Pradhan Mantri Jan-Dhan Yojana


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Pradhan Mantri Jan-Dhan Yojana

Pradhan Mantri Jan-Dhan Yojana

Pradhan Mantri Jan Dhan Yojana (PMJDY) is the National Mission for Financial Inclusion (NMFI) launched by Government of India on August 28, 2014 to provide universal banking services for every unbanked adult. The objective of PMJDY scheme is to ensure access to financial services, namely savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner. To start with, Basic Savings Bank Deposit Accounts (BSBDAs) are to be provided to at least 2 members per unbanked household, out of which one shall be of the female member. In FY 2019-20, Ministry of Finance, Government of India has announced the continuation of Comprehensive Financial Inclusion Mission (Pradhan Mantri Jan Dhan Yojana – PMJDY) with change in focus of opening accounts from ‘every household’ to ‘every adult’. Under PMJDY, the following benefits are available;
  • One basic savings bank account is opened for unbanked person.

  • There is no need to maintain any minimum balance in PMJDY accounts. Thus, PMJDY accounts can be opened with zero balance.

  • Interest is earned on deposited amount in PMJDY accounts.

  • RuPay Debit card is provided to PMJDY account holder

  • Accident insurance cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.

  • Life insurance cover of Rs. 30,000 to eligible PMJDY account holders who opened their account for the first time between 15.8.2014 to 31.1.2015 is available

  • An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.


PMJDY – Over draft

Overdraft facility up to Rs. 10,000/- in PMJDY accounts is proposed as a general purpose advance to provide hassle free credit to low income group or underprivileged customers to meet their exigencies without insistence on security, purpose or end use of the credit. It is a running overdraft facility that can be extended to the existing PMJDY SB account holders depending on their eligibility. RBI has clarified that OD given in PMJDY accounts will come under Priority Sector (Weaker section).

We are offering facility to open PMJDY account through all our branches and overdraft to all eligible PMJDY account holders.