National Mission for Financial Inclusion radhan Mantri Jan-Dhan Yojana (PMJDY) is to ensure access to financial services, namely, basic savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner.
Features of PMJDY
- A basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet, by persons not having any other account.
- 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 to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.
- Life Insurance Cover of Rs. 30,000 to eligible PMJDY account holders who opened their account for the first time between 15.8.2014 to 31.1.2015 is available.
- 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.
[PMJJBY, PMSBY, APY are social security schemes].