How to open a Jan Dhan Account?

The Pradhan Mantri Jan-Dhan Yojana (PMJDY) helps protect and grow your money. Here is a conclusive guide to the plan.

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a national mission for financial inclusion that aims to provide inexpensive accessibility to financial facilities, including basic savings and deposit accounts, remittances, loans, insurance, and pension. Individuals who do not have any other account can open a basic savings bank deposit (BSBD) account at any local bank or Business Correspondent (Bank Mitra) branch through the plan.

Read on to know how does one open a Jan-Dhan Account.

How to open a Jan-Dhan Account?

The Jan-Dhan Yojana account opening process is completely online. Get the Pradhan Mantri Jan-Dhan Yojana application form from the Pradhan Mantri Jan-Dhan Yojana's official website or from any other bank's website. Fill out the form and submit any relevant documents.

Passport, driving licence, PAN card, voter's identity card, NREGA job card duly ratified by a state government official, and letter authorised by the Unique Identification Authority of India incorporating specifics of name, location, and Aadhaar number can be used to initiate this account. Bring the completed form to a local bank branch. The bank account will be opened after the documents have been verified.

Pradhan Mantri Jan-Dhan Yojana eligibility criteria

Applicants must meet the following criteria to create a PMJDY account:

• You must be an Indian citizen.
• You must be at least 10 years old.
• You should not have an existing bank account.

What are the benefits of Jan-Dhan Yojana?

Here are a few Jan-Dhan Yojana benefits:

• Funds deposited into the plan's savings account are rewarded with interest.
• Users are not required to keep a specific balance to take part in the plan. If they want to use cheque services, however, they must keep a minimum deposit.
• An overdraft capacity is available if people keep their accounts in good standing for six months.
• The RuPay system provides individuals with Accidental Insurance coverage of ₹1 lakh.
• If the account was started between August 20, 2014, and January 31, 2015, the recipient will be covered for ₹30,000 in case of death.
• Insurance goods and pension services are available through the programme.
• Individuals who are recipients of government programmes can use the Direct Benefit Transfer alternative.
• One person in the household is given a ₹5,000 overdraft option. The lady of the home is usually the recipient of this service.
• Only after the RuPay Card bearer has completed a viable non-financial or financial transfer of funds can the Personal Accident cover be asserted. Under the system, transactions completed within 90 days of the accident are deemed PMJDY qualifying transactions. The transaction must be completed at an E-COM, POS, ATM, Bank Mitra, bank branch, or similar location.

Facilities offered by banks to the PMJDY account holders
 

• Cash is deposited at bank branches and ATMs.
• Receipt and credit of funds via any electronic channel, as well as deposit or pickup of government agencies' as well as departments' cheques.
• There is no monthly limit on the number or value of transactions that can be made.
• Four withdrawals are allowed every month, including those made at your own ATM and others.
• Bank ATMs, as well as other models such as RTGS, NEFT, clearing transfer debits, and so on. Withdrawals that exceed four per month are subject to a fee.
• The basic RuPay card is provided for free.

If you or anyone you know is eligible to avail of the PM Jan-Dhan Yojana scheme, then you should apply for it. IDFC FIRST Bank also offers this scheme. If you would like to avail of it through your IDFC FIRST Bank local branch, head to the website for more information. If you are a part of IDFC FIRST Bank, now you can easily use netbanking app to your day to day use.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.