With the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheduled for today, banks around the country have launched enrollment camps for the opening of zero balance savings accounts around the country. Many senior-level bankers have been camping in rural areas since the last week to coordinate their Bank enrollment drive and also to convince the local population to enroll in large numbers for savings bank accounts.

There is some confusion with regard to eligibility, benefits and purpose of the Jan Dhan Yojana. We have compiled answers to these questions to clear the confusion for our readers. Please go through them in detail below :

PMJDY 2014 – Benefits, Details and Eligibility

Pradhan Mantri Jan Dhan Yojana – Benefits, Eligibility & Purpose

1. What are the Benefits of opening a bank account under PMJDY?

  • The bank account opened under PMJDY will be a zero balance account and customers are not required to maintain any minimum balance.
  • A Rupay Kisan Debit Card will be issued which can be used to withdraw money from ATM’s and free accident insurance up to Rs 2 Lakh will be provided for those who open their bank account within 100 days of the scheme being launched.
  • An overdraft facility of Rs 5000 will be provided after six months of opening the account at the discretion of the bank only if your account has been active and seen a lot of transactions. The over-draft limit which is like a short term loan can be increased up to Rs 15,000 if the repayment is prompt.

2. How to open an account under Pradhan Mantri Jan Dhan Yojna?

  • To open a bank account visit your nearest bank branch or enrollment camp that is being conducted in your city or town. There are more than 60,000 locations all over India where you can enroll, however, the addresses are not available online and can only be found out by inquiring at your local bank office.

3. Can existing customers of a bank take part in the Pradhan Mantri Jan Dhan Yojana? Are they eligible?

  • This depends on the bank, some banks are willing to open Bank A/C’s for existing customers while others intend to open bank accounts for only those who do not have an account. Contact your nearest bank branch to find out if you are eligible to open another account.
  • Rather than open multiple savings accounts, it would be better to convince a family member or worker such as a maidservant who does not have a bank account to enroll in this scheme.

4. Do you have to pay a fee to open a Bank account under PMJDY?

  • Reports coming in from the ground indicate that some banks like Bank of Baroda are charging a fee of Rs 100 to open a new account. It is still not clear if this amount will be credited to the newly opened account or will be considered as account opening charges. More details are expected to become clear later in the day. Contact your nearest Bank branch for more details.
Sushma is a seasoned business writer and content creator with over 7 years of experience in the field. She has a talent for taking complex topics and breaking them down into easily understandable language that engages and educates her readers. Her expertise allows her to cover a wide range of topics relevant to the B2B industry, providing business owners with the knowledge they need to make informed decisions and drive growth.


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