What is Pradhan Mantri Jan Dhan Yojana and who else get benefit first?

Due to the Corona crisis, the Government of India had announced Pradhan Mantri Garib Kalyan packages to ease the hardship of the poor during the period of lockdown. Under the package, Rs 500 in the Pradhan Mantri Jan Dhan account beneficiaries to be credited from today. Let us find out the withdrawal schedule for the account holders and also about Pradhan Mantri Jan Dhan Yojana.
Pradhan Mantri Jan Dhan Yojana
Pradhan Mantri Jan Dhan Yojana

Under Pradhan Mantri Garib Kalyan Package, Rs 500 per month will be deposited in the accounts of Jan Dhan account holders for three months. The accounts are being credited and beneficiaries can withdraw money from 3 April, 2020.
Therefore, to maintain social distancing and in order to ensure the withdrawal of money by the beneficiaries, the banks are following a schedule for disbursing the money for this month. The withdrawal schedule for the account holders will depend upon the last digit of the account number.

  • The Jan Dhan account holders having account number with the last digit as 0 or 1, can withdraw money on 3.4.2020.
  • With 2 or 3 (account number last digit) will be able to withdraw on 4.4.2020
  • With 4 or 5 (account number last digit)  will be able to withdraw on 7.4.2020

  • With 6 or 7  (account number last digit) will be able to withdraw on 8.4.2020

  • With 8 or 9 (account number last digit) will be able to withdraw on 9.4.2020

After 9 April, the beneficiaries of Pradhan Mantri Jan Dhan account holders may withdraw any day at their convenience.

About Pradhan Mantri Jan Dhan Yojana (PMJDY) 

Pradhan Mantri Jan Dhan Yojana (PMJDY) is one of the biggest financial inclusion initiatives in the world. Financial services may be Banking/Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. It was announced by the Prime Minister, Narendra Modi on 15 August, 2014 from the ramparts of the Red Fort.

The programme was launched on 28 August. PM Narendra Modi described it as a festival to celebrate the liberation of the poor from the vicious cycle.

He had referred it to the ancient Sanskrit verse: Sukhasya Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam. It will involve people in economic activity.

Pradhan Mantri Jan Dhan Yojana (PMJDY): Features

  • Both rural and urban that is whole households of the country are covered under the scheme. For every household, financial literacy, access to credit, insurance and pension it provides universal access to banking facilities with at least one basic account.
  • People can open their account in any bank branch or Business Correspondent (Bank Mitr) outlet.
  • For three security schemes, PMJDY provided a platform namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY) and Pradhan Mantri Mudra Yojana (PMMY).
  • Accounts opened under PMJDY with Zero balance. If the account-holder wants a cheque book then he/she has to fulfil minimum balance criteria.
  • Under this scheme, the account holders are provided with a RuPay debit card which can be used across all ATMs for cash withdrawal.

Important Committees Set-Up by Government of India in 2019

Pradhan Mantri Jan Dhan Yojana (PMJDY): Special Benefits

- Interest on deposit will be provided.

- Accidental insurance cover of Rs. 1 lakh.

- Under PMJDY, the claim under Personal Accidental Insurance shall be payable of the RuPay Cardholder have performed minimum one successful financial or non-financial customer transaction at any Bank Branch Bank Mitra, ATM, POS, E-COM, etc. Channel both the Intra and Inter-bank and Bank Customer/RuPay Cardholder transacting at other Bank Channels within 90 days prior to the date of accident including accident date will be included as eligible transactions under the RuPay Insurance Program 2019-2020.

- No minimum balance required. But for withdrawal of money from any ATM with RuPay Card need some balance and is advised to be kept in an account.

- Life cover of Rs. 30,000 that will be payable on the death of the beneficiary, subject to fulfilment of the eligibility condition.

- Across India, easy transfer of money.

- People who will get benefit from Government Schemes will get Direct Benefit Transfer in their accounts.

- An overdraft facility will be permitted, after satisfactory operation of the account for 6 months.

- Access to Pension, insurance products.

- Accidental Insurance Cover, RuPay card must be used at least once in 45 days.

- Overdraft facility up to Rs 5000 is given for only one account per household, preferably lady of the household.

Pradhan Mantri Jan Dhan Yojana (PMJDY): Documents required to open the account

- If a person has Aadhaar Card/Aadhaar Number then no other documents are required. If the address is changed then a self-certification of the current address will work.

- But if Aadhaar Card is not available, then any one of the mention documents officially will be valid: Voter ID Card, Driving License, PAN Card, passport and NREGA Card. If these documents have the address of the person then it will also act the "Proof of Identity and Address".

- If the person does not have any of the above-mentioned documents then it is categorised as 'low risk' by the banks. Then he/she can open a bank account by submitting any one of the following documents as mentioned below:

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;

Or Letter issued by a gazette officer, with a duly attested photograph of the person.

Pradhan Mantri Jan Dhan Yojana (PMJDY): Guinness Book of World Records

The achievements made under PMJDY are also recognised by the Guinness Book of World Records. It gave the certificate by stating that the "Most bank accounts opened in one week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved by the Department of Financial Services, Government of India from 23 to 29 August, 2014."

As we know that due to Coronavirus pandemic and 21 days Lockdown in the country, the government of India has announced some relief packages for the benefits of poor and needy under Pradhan Mantri Garib Kalyan Yojana. One of them is that Women Jan Dhan account holders will get Rs 500 per month for the next three months.

Therefore, now you may have come to know about the Pradhan Mantri Jan Dhan Yojana (PMJDY).

Pradhan Mantri Garib Kalyan Yojana (PMGKY)

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