PM Jan Dhan Yojana provides financial inclusion through features like a Rs 10,000 overdraft facility, accident insurance up to Rs 2 lakh, and other hidden benefits for account holders.
Pradhan Mantri Jan Dhan Yojana: The government has shared lesser-known benefits of PM Jan Dhan Yojana (PMJDY) scheme for its subscribers. The PMJDY is a scheme that provides a basic bank account to every unbanked adult in India.
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The finance ministry recently addressed a series of queries raised by a Member of Parliament in the Rajya Sabha. The parliamentarian sought details about the total number of beneficiaries under the PMJDY scheme, state-wise beneficiary statistics, and benefits such as accident insurance and the overdraft facility.
In response to a query raised by Narhari Amin, the Minister of State in the Ministry of Finance, Pankaj Chaudhary, shared the latest updates on the PMJDY.
As of November 13, 2024, a total of 53.99 crore accounts have been opened under PMJDY across the country, with 1.90 crore accounts in the state of Gujarat alone.
Hidden benefits under the PMJDY
The scheme provides an overdraft facility of up to Rs 10,000 to eligible beneficiaries, offering financial support to those in need.
Additionally, all PMJDY account holders receive a free RuPay debit card. It also comes with an inbuilt accident insurance cover of up to Rs 2 lakh. To avail of the insurance benefits, cardholders must perform at least one successful financial or non-financial transaction using their RuPay card at any channel — such as an ATM, Micro ATM, e-commerce platform, or POS terminal—within 90 days prior to the accident, including the date of the accident.
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Other key details of PMJDY
The PMJDY is a National Mission for Financial Inclusion to ensure access to financial services, namely, a basic savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner.
Under the scheme, 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.
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.
