Pradhan Mantri Jan Dhan Yojana: Benefits, History

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About Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana is an economic inclusion that’s applicable to people between the age group of 20-65 years. The scheme’s primary aim is directed towards the development and creation of more affordable financial services such as bank accounts and credits. The campaign was announced by the Prime Minister of India during his first Independence Day speech on the 15th of August 2014 and was launched thirteen days later.

15 million bank accounts were successfully created on the inauguration day, this achievement has been considered in the Guinness Book of world records. Furthermore, 18 million bank accounts were opened within a week (from 23rd to 29th August) and approximately ₹792 billion (US$12 billion) were deposited along with the creation of 318 million bank accounts by 27th June 2018.

PMJDY is more of a practical scheme in comparison to prior alternative schemes that were launched by the UPA Government. Professionals weren’t pleased as the previous theme failed to specialize in households and include concrete money. The Jan-Dhan Yojana theme permits the government to provide people cash with the purpose of ‘Mera Khatha Bhagyavidhata’ i.e. ‘my account is divine’. 

On becoming an associate degree account holder, individuals receive insurance amounting to one lakh right away.  A loan of ₹5000 is offered to customers who have successfully operated their accounts through various cash transcripts & transfers.

Pradhan Mantri Jhan Dan Yojana assists the poor, each family is allowed to have their own checking account which facilitates preserving cash & keeping it secure. Numerous political leaders have appreciated this theme. 


On the 10th of February 2011, Sonia Gandhi, the chairperson of the United Progressive Alliance Party, along with Shri Pranab Mukherjee (the Union Finance Minister) had launched the Swabhimaan scheme which was aimed at reviving banking services to rural areas. Post the failure of Swabhimaan, Narendra Modi launched the Pradhan Mantri Jhan Dan Yojana alongside its successful slogan, “Mera Khatha, Bhagya Vidhatha”. 

The scheme’s privileges

  • Opening no-frill accounts: the bank accounts opened underneath PMJDY don’t require a minimum balance. The bills of exchange facility up to ₹10,000 (US$140) is additionally on the market after months. Interests are also available after deposit.
  • Relaxation on know-your-customer norms: Persons World Health Organization doesn’t have a valid identification document that can open a checking account. This sort of account decision is referred to as “Small Accounts”, they’re often regularized inside one year.
  • Engaging business correspondents: Account gap and bank transactions square measure through a business correspondent. These measures are squared typically in remote areas wherever banks don’t have physical branches.
  • Use of technology: Bio-metric primarily based account gap and group action are on the market through a business correspondent. This eases banking operations for illiterate folks.
  • Direct profit Transfer: the government subsidies are directly transferred to the beneficiary’s account. This reduces delay and outpouring to urge service.
  • Insurance: Accidental insurance cowl of ₹200,000 (US$2,900) provides life cowl of ₹30,000 (US$430) due on the death of the beneficiary.

Additional benefits

  • Easy transfer of cash across Bharat.
  • Beneficiaries of state schemes can get direct profit transfer.
  • After satisfactory operation of the account for six months, associate degree bill of exchange facility is going to be permissible.

Performance status

As the preparations wore out the run-up, fifteen million bank accounts were created. The Prime Minister aforementioned on this occasion- “Let North American countries celebrate these days because of the day of economic freedom.” By September 2014, 30.2 million accounts were opened at the geographical region bank. The balance in January Dhan accounts rose by ₹270 billion (US$3.9 billion) between the 9th & 23rd of November, according to the Georgian calendar 2016. 

1.9 million households have availed the order of payment facility by 2016 while West Bengal had received twenty-ninth of the entire deposits beneath the theme.  Furthermore, Kerala along with other provinces became the central states within the country to supply one basic checking account to each social unit.

The total variety of account holders stood at 294.8 million, millions of account holders belonged to the rural and semi-urban branches. A complete of 227 million RuPay cards were issued by the National Payments Corporation of Bharat until August 2017 while the number of deposits rose to ₹656.97 billion (US$9.5 billion) by August 2017.

According to a degree analysis of various studies, the Pradhan Mantri Jhan Dan Yojana gathered an accelerated financial inclusion for a variety of demographics. The scheme paved a significant headway towards real monetary inclusion, it’s clear that the rising policy communication along with widening and deepening progress in low-income states is crucial for the exhausting gains to minimize poverty.  A minimum of 300 million families have attained January Dhan accounts at intervals and almost ₹650 billion (US$9.4 billion) are deposited.


The scheme received numerous criticisms by the opposition during its implementation. It was mainly criticized for creating a spare work-burden on the public-sector banks & was claimed to deliver no improvement besides minor profits to PSU banks.  In line with the specialists, offers like zero balance, free insurance and order of payment facility would lead to duplication.

Several people who already have bank accounts could have accounts created for themselves, lured by the insurance covers and order of payment facilities. As per the theme, a really few individuals are eligible to urge the insurance value ₹30,000 (US$430) with a validity of simply 5 years.

The claimed order of payment facility has been fully left upon the banks. As per the got notice, solely those individuals would get the order of payment facility whose dealings record has satisfactory operations in their account for a few times.

Who offers this scheme?

An individual can take into account the PMJDY theme with any bank branch or business correspondent outlet. Furthermore, accounts opened below the Pradhan Mantri Jhan Dan Yojana are created with a nil balance and on requiring a chequebook, the account holder will be compelled to satisfy the minimum balance criteria. A RuPay charge account credit will be provided that can be utilized across all ATMs for withdrawal of cash. 

A “Small Account” can be created for an individual, with the idea of a self-attested photograph and golf shot his/her signatures or thumbprint within the presence of officers of the bank. For such accounts, the combination credits are restricted to a limit of one lakh rupees per year while the aggregate withdrawals are limited to a monthly ₹10000. The balance held by your account is supposed to remain below ₹50000. 

Documents required for opening an account:

  • Address proof is required regardless of its current or permanent status. In case of a new address or location, the contemporary address proof has to be submitted to the bank.
  • For people with no valid documents, the account can be created by providing self-attested images and a signature/thumbprint before the bank official. This form of account is referred to as a Little Account. However, this account has a one-year validity after which the individual will be required to submit authentic documents. 

The Pradhan Mantri Gregorian calendar month is devised to benefit folks of the Republic of India, particularly the poor sections by providing a checking account, credit facility, insurance cowl and open-end credit. Within a period of time, the theme will permit the poorer sections to avail themselves of subsidies and bills of exchange facilities through their bank accounts. By maintaining its consistency with the government, PMJDY can boost the citizen’s confidence and enhance the economy. 

How many free withdrawals are allowed?

Four withdrawals are freely available per month through a multitude of channels including ATMs, internal transfers, RTGS, NEFT, Standing directions and EMI. The inquiry of account balance is not presumed at ATMs due to the conclusive quantity of withdrawals. ₹10.00 per withdrawal is going to be levied for withdrawals exceeding the four per month restriction. 


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