Several government schemes have been put in motion to help the underprivileged section of society. One such scheme is Pradhan Mantri Jan-Dhan Yojana. Recently, PM Jan- Dhan achieved a milestone by opening 472 million accounts with deposits over ₹1.75 lakh crore. Wondering why so many citizens are investing in this scheme. Let us decode Pradhan Mantri Jan- Dhan Yojana.
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a National Mission that aims for Financial Inclusion. Additional services provided by this yojana include ensuring access to financial services like savings and deposit accounts, remittance, credit, insurance, and pension in an affordable manner. This scheme allows applicants to open a basic savings bank deposit (BSBD) account in any bank branch or business correspondent (Bank Mitra) outlet. An applicant can open only one Jan- Dhan account.
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Why Pradhan Mantri Jan- Dhan Yojana?
For those without bank accounts, one simple savings account is opened. There is no requirement to maintain a minimum balance.
In PMJDY accounts, interest is earned on deposits. Account holders receive Rupay Debit cards.
RuPay cards given to PMJDY account holders come with an accident insurance cover of Rs. 2 lakh. To qualifying account holders, an overdraft (OD) facility of up to Rs. 10,000 is provided.
The 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 are all available to PMJDY accounts.
A Guinness Book of World Records certificate has been presented to Pradhan Mantri Jan- Dhan Yojana. It stated that the Department of Financial Services, Government of India from August 23rd to 29th August 2014 opened most bank accounts. In a matter of weeks, 18,096,130 accounts were opened by the scheme.
The then Union Finance Minister Arun Jaitley considered PMJDY a game changer for the economy. The yojana provided the platform for Direct Benefits Transfer (DBT) and ensures plugging leakages in subsidies and thereby providing savings to the exchequer.
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