Pradhan Mantri Jan Dhan Yojana (PMJDY): The Complete Guide and How it Affects the Poor?

Jan Dhan Yojana, the flagship financial inclusion program of the Indian government was launched in 2014. The main goal of this program is to provide banking facilities to the poor and unbanked population of India.

This article will cover all aspects of Jan Dhan Yojana, including how it works, its impact on the poor, benefits and challenges, and how it has changed over time.

Introduction: What is Jan Dhan Yojana?

Jan Dhan Yojana is a national mission for financial inclusion to ensure that every individual of India has access to banking facilities.

The initiative was launched by the Prime Minister of India, Narendra Modi on 15 August 2014. The Jan Dhan Yojana is a national mission for financial inclusion to ensure that every individual of India has access to banking facilities. The scheme is expected to extend banking services to more than 400 million people who are currently outside the formal financial system.

Benefits of Jan Dhan Yojana for the Poor, Low-Income Families

Financial inclusion is a major issue in India. The Jan Dhan Yojana was launched in 2014 by the Indian Prime Minister Narendra Modi to provide financial services to poor and low-income families. PM Modi has taken this initiative in order to bring the people in the lower economic strata into the formal banking system, which will help them lead a better life.

Jan Dhan Yojana has helped these people get an account with a bank and also get their own ATM card. This scheme has given them access to all kinds of banking services like loans, insurance, and credit cards. They can also shop online, pay bills and transfer money from one account to another through their bank accounts.

This scheme has helped many people lead better lives and improved their quality of life by providing them

How to Open a Bank Account Under Jan Dhan Yojana

Opening a bank account in India has never been easier.

The Indian government launched the Jan Dhan Yojana scheme in 2014, which was aimed at providing financial inclusion and banking services to the lower and middle-income populations of India. This scheme has led to many banks opening their doors to customers with low incomes who could not afford the minimum balance requirements for other bank accounts.

How to open Jan Dhan Yojana account online?

Opening a Jan Dhan Yojana account is simple and quick. All you need to do is visit the official website of Jan Dhan Yojana and follow the instructions given there.

All the forms are available under E-Documents.

Fill out the form and submit it to the nearest bank or Bank Mitra branch and they will open a savings account. Documents that are required are Passport, driving license, PAN card, voter’s identity card, NREGA job card, Aadhar card.

Criteria for opening a Jan Dhan Yojana account

Opening a Jan Dhan Yojana account is not difficult. All you need to do is provide the required information and submit it. There are some criteria that have to be met, though. The person opening the account needs to be an Indian citizen aged 18 or above. He or she should have valid proof of identity and address in order to open the account.

The person should also not have any other savings bank account in India, Jan Dhan Yojana account in India, or Pradhan Mantri Jeevan Jyoti Bima Yojana with LIC policy or any other life insurance policy with LIC of India.

The person must be resident in India for at least 182 days during the 12 months preceding the date of application for opening an account under PMJDY Scheme.

How to Invest Money in Jan Dhan Accounts

The Jan Dhan Yojana is a scheme that was launched by the Government of India with the intention of opening bank accounts for all Indians. The scheme has been successful in opening millions of new bank accounts, with over 20 million new bank accounts being opened in about two years.

An account holder can open a zero-balance account under Jan Dhan Yojana by depositing Rupees 5,000 or more in their account. A minor can open an account without any initial deposit. The benefits of opening an account are numerous and it is advisable to make use of this scheme to save money for your future needs.

Facilities offered by banks to the PMJDY account holders

The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a national mission with the goal of financial inclusion, which was launched on August 28, 2014. It is an ambitious project to bring about comprehensive financial inclusion of all households in India.

The PMJDY has three components: Basic Banking Services (BBS), Financial Literacy and Asset-building Services (FLAS), and Micro Insurance. The BBS component offers a zero-balance bank account with no minimum balance requirement, overdraft facility for incidental expenses, RuPay debit card, free ATM transactions at any bank ATMs in India, and Rs.1 lakh accidental insurance cover. FLAS offers life insurance cover of Rs 1 lakh per person for each account holder under the Pradhan Mantri Jeevan J

Conclusion

Jan Dhan accounts are an affordable way to open a bank account.

It is a government-sponsored program that aims to provide banking services to people who are not well off financially.

The Jan Dhan account is also known as a “zero balance” account because it does not require any minimum balance requirement, and the facility of overdraft is also available if needed.

These accounts are beneficial for those who don’t have enough money to maintain a monthly minimum balance in their savings account or those who don’t have any savings at all.

The Jan Dhan Account is also used by many people as an emergency fund for unexpected expenses, such as illness or injury.

Please click here to check out Pradhan Mantri Mudra Yojana (PMMY)