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What Is PM Jan Dhan Yojana? Who Are The Beneficiaries; Know Everything Related To PMJDY

PM Jan Dhan Yojana: Due to the constant rise in cases of COVID-19 coronavirus and in order to control the growing cases of the pandemic disease. PM Narendra Modi on 24th March, 2020 announced a nationwide 21 days lockdown which greatly impacted the daily wage people. To help the poor people of the country and all those who have Jan Dhan accounts will be given Rs. 500 for 3 months in their bank accounts. The Indian Banks Association (IBA) has also directed all member banks to deposit Rs 500 to all accounts held by women under the Pradhan Mantri Jan Dhan Yojana (PMJDY) for the next three months.

The first installment of 500 will be deposited in accounts of women Jan Dhan Yojana beneficiaries starting from today (3rd April, 2020). To maintain social distancing and in order to ensure the withdrawal of money by the beneficiaries is seamless, the banks are following a schedule for disbursing the money for this month. The withdrawal schedule for the account holders will depend upon the last digit of the account number.

Last digit of Jan Dhan Account Due Date To Withdraw amount
0 or 1 3.4.2020
2 or 3 4.4.2020
4 or 5 7.4.2020
6 or 7 8.4.2020
8 or 9 9.4.2020


After 9th April beneficiaries of Pradhan Mantri Jan Dhan account holders may withdraw any day at their convenience. People are advised not to go to banks and other public places unless it is extremely necessary. Now let’s take a look at what exactly Pradhan Mantri Jan Dhan Yojana is and how can open an account under this scheme.

What is PM Jan Dhan Yojana

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a National Mission for Financial Inclusion to make sure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Insurance, Credit, Pension in an affordable manner.

The bank account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. Accounts opened under PMJDY can be opened with Zero balance. However, if the account-holder wishes to for a checkbook, he/she will have to fulfill minimum balance criteria. The scheme was announced by the Prime Minister, Narendra Modi on 15 August, 2014 and was launched on 28 August, 2014

What are the documents required to open an account under PMJDY?

  • If a person has Aadhaar Card/Aadhaar Number then no other documents are required. If the address is changed then a self-certification of the current address will work.
  • If Aadhaar Card is not available, then any one of the mention documents officially will be valid: Voter ID Card, Driving License, PAN Card, passport and NREGA Card. If these documents have the address of the person then it will also act the “Proof of Identity and Address”.
  • If the person does not have any of the above-mentioned documents then it is categorised as ‘low risk’ by the banks. Then he/she can open a bank account by submitting any one of the following documents as mentioned below:
    • Identity Card with applicant’s photo that is issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;
    • Letter issued by a gazette officer, with a duly attested photograph of the person.

What are the benefits of PMJDY?

Pradhan Mantri Jan Dhan Yojana provides various benefits and few of them are listed below:

  • Interest on deposit will be provided.
  • Accidental insurance cover of Rs. 1 lakh.
  • Under PMJDY, the claim under Personal Accidental Insurance shall be payable of the RuPay Cardholder have performed minimum one successful financial or non-financial customer transaction at any Bank Branch Bank Mitra, ATM, POS, E-COM, etc. Channel both the Intra and Inter-bank and Bank Customer/RuPay Cardholder transacting at other Bank Channels within 90 days prior to the date of accident including accident date will be included as eligible transactions under the RuPay Insurance Program 2019-2010.
  • No minimum balance required. But for withdrawal of money from any ATM with RuPay Card need some balance and is advised to be kept in an account.
  • Life cover of Rs. 30,000 that will be payable on the death of the beneficiary, subject to fulfillment of the eligibility condition.
  • Across India, easy transfer of money.
  • People who will get benefit from Government Schemes will be Directly transferred into their accounts.
  • An overdraft facility will be provided, after the satisfactory operation of the account for a timeperiod of 6 months.
  • Access insurance products and also pension.
  • Accidental Insurance Cover, RuPay card must be used at least once in 45 days.
  • Overdraft facility up to Rs 5000 is given for only one account per household, preferably lady of the household.

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