Pradhan Mantri Jan Dhan Yojana: Know All About The Scheme And How It Has Transformed The Financial Sector

On August 15, 2024, Prime Minister Narendra Modi announced the launch of an all-new financial scheme called Pradhan Mantri Jan Dhan Yojana (PMJDY) from the premises of the Red Fort. Brought into action on August 28, 2014, the initiative aims to financially uplift all Indian individuals, especially those belonging to the lower economic class. It is one of the largest financial inclusion schemes in the world. Pradhan Mantri Jan Dhan Yojana recently completed 10 years of its existence. Let us learn all about the scheme and its benefits.

What Is Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is the National Mission for Financial Inclusion (NMFI) aimed to provide all individuals of the country access to their financial services effectively. This includes initiating savings and deposit accounts, remittance, credit, insurance, and pension. One may open a basic savings bank deposit (BSBD) account in any bank branch or Business Correspondent (Bank Mitra) outlet.

Pradhan Mantri Jan Dhan Yojana Benefits

Let us check the Pradhan Mantri Jan Dhan Yojana benefits:

• A basic savings bank account is opened for each unbanked person
• PMJDY accounts do not require a minimum bank balance (PF Balance)
• PMJDY account deposits help you earn interest
• A Rupay Debit card is provided to the PMJDY account holder

• ₹1 lakh (₹2 lakh to new PMJDY accounts opened after August 28, 2018) Accident Insurance Cover is given
• An overdraft (OD) facility of up to ₹10,000 is given to eligible account holders
• These 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), and Micro Units Development & Refinance Agency Bank (MUDRA) schemes.

10 Years Of Pradhan Mantri Jan Dhan Yojana

The Pradhan Mantri Jan Dhan Yojana completed a glorious 10 years of its being on August 28, 2024. Narendra Modi posted a tweet on his X account voicing his pride about the scheme. The tweet read, “Jan Dhan Yojana is about dignity, empowerment and opportunity. Today, when we mark #10YearsOfJanDhan, sharing a post I wrote on @LinkedIn highlighting the transformative outcomes of this initiative.”Don't Miss: Top 5 Government Schemes For Girl Child In India

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