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How to get more money through PMJDY scheme?

Pradhan Mantri Jan Dhan Yojana or PMJDY is a financial inclusion program of the Government of India started in 2014 that is open to Indian citizens, that aims to expand affordable access to financial services such as bank accounts, remittances, credit, insurance, and pensions. Pradhan Mantri Jan Dhan Yojana (PMJDY) is one such initiative of the Modi Government aiming to empower citizens financially and uplifting of the common people. 

Who and all can open a Pradhan Mantri Jan Dhan Yojana (PMJDY) Account?

Any Indian citizen can open an account under the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme in any bank branch or Business Correspondent (Bank Mitra is an individual or an organization that is a representative of any bank that is authorized to provide basic banking services in both rural and urban areas where there are no sufficient facilities of banking services or no bank branches or ATMs) outlet. A minor above the age of 10 years can open a savings bank account in any bank under this scheme. Under the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, zero balance accounts can be opened. Most of them think that Pradhan Mantri Jan Dhan Yojana (PMJDY) is only for opening a zero balance account but the answer is no to this as there are many other facilities offered to the account holders. 

Who can open the Pradhan Mantri Jan Dhan Yojana (PMJDY) Account? What are the important documents required to open an account under Pradhan Mantri Jan-Dhan Yojana?

  1. Aadhaar card
  2. PAN card (Permanent Account Number)
  3. Driving License card
  4. Income certificate
  5. Local resident certificate
  6. MNREGA job card
  7. Ration card

Apart from these above documents, you need to have a permanent mobile number and a passport-size photo of yours. 

What are the benefits of Pradhan Mantri Jan Dhan Yojana (PMJDY)?

The major benefits of the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme are interest on deposit, no minimum balance required, easy transferability of money all over India, Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts, these account holders are also given access to pension and insurance products wherein a benefit of Rs 1.30 lakh will be provided as an insurance cover to the Jan Dhan Yojana account holders with RuPay card issued to the Jan Dhan Account holders, covering Accidental insurance cover up to Rs 1,00,000 and a habitual insurance cover of Rs 30,000 which means if an account holder falls prey to an accident, he will be given Rs 1,00,000 and if he dies then his family will be receiving Rs 30,000 as an insurance cover. The accidental insurance cover has been updated to Rs 2,00,000 to new PMJDY accounts opened after 28th August 2018. 

What are the later benefits of having a Pradhan Mantri Jan Dhan Yojan (PMJDY) Account?

And on successfully operating the account for 6 months, you will be given an overdraft facility. The Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme also offers convenient banking to its customers and account holders with online banking and mobile banking facilities. Account-holders of Savings Bank Account can earn 3.5% interest on daily balances and quarterly.

Basic Savings Bank Deposit Account or BSBDA facilities are offered at no extra cost which offers many special facilities like no minimum balance is required to be maintained. Those people who do not have officially valid documents as mentioned above can open ‘Small Accounts’ wherein you have to self-attest your passport size photograph and signature or a thumbprint in front of an official of the bank to successfully open a Small Account. 

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