The central government has begun sending messages to Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders regarding a ₹10,000 benefit. This article provides a comprehensive guide to the PMJDY scheme, explaining how existing account holders can receive ₹10,000 and how new applicants can open an account, all based on information provided by the government.
The Foundation of Pradhan Mantri Jan Dhan Yojana
The Pradhan Mantri Jan Dhan Yojana was launched on August 28, 2014, by Prime Minister Narendra Modi and then Finance Minister Arun Jaitley. The primary goal was to ensure every household had a bank account. At the time, it was widely believed that these accounts would be used to deposit money, leading to a massive drive to open Jan Dhan accounts across all states in India.
Today, the scheme has been active for 10 years, with over 53 crore Jan Dhan accounts opened nationwide. It is considered a crucial account for receiving government benefits.
Key Features and Benefits of a Jan Dhan Account
A PMJDY account comes with several significant advantages, making it more than just a standard bank account.
Zero Balance Facility The most notable feature of a Jan Dhan account is that it is a zero-balance account. Unlike other bank accounts that require a minimum balance (ranging from ₹500 to ₹5,000), a Jan Dhan account does not penalize you for having a zero balance. Your account will not be closed, nor will any fines be levied if the balance is zero.
Overdraft Facility up to ₹10,000 Recently, the government introduced a major benefit for Jan Dhan account holders. You can now avail an overdraft facility of up to ₹10,000. This overdraft is provided by the government as an interest-free loan. The facility limit was previously ₹5,000 but has now been doubled to ₹10,000. To be eligible, your account must be at least six months old.
Insurance Coverage Jan Dhan accounts provide multiple insurance benefits. This includes an accident insurance cover of ₹1 lakh. Account holders also receive a life insurance cover of ₹30,000. Furthermore, the account is linked to other government insurance schemes like the Pradhan Mantri Jeevan Jyoti Bima Yojana (for a ₹2 lakh cover) and the Pradhan Mantri Suraksha Bima Yojana (for a ₹2 lakh cover).
Direct Benefit Transfer (DBT) This account is considered a “trump card” for receiving government aid. When you apply for any government scheme, using your Jan Dhan account details ensures that the benefit is transferred directly to you without any hindrance. It is the preferred account for schemes like PM-Kisan, PM Awas Yojana, and others, as it is believed that any future government fund transfers will be routed through these accounts.
ATM Card and UPI Account holders are provided with an ATM card, which can be used for cash withdrawals and other transactions. The account also supports UPI, allowing you to easily make digital payments.
How to Get the ₹10,000 Overdraft
If you already have a Jan Dhan account, you can apply for the ₹10,000 overdraft facility by following these steps:
- Visit the bank branch where you have your Jan Dhan account.
- Ask the bank staff for the overdraft application form.
- Fill out the form with your details, including your name, account number, address, Aadhaar number, mobile number, and income source.
- Submit the completed form at the bank.
After submission, the ₹10,000 will be credited to your account as an overdraft. Remember, this is a loan that you will need to repay, but it is provided without any interest.
How to Open a New Jan Dhan Account
Opening a new Pradhan Mantri Jan Dhan Yojana account is an offline process. While online account opening was available two years ago, it has since been discontinued.
To open an account:
- Visit a Bank: Go to any bank branch where you wish to open an account. All banks are authorized to open PMJDY accounts.
- Required Documents: Carry your Aadhaar card and PAN card with you.
- Fill the Form: The bank will provide you with a PMJDY application form. The form is simple and requires basic details like your name, address, village/block/district, PIN code, mobile number, Aadhaar number, date of birth, and occupation. Bank staff can also assist you in filling it out.
- Submit Documents: Attach photocopies of your Aadhaar card and PAN card to the filled form and submit it to the bank official.
Once your application is processed, the bank will open your account and notify you when your passbook and ATM card are ready for collection. This scheme is particularly aimed at economically weaker individuals to ensure their financial inclusion.
