Tuesday, March 10, 2015

Pradhan Mantri Jan-Dhan Yojana (PMJDY)

PMJDY Logo
PMJDY Logo
Pradhan Mantri Jan-Dhan Yojana (PMDJY)
PMJDY is a National Mission for Financial Inclusion (to include excluded-population for financial/banking services). A number of financial services is provided to the PMJDY account holder in an affordable manner, like -
  • Savings and Deposit Accounts
  • Remittances (transferring money to other accounts)
  • Credit
  • Insurance
  • Pension, etc.

PMJDY Slogan
'Mera Khata Bhagya Vidhata' (meaning in English - 'My Bank Account - The Creator of the Good Fortune')


PMJDY Account opening procedure
PMJDY accounts can be opened in the followings with Zero balance -
  • Bank branch (Public sector, Private sector and Regional rural banks)
  • Business Correspondents / Bank Mitr outlets
Note that there is no minimum balance criteria for opening PMJDY accounts (without cheque book). But if someone wants to avail the cheque book facility, he needs to maintain minimum balance criteria.


PMJDY Benefits
  • Deposits attract interests (you will get interest on your account balance)
  • Accidental Insurance cover of Rs. 1 lakh
  • Life Insurance cover of Rs. 30,000
  • After satisfactory operation of the PMDJY account for 6 months period, an Overdraft (OD) facility will be permitted, upto Rs. 5,000 (only one account per household, preferably female account holder of that household)
  • Beneficiaries of governmental schemes (like LPG subsidy, etc.) will get Direct Benefit Transfer (DBT) in these accounts (subsidy amount will be directly credited to your bank account)
  • Access to Pension, Insurance products
  • Easy transfer of money across India (remittances)
  • No minimum balance criteria (unless you avail cheque book facility)
  • RuPay Debit Card will be provided
Note that RuPay Debit Card must be used at least once in 45 days


PMJDY Statistics (as on February 28, 2015)
  1. Public Sector Banks - Total 10.7298 crore accounts
  2. Private Sector Banks - Total 0.5702 crore accounts
  3. Regional Rural Banks - Total 2.3804 crore accounts
Total 13.6804 crore PMJDY accounts has been opened in India (as on Feb 28,2015)


PMJDY Administrative Structure
  • Mission Head - Finance Minister Shri Arun Jaitley
  • Mission Incharge - Finance Secretary Dr. Hasmukh Adhia
  • Mission Director - Joint Secretary (Financial Inclusion) Shri Rajesh Aggarwal
  • Additional Mission Director - Director (Financial Inclusion) Dr. Alok Pande

PMJDY Guinness Book of World Records
PMJDY scheme of government recently recognized by Guinness Book of World Record for most bank accounts opened (approx 1.8 crore) in 1 week (during August 23 - 29, 2014).

The Certificate states, "The most bank accounts opened in 1 week as a part of financial inclusion campaign is 18,096,130 and was achieved by Department of Financial Services, Government of India (India) from 23 to 29 August 2014"

Guinness Certificate - PMJDY
Guinness Certificate - PMJDY



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