Pradhan Mantri Jan-Dhan Yojana (PMJDY) | UPSC

  • Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched by Narendra Modi on 28th August 2014.
  • It is a national mission with an aim to provide access to various financial services including Credit, Insurance, Pension, Remittance, Banking Savings & Deposit Accounts in an affordable manner.

Benefits under PMJDY

  • One basic savings bank account is opened for unbanked person.
  • There is no requirement to maintain any minimum balance in PMJDY accounts.
  • Interest is earned on the deposit 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 accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.

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