Pradhan Mantri Jan Dhan Yojana (PMJDY) is a flagship National Mission for Financial Inclusion (NMFI) launched in August 2014 by the Prime Minister of India. Its objective is to ensure that every unbanked household has access to basic financial services. Under PMJDY, individuals can open basic savings bank deposit accounts (BSBDAs) without the need for maintaining a minimum balance. The scheme also provides facilities such as need-based credit, remittances, insurance, and pension benefits. Notable enhancements include an increased overdraft (OD) limit from ₹5,000 to ₹10,000 and an improved accident insurance cover on RuPay card holders from ₹1 lakh to ₹2 lakhs.
Benefits
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Basic Savings Account:
A zero balance savings account that can be operated via bank branches, ATMs, and Banking Correspondents (BCs). Withdrawals are limited to four times a month. -
Small Account/Chota Khata:
A temporary account that can be opened without legal documents, valid for 12 months and extendable for another 12 months with valid documentation. -
RuPay Debit Card:
Issued free of cost with an inbuilt accident insurance cover (₹2 lakhs for accounts opened after 28.08.2018; ₹1 lakh for earlier accounts). -
Overdraft Facility:
Available up to ₹10,000. -
Access to Mobile Banking:
Facilitates financial transactions through mobile banking and other digital channels. -
Financial Inclusion:
The scheme extends to the unbanked adult population, enabling access to a wide range of financial services, thus fostering greater financial inclusion.
Eligibility
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Citizenship:
Any Indian citizen is eligible to open a PMJDY account. -
Minors:
Minors above 10 years can have an account opened by their legal guardians. -
Document Requirements:
Valid identity proofs such as Aadhaar, Voter Card, PAN Card, Ration Card, and permanent address proofs are required.
Application Process
Offline
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Visit the Official Portal:
Go to the PMJDY official portal and access the “e-documents” section to find the live links for the “Account Opening Form” available in English and Hindi. -
Download and Print:
Download the form in PDF format and print it out. -
Fill the Form:
Complete the form manually with all your bank and personal details, including branch details, name of town/village, block/district, Aadhaar number, profession, annual income, and details of any Kisan credit card. -
Visit a Bank Branch:
Submit the filled-out form along with the required documents (such as Aadhaar, government-issued ID proofs, permanent address proof, passport-size photograph, etc.) at your nearest bank branch. -
Document Verification:
While submitting, provide your mobile number or email ID for verification. -
Account Activation:
Once processed, your PMJDY account will be activated, enabling access to various financial services.
Documents Required
- Primary KYC Documents:
- Aadhaar card
- Government-issued ID proofs (e.g., Voter Card, PAN Card, Ration Card)
- Permanent Address Proof:
(e.g., Passport, Driving License, Electricity Bill, Telephone/Water Bill) - Passport-size Photograph:
Recent and attested (if required) - Filled and Signed PMJDY Account Opening Form:
As obtained from the official portal or bank branch - Any Other Documents:
As notified by the Central Government in consultation with the Regulator
Frequently Asked Questions
- Can I open a joint account under PMJDY?
Joint accounts are not permitted under PMJDY. - Where do I open a bank account under PMJDY?
PMJDY accounts can be opened at any bank branch that is part of the National Financial Inclusion network. - Can I link my mobile number with my PMJDY account?
Yes, linking a mobile number is a key feature for accessing mobile banking services. - What is a small account or Chota Khata under PMJDY?
It is a temporary account that can be opened without legal documents, valid for 12 months and extendable for another 12 months with proper documentation. - Does PMJDY offer accidental insurance cover?
Yes, every PMJDY account comes with a free RuPay Debit Card that includes accident insurance cover. - Is an overdraft/loan facility available under PMJDY?
Yes, an overdraft facility is available up to ₹10,000. - Is it possible to extend my loan amount taken against my PMJDY bank account?
PMJDY itself is a savings account scheme; separate loan facilities are offered based on the bank’s policies. - What are the processing fees for opening a PMJDY account?
There is no account opening fee under PMJDY. - Does my PMJDY account provide mobile banking?
Yes, mobile banking services are available with PMJDY accounts. - Is a minor eligible to open a bank account under PMJDY?
Yes, minors above 10 years can have an account opened by their legal guardians. - Are minors eligible to receive RuPay Cards?
Yes, if a minor’s account is opened, the guardian manages the account. - What documents are required for opening a PMJDY account?
Required documents include Aadhaar, other government-issued ID proofs, address proof, a passport-size photograph, and the completed PMJDY account opening form. - What if I don’t have valid residential proof?
In the absence of valid residential proof, refer to the alternative documentation guidelines provided by the bank. - Can a RuPay Card be availed by illiterate account holders?
Yes, illiterate account holders can avail of the RuPay Card. - Will I get a cheque book with my PMJDY account?
Typically, PMJDY accounts are basic savings accounts and may not come with a cheque book. - How much interest do I receive on my PMJDY savings account?
Interest rates vary by bank; please check with your bank for the current rate. - Do banks charge account opening fees for PMJDY accounts?
No, there are generally no fees for opening a PMJDY account. - Is the PMJDY account transferable?
PMJDY accounts are linked to the individual and are not transferable. For address changes, you may update the details through your bank. - What is a Bank Mitr?
A Bank Mitr is a banking correspondent who facilitates financial services in remote and rural areas. - What minimum balance is required in a PMJDY account?
There is no minimum balance requirement for PMJDY accounts. - What is a PoS machine?
A PoS (Point of Sale) machine is used to process card payments at retail locations. - If I am an existing PMJDY customer, can I open another account?
Generally, an individual can have only one PMJDY account. - What is the exit age for PMJDY?
PMJDY accounts continue indefinitely and are not subject to an exit age. - What if I don’t have any documents?
In case of missing documents, check with your bank for alternative proofs as per guidelines. - Can I change my address in my PMJDY account?
Yes, address changes can be updated through the bank. - Can I avail mobile banking with my PMJDY account?
Yes, mobile banking is one of the key services offered under PMJDY.