PMJDY is a scheme for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. PMJDY accounts are being opened with Zero balance.
Tagline - "Mera khata bhagya vidhata"
Special Benefits under PMJDY Scheme
- No minimum balance required.
- Life insurance cover of Rs.30,000/- by LIC.
- Accidental insurance cover of Rs.1.00 lac by HDFC Ergo.
- Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
- Overdraft facility upto Rs.5000/- After satisfactory operation of the account for 6 months.
- To avail accidental insurance cover RuPay Debit Card must be used at least once in 90 days.
- Access to Pension, insurance products.
6 Pillars of PMJDY
- Universal access to banking facilities
- Providing Basic Banking Accounts with overdraft facility and RuPay Debit card to all households.
- Financial Literacy Programme.
- Creation of Credit Guarantee Fund.
- Micro-Insurance
- Unorganized sector Pension schemes like Swavalamban, Atal Pension Yojana.