Pradhan Mantri Jan Dhan Yojana (PMJDY)

Brief
Pradhan Mantri Jan Dhan Yojana (PMJDY) is a National Mission for Financial Inclusion launched in August 2014 to ensure that every household in India has access to affordable financial services.

Objective
- To provide basic savings bank accounts for all unbanked adults
- To provide affordable access to credit, insurance, and pension services
- To provide direct Benefit Transfer (DBT) to eliminate leakages in government subsidies

Eligibility Criteria
- Must be an Indian citizen
- Anyone aged 10 years and above can open an account. Minors require a guardian to manage the account
- Targeted at individuals who do not already have a bank account

Benefits
- Zero Balance: No requirement to maintain a minimum balance
- Interest: Earn interest on deposits - RuPay Debit Card: Provided for cash withdrawals and digital transactions
- Accident Insurance: Inbuilt cover of ₹2 Lakh for accounts opened after 28 August 2018 (₹1 Lakh for older accounts)
- Overdraft (OD) Facility: Up to ₹10,000 available to eligible account holders after 6 months of satisfactory operation
- Life Insurance: Cover of ₹30,000 for eligible first-time account holders

Nodal Department
Department of Financial Services (DFS)