Jan Dhan Account
Full form: Pradhan Mantri Jan Dhan Yojana
BankingPM Jan Dhan Yojana (PMJDY) is India's financial inclusion scheme providing zero-balance savings accounts to unbanked citizens. Includes free RuPay debit card, Rs 2L accident insurance, Rs 30,000 life insurance (for accounts opened before Jan 2015), and Rs 10,000 overdraft facility after 6 months of good conduct.
In detail
Benefits as of 2024:nZero minimum balance (no penalty for zero balance)nRuPay debit card with Rs 2L accident insurancenOverdraft: Rs 10,000 (one per household, typically primary earning member)nDirect Benefit Transfer: government subsidies (LPG, MGNREGA wages, pension) deposited directlynMobile banking: basic transactionsnnStatistics: 520+ Cr accounts opened as of 2024. Major success in banking the unbanked -- India's financial inclusion story.
Real-life example
Lata (domestic worker) opens PMJDY account at nearby bank with just Aadhaar. Gets zero-balance account + RuPay card. Her employer pays via NEFT. She receives Rs 200/month LPG subsidy directly. After 6 months, eligible for Rs 5,000 overdraft for emergencies. First time in 40 years she has a formal bank account.