What Is the PM Jan Dhan Yojana? Find Out Who This Program Benefits; Know Everything Related To PMJDY

PM Jan Dhan Yojana: PM Jan Dhan Yojana is being implemented in response to the continual increase in instances of the COVID-19 coronavirus and to control the growing number of cases of the pandemic disease, among other reasons. On the 24th of March, PM Narendra Modi ordered a statewide 21-day lockdown, which significantly impacted workers earning a daily salary. To assist the needy people of the country and all those who have Jan Dhan accounts, Rs. 500 would be deposited into their bank accounts for three months. All member banks are required to deposit Rs 500 into all women’s accounts held under the Pradhan Mantri Jan Dhan Yojana (PMJDY) for the next three months, according to the Indian Banks Association (IBA).

Beginning today, the first installment of 500 will be put into the accounts of women who are beneficiaries of the Jan Dhan Yojana (3rd April 2020). To maintain social distance and ensure that the beneficiaries’ withdrawal of money is as frictionless as possible, the banks have established a plan for disbursing the money for this month that will be followed. The last digit of the account number will determine the withdrawal schedule for account holders.

The Pradhan Mantri Jan Dhan account holders’ beneficiaries may begin making withdrawals on any day after April 9th, at their discretion. Public locations, such as banks, should be avoided until required, according to the advice of many. Now let’s look at the Pradhan Mantri Jan Dhan Yojana and how to register an account under this plan.

What is PM Jan Dhan Yojana?

Pradhan Mantri jan Dhan Yojana is a National Mission for Financial Inclusion that all Indians have access to various financial services, including banking, savings and checking account opening, money transfer, remittance services, life insurance policies, personal loans, and pension plans.

You can open a bank account at any bank branch or a Business Correspondent (Bank Mitr) store. To establish a PMJDY account, there is no need to have any money. Account-holders must meet minimum balance requirements before they are eligible for a chequebook. However, there are exceptions. Modi announced it on August 15, and the program went live on August 28, 2014.

What are the documents required to open an account under PMJDY?

• No extra papers are needed if a person possesses an Aadhaar Card or Aadhaar Number. An updated self-certification will work if the old one fails.
• Even if an Aadhaar Card isn’t accessible, any of the following papers will serve as official proof of identity: Passport, driving licence, PAN card and NREGA card are all required. These documents will serve as “Proof of Identity and Address” if they include the person’s address.
• According to the banks, someone who does not have the above-mentioned documentation is considered “low risk.” A bank account can then be opened by providing one of the following documents:
  • A photo ID issued by a federal or state agency, statute or regulatory authority, a public sector undertaking or a scheduled commercial bank or other public financial institution
  • , a letter signed by a gazette officer and including a photograph of the applicant that has been officially certified.

What are the benefits of PMJDY?

PMJDY’s advantages are as follows:

It is the responsibility of the Pradhan Mantri. There are several advantages to the Jan Dhan Yojana, including the ones stated below:

• Deposits will accrue interest.
• One million rupees of accidental insurance.
• If the RuPay Cardholder has performed at least one successful financial or non-financial transaction at any Bank Branch Bank Mitra, ATM, POS, or E-COM within 90 days before the accident, including the date of the accident, the claim under Personal Accidental Insurance will be paid. This includes transactions made at other bank channels, both intra-, and inter-bank.
• There is no minimum balance requirement. A RuPay Card can be used to withdraw money from an ATM, but there must be a balance in the account to do so.
• Life insurance of Rs. 30,000 will be paid out upon the recipient’s death if the eligibility requirements are met.
• Transacting with cash is a breeze across the country.
• People who benefit from government programs will have their money deposited directly into their bank accounts.
• It will take at least six months of smooth functioning of the account before an overdraft is made available to you.
• Get access to insurance and retirement plans.
• To be eligible for RuPay’s Accidental Insurance Cover, you must use your card at least once per 45 days.
• There can be only one account per home, and it’s best if that account belongs to the lady of the house.