PM Jan Dhan Yojana: Free Rupay Debit Card, Overdraft Option Up To Rs 10,000; How To Open The Account?

At the 10th anniversary of Pradhan Mantri Jan Dhan Yojana (PMJDY), Nirmala Sitharaman said, experienced financial empowerment with the zero-balance PMJDY bank account. On August 28, she announced that the PMJDY account has remarkable advantages such as a zero balance account, free account debit card, and accidental insurance, along with an overdraft facility.

Through her X handler, she said, "Experience financial empowerment with the zero-balance PMJDY bank account: Free RuPay Debit card with ₹2 lakh Accident Insurance cover, and provision of an overdraft facility up to ₹10,000."

This financial inclusion scheme is biggest in the world, and debuted in India on August 28, 2014.

As per the government website, PMJDY is a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households in the country. The plan envisages universal access to banking facilities with at least one basic account for every household, financial literacy, and access to credit, insurance and pension facilities.

Key benefits of PMJDY are:

- One basic savings bank account is opened for unbanked persons.

- 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 holders.

- Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh for new PMJDY accounts opened after 28.8.2018) is available with a RuPay card issued to the PMJDY account holders.

- 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.

How To Open a PMJDY Account?

The account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet.

What Documents Are Required?

- If an Aadhaar Card/Aadhaar Number is available then no other documents are required. If the address has changed, then a self-certification of the current address is sufficient.

- If an Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, they can serve as "Proof of Identity and Address".

- If a person does not have any of the "officially valid documents" mentioned above, but is categorized as 'low risk' by the banks. He/she can open a bank account by submitting any one of the following documents:

Identity Card with applicant's photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions; and Letter issued by a gazette officer, with a duly attested photograph of the person.