in PMJDY accounts.
  • Interest is earned on the deposit in PMJDY accounts.
  • Rupay Debit card is provided to PMJDY account holder.
  • Accident Insurance Cover of ₹ 1 lakh (enhanced to ₹ 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.
  • An overdraft (OD) facility up to ₹ 10,000 to eligible account holders is available.
  • PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.

 

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