An elderly woman shows a 500 rupee note after withdrawing from her Jan Dhan account. (PTI Photo)
Prime Minister Narendra Modi introduced this scheme on August 15, 2014, shortly after assuming office for the first time.
The Pradhan Mantri Jan Dhan Yojana (PMJDY), one of the flagship initiatives of the Modi-led Central government, marked its 10th anniversary on August 28, 2024. Prime Minister Narendra Modi introduced this scheme during his Independence Day speech at the Red Fort on August 15, 2014, shortly after assuming office for the first time. The nationwide rollout followed on August 28, 2014.
The PMJDY was launched with multiple objectives, all of which have significantly benefitted the government and the people. Notably, during the COVID-19 pandemic, the scheme played a crucial role in disbursing financial aid directly to citizens. Additionally, funds from schemes like the PM-Kisan Samman Nidhi and MGNREGA were also transferred seamlessly to beneficiaries’ accounts, all thanks to the widespread adoption of Jan Dhan accounts.
Participate in the PMJDY Quiz and Win Reward
As the Pradhan Mantri Jan Dhan Yojana (PMJDY) marks its 10th anniversary, the government is celebrating this milestone with a special quiz. Citizens can now participate and win prizes by answering questions related to this flagship scheme. Prime Minister Narendra Modi announced this initiative on the social media platform ‘X’ (formerly Twitter).
The quiz will be live on the NaMo App all day on Wednesday, August 28. Participants can take on the “Jan Dhan 10/10 Challenge,” where by correctly answering 10 simple questions, they stand a chance to win a book on governance, personally signed by PM Narendra Modi.
The Genesis of Pradhan Mantri Jan Dhan Yojana
When Narendra Modi’s government took office in 2014, one of its first priorities was to bring the common man into the formal banking system. To achieve this, the government launched the Pradhan Mantri Jan Dhan Yojana (PMJDY), a scheme designed to open bank accounts for the poorest citizens with zero balance requirements. This initiative paved the way for the transfer of benefits from various social security schemes to beneficiaries through Direct Bank Transfer (DBT).
The primary objective of PMJDY was to include the marginalised sections of society, who previously lacked access to banking, into the financial mainstream. The scheme aimed to open savings bank accounts, simplify access to credit, and provide insurance and pension facilities to these individuals.
To date, over 52.39 crore Jan Dhan accounts have been opened, offering people the convenience of opening a bank account without any minimum balance requirement or the need for an identifier. According to government data, the number of beneficiaries continues to grow, demonstrating the scheme’s wide-reaching impact.
How ‘Jan Dhan Account’ Differs from a Regular Savings Account
If you’re wondering how a Jan Dhan account differs from a standard bank savings account, here’s what you need to know. Like regular savings accounts, Jan Dhan accounts also earn interest on the deposited amount. However, the Pradhan Mantri Jan Dhan Yojana (PMJDY) offers additional benefits that set it apart.
Jan Dhan account holders receive accidental insurance coverage of Rs 1 lakh and life insurance cover of Rs 30,000. Unlike traditional savings accounts, there is no requirement to maintain a minimum balance in a Jan Dhan account. Moreover, beneficiaries are eligible for an overdraft facility of up to Rs 10,000.
Upon opening a Jan Dhan account, account holders are issued a RuPay debit card. These accounts can be opened at both banks and post offices, with only a PAN card and Aadhaar card required. Additionally, Jan Dhan accounts can also be opened online, making the process even more convenient.
