Jan Dhan Yojana is nothing but the Pradhan Mantri Jan Dhan Yojana and is shortly referred to as PMJDY. It is a national scheme and the Government of India launched it. The program has been designed to ensure the economic inclusion of every human being who does not own a bank account in India.

The main aim of the scheme is to provide people with the access to all financial services of banks in India in an affordable way. These services include:

• Savings
• Banking
• Deposits
• Pension
• Credit
• Remittance
• Insurance

The scheme was introduced in August 2014 and within the short span of one month, it has been reported that about 4 crore people have opened a bank account under the scheme.

An entity can think about opening an account under Jan Dhan Yojana with any bank branch in the country or Business Correspondent or Bank Mitra outlet of service providers, such as NICT CSP. Furthermore, bank accounts can be opened with Zero balance under the scheme. However, if the account holders wish to acquire a cheque book, they are supposed to meet the minimum balance norms. All account holders under the scheme will be provided with a RuPay debit card, allowing them to use it across all ATMs in the country to withdraw money.

If you want to open a savings bank account under the scheme, you are required to produce any of the following valid documents that include:

• Your Passport
• Your Driving license
• Your Permanent Account Number Card
• Your Voter’s ID issued by the Election Commission of India
• Your Aadhar Card

You are also allowed to submit any other documents as notified by the Government of India in discussion with the Regulator.

Some of the notable benefits of opening a bank account under Jan Dhan Yojana include:

1. As an account holder, you will be getting an accidental insurance policy for Rs 1 lakh as well as a life insurance policy for Rs 30,000.

2. You will be capable of availing a maximum overdraft facility of Rs 5,000. However, this facility is available against one account for each family. The amount of the loan may seem small but certainly, it is a benefit to you if you are below the paucity line. The amount will also enable you to reinvest it in avenues that are more lucrative.

3. You will be provided with a Mobile Banking app to carry out your entire transactions through your mobile phone. This means that you will have the ability to perform various transactions, including checking of your account balance as well as transferring of money across India with ease on your Smartphone.

Some of the other benefits that the scheme offers to account holders include:

• The account holders would be entitled to get a nominal interest on the money they deposit in their bank account.
• Account holders are not required to keep up a minimum balance amount in the account.
• The Jan Dhan Yojana program allows Direct Benefit Transfer for recipients of Government Schemes.

Above all, account holders will be capable of getting easy access to pension as well as to other insurance goods with the Pradhan Mantri Jan Dhan Yojana scheme.