What are the Documents required for PM Jan Dhan Yojana, How to Apply?

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Hi everyone, and welcome to this blog. Today, we’ll be discussing the documents required to apply for the Pradhan Mantri Jan Dhan Yojana (PMJDY), a financial inclusion scheme launched by the Government of India in 2014.

The Pradhan Mantri Jan Dhan Yojana (PMJDY) has sparked excitement in the mutual fund (MF) industry, with over 51 crore individuals enthusiastically embracing the initiative by opening bank accounts. This surge has resulted in cumulative deposits surpassing Rs. 2.08 lakh crore.

The expansive pool of 51 crore individuals possesses immense potential to become valued mutual fund investors as they have completed the KYC process and hold active bank accounts, crucial prerequisites for MF investment.

FeatureDescription
Financial InclusionEnsures banking services reach every household, enabling them to have a bank account.
Zero Balance AccountsIndividuals can open a basic savings account without any minimum balance requirement.
RuPay Debit CardAccount holders receive a RuPay debit card for cash withdrawals, transactions, and online purchases.
Insurance CoverageEligibility for life insurance cover of Rs. 30,000 and accidental insurance cover of Rs. 2 lakh.
Direct Benefit TransferLinking Jan Dhan accounts to various government schemes for direct transfer of subsidies and benefits.
Overdraft FacilityAccount holders can avail of an overdraft facility after six months of satisfactory account operation.

The MF industry currently boasts roughly 4 crore investors, and the Ministry of Finance has committed to achieving comprehensive financial inclusion nationwide. Their mission is to ensure universal access to banking facilities and provide every unbanked adult with a basic bank account.

Despite the PMJDY scheme not explicitly encompassing micro-investments, such as flexi-recurring deposits, account holders can undoubtedly leverage the benefits of engaging in micro-investments within their respective banks’ terms and conditions.

Pradhan Mantri Jan Dhan Yojana Overview

The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in August 2014 by the Government of India as a financial inclusion program. Its primary aim is to provide financial services access to all, particularly the previously unbanked or underbanked individuals.

Key features of PMJDY include:

Financial Inclusion: Ensuring banking services reach every household, enabling them to have a bank account.

Zero Balance Accounts: Individuals can open a basic savings bank account without any minimum balance requirement.

RuPay Debit Card: Account holders receive a RuPay debit card for cash withdrawals, transactions, and online purchases.

Insurance Coverage: Eligibility for life insurance cover of Rs. 30,000 and accidental insurance cover of Rs. 2 lakh under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) respectively.

Direct Benefit Transfer (DBT): Linking Jan Dhan accounts to various government schemes for direct transfer of subsidies and benefits to the beneficiaries.

Overdraft Facility: After six months of satisfactory account operation, account holders can avail of an overdraft facility subject to certain conditions.

PMJDY has successfully integrated millions into the formal banking system, promoting financial inclusion and empowering individuals. By providing access to banking services, insurance coverage, and government benefits, the scheme has contributed significantly to reducing poverty and fostering a more inclusive and sustainable economy in India.

Who is Eligible for PMJDY?

PMJDY is open to all individuals in India, particularly those who were previously unbanked or underbanked. Any adult individual in India, including citizens and residents, can apply for a PMJDY account. Minors above 10 years can open a joint account with their guardian.

What are the Documents required for PM Jan Dhan Yojana?

If Aadhaar Card/Aadhaar Number is available, no other documents are required. If the address has changed, a self-certification of the current address is sufficient.

If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”.

If a person does not have any of the “officially valid documents” mentioned above, but it is categorized as ‘low risk’ by the banks, then he/she can open a bank account by submitting any one of the following documents:

Identity Card with applicant’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;

Letter issued by a gazetted officer, with a duly attested photograph of the person.

Above information Documents required source is india.gov.in.

How to Apply for PMJDY?

To apply:

  1. Visit a participating bank or financial institution offering PMJDY accounts.
  2. Obtain and fill out the PMJDY account opening form with accurate personal details.
  3. Provide required identification documents such as Aadhaar card, Voter ID card, PAN card, Driving license, or Passport along with self-attested photocopies.
  4. If awaiting an Aadhaar card, provide the Aadhaar enrollment slip.
  5. If lacking the previously mentioned documents, provide a letter from a recognized public authority, a job card issued by NREGA, or similar documents.
  6. Submit the completed form and documents to the bank representative.
  7. Upon verification, the bank will open the PMJDY account, providing a passbook, RuPay debit card, and relevant account details.

Remember, PMJDY accounts can be opened with zero balance requirements.

By following these steps, one can apply for PMJDY and gain access to financial services, insurance coverage, and government benefits, contributing to a more financially inclusive and empowered India.

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