Pradhan Mantri Jan Dhan Yojana – Eligibility, Documents, and Benefits

The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by the Indian Government to offer financial products and services to individuals who do not have a bank account. Launched in August 2014, over 4 crore bank accounts have been opened as per the Ministry of Finance under this scheme. Financial services such as pension, insurance, and banking are offered to individuals under this scheme.

Individuals are allowed to open a zero-balance account under PMJDY. However, if they want cheque facilities, a minimum balance must be maintained. There are no charges for individuals to open an account under the PMJDY scheme. For more information click here.


Given below is the eligibility criteria to join the PMJDY scheme:

  • Indian citizens can open an account under the scheme at any Business Correspondent (Bank Mitr) outlet or bank branch.
  • Minors above the age of 10 years can open a savings account at any bank.
  • The account opening form is available on the PMJDY website ( The form is available in both English and Hindi.

Documents required

Valid documents must be submitted by individuals in order to open an account. Given below is the list of documents that must be provided in order to open an account under the PMJDY scheme:

  • Passport
  • Permanent Account Number (PAN) Card
  • An NREGA issued job card signed by a state government officer.
  • Driving licence
  • Voter ID
  • Other documents that have been requested by the central government after checking with the regulator.
  • An attested photo of the individual along with a Gazetted officer’s letter.
  • Any ID card with the photo of the applicant that has been issued by State or Central Government, Public Financial Institutions, Scheduled Commercial Banks, Public Sector Undertakings, and Statutory or Regulatory Authorities.

Rate of interest

Under the PMJDY scheme, most banks offer a 4% rate of interest on the savings account.

Benefits of PMJDY

Give below are the benefits under the PMJDY scheme:

  • There is an interest that is offered on the deposit that is made.
  • It is not mandatory to maintain a minimum balance. However, if individuals want to avail the cheque facility, a minimum balance must be maintained.
  • Money can be transferred easily across India.
  • Overdraft facility is allowed if the account is maintained in a satisfactory manner for 6 months.
  • Under the RuPay scheme, Accidental Insurance cover of Rs.1 lakh is provided.
  • Accounts that have been opened between 20 August 2014 and 31 January 2015 are provided life cover of Rs.30,000 if the beneficiary passes away.
  • Direct Benefit Transfer is provided to beneficiaries of government schemes.
  • Insurance products and pension access are provided.
  • One account in a household, typically the lady in the house, is provided with an overdraft facility of up to Rs.5,000
  • If the RuPay Card holder has performed at least one successful non-financial or financial transaction, a Personal Accident Cover claim can be made. However, the transaction is to be made at an E-COM, POS, ATM, Bank Mitra, bank branch, etc. Under the RuPay Insurance Program 2016-2017, transactions that are made within 90 days before the accident and on the accident date are considered to be eligible transactions.
  • Mobile banking facility is provided for account holders to check their balance.