Prime Minister Jan Dhan Yojana: The Prime Minister Jan Dhan Yojana was launched to open bank accounts for approximately 7.5 crore unbanked households in India by January 26, 2015.
Prime Minister Narendra Modi announced this scheme in his Independence Day speech on 15 August 2014. In 2014, only 53 percent of Indian adults had bank accounts. This scheme started to close this gap and provide banking access to everyone.
Prime Minister Jan Dhan Yojana 2026 – Overview
| Name of the Scheme | Prime Minister Jan Dhan Yojana |
| Date of Launch | August 28, 2014 |
| Launched by | Government of India |
| Name of Ministry | Ministry of Finance |
| Benefits | Accident cover: INR 2 lakh Life cover: INR 30000 |
| Special Benefit | Earns interest on the money deposited |
| Type of Account | Zero-balance savings account |
Eligibility Criteria – Prime Minister Jan Dhan Yojana
The following represent the eligibility criteria for the Prime Minister Jan Dhan Yojana:
- Any Indian citizen is eligible to open a PMJDY account.
- To open a PMJDY account, an individual must be at least 10 years of age.
- Applicants who already have a bank account can also upgrade it to a PMJDY.
- Applicants must have an Aadhar card, but it is not mandatory. If you don’t have one, you can still open a PMJDY account by submitting other documents like a ration card or a voter card.
- Minors can also open an account with a guardian’s supervision.
Benefits of the PMJDY Scheme
- The scheme is available in both urban and rural areas.
- This scheme offers a RuPay debit card to every account holder.
- PMJDY: A basic bank account and a debit card with accident insurance.
- Accounts opened between August 15, 2014, and January 26, 2015, get a life insurance cover of Rs. 30000.
- The account must stay active for 6 months, and the account holder can also get an overdraft of up to INR 5000.00.
- Under this scheme, no minimum balance is needed to open an account.
- The scheme offers an Rs. 5000 overdraft for an Aadhar-linked account and a RuPay debit card with 1 lakh accident insurance cover.
Success Highlights of the PMJDY Scheme
- Improvement in Financial Access: Prime Minister Jan Dhan Yojana (PMJDY) has helped increase financial access in India. Bank account ownership increased from 53% to 80%. It also helps reduce the gap between men and women, as women with bank accounts grew from 35% to 77% in the same period.
- Less Poverty: PMJDY has also contributed to the reduction of poverty in India. It has also contributed to reducing the inequality gap in India.
- Improved access to pension schemes: Through this scheme, more people, especially those from low-income and rural areas, can now join government pension programmes.
- More digital transactions: It made financial transactions faster, safer, and more convenient through tools like UPI, mobile wallets, and net banking.