PM Jan Dhan Yojana (PMJDY)

• Envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension. It comes under the Department of Financial Services, Ministry of Finance.

Benefits under PMJDY

• Basic Savings Bank Account (BSBA) without any minimum balance requirement + RuPay Card+ Accident Insurance Cover of Rs 1 Lakh + Life Insurance Cover of Rs 30,000 (applicable to only those who opened accounts between 15^th Aug 2014 and 31^st Jan 2015) + Overdraft Facility
• The Government has decided to extend PMJDY program from “every household” to “every adult”, with following modification:
  • Existing Overdraft (OD) limit of Rs. 5,000 revised to Rs. 10,000.
  • Age limit for availing OD facility revised from 18-60 years to 18-65 years.
  • The accidental insurance cover raised from existing Rs.1 lakh to Rs. 2 lakhs to new PMJDY accounts opened after 2018