Details about Jan Dhan Yojna

1. Class Project
ON

2. INTRODUCTION:
The Narendra Modi Government is now quite famous for
launching social alleviation schemes in the country and targeting
grey areas of national development. In the same line, the
government has launched the new skill training scheme Pradhan
Mantri Kaushal Vikas Yojana also known as PMKVY that would
ensure that the youth of the nation receive the best technical
trainings so that they can increase the overall production of the
country and in turn have a better employed life in India and
abroad.
The scheme would be launched by the Ministry of Skill
Development and Entrepreneurship (MSDE) and its objective
would be to mobilize and enable the national youth so that they
undergo outcome based skill training and be eligible to be
employed well and earn their livelihood better.

3. Jan Dhan Yojana:
It is a new scheme launched in India under which every Indian family will
be enrolled in a bank for opening a zero balance account. This scheme
not only provides the families of India to have an account but it also offer
various differentprofits for the poor families.This new scheme is the 1
st
step towards bringing economic equality in the country.
Why Jan Dhan Yojana?
In a speechthe Prime Minister stated that once the father of nation
removed the social untouchability from the country. In the current world the
financial untouchability is a big concern and it separates people.Thus a
bank account will be the first step to eradicate the financial untouchability
from the system.Looking to the scheme from an economic point of view
the country like India comprises of a huge population. Each of the families
living in India is the part of the economic cycle.So once the families have a
back account they get connected to the vehicle of economy.Thus when
everyone will be connected the economyof the country will run at a greater
pace. Thus this step can be a source to a better economic country.

4. Jan Dhan Yojana Account for Minor Person
On 15
th
August 2014,PM Narendra Modi announced a scheme by the
name of Pradhan Mantri Jan Dhan Yojana so that each Indian family can
have at-least one bank account. The scheme was launched on 28
th
August
and is a great success.Many families have already joined the scheme and
people are still joining the scheme
A minor, a person who have not attained an age of 18, can also open an
account
under this scheme. To open a minor account under PMJDY, the child
should be above 10 years in age and he/she needs to have a guardian. It
will be a joint account and will be managed by the guardian till the child
turns 18 years old.
However, no transactions can be made without the permissionof both
the account holders.For opening a minor account, the guardian needs to
submit the documents and as soon as the minor attains an age of 18, the
bank authority will ask for his (minor) identity proof.Once the minor
submits his documents,the account will be automatically transferred to
only his name and the guardian will have no power on the account.
For opening a minor account, the guardian will need to submit the following
documents:-
Any valid residential proof like Aadhaar card, ration card, passport,
telephone bill, electricity bill etc.
In case the personhas no residential proof,he needs to submit an
identity proof issued by the central governmentof India.
An authority letter issued by the gazette officercan also be submitted

5. in place of these documents.. If the person is unable to submit any
of the above documents,then he can’t open a regular account.
However, he can still open a small bank account where it is the bank
who needs to declare that account holder belongs to the “low risk”
category. So, in this case, the bank will take the final decision.Once
the bank agrees to it, the guardian needs to sign the application in
front of the bank authorities. This small account will be valid only for
12 months and it will remain functional only if the personsubmit any of
the above documents before 12 months.
There is no last date for opening any account under this scheme.
However, if you wish to avail all the benefits of the scheme,you need
to openthe account before 26
th
Jan 2015.
Features of Jan Dhan Yojana:
 Zero Balance Account
The accounts under PMJDY will be zero balance accounts which
means account holders do not need to maintain any bank balance.
Most regular bank accounts require that a minimum balance which
might vary from Rs 500 to Rs 5000 will have to be maintained in
the bank account failing which a penalty will have to be the
customer. In April this year , RBI announced that banks can no
longer charge a penalty for non-maintenance of average quarterly
balance, this was after it received complaints from bank account
holders that their bank balances had disappeared over several

6. months. Keeping this in mind , banks have now introduced zero
balance accounts under Pradhan Mantri Jan Dhan Yojana.
 Insurance Cover of Rs 1 Lakh along with Rupay Cards
All account holders will receive a Rupay Debit Card so that they can
withdraw money from any ATM and also use it to make payments at
merchant establishments. Each Rupay Card will also insure the Card
Holder with accident insurance of upto Rs 1 Lakh from HDFC Ergo
and Medical Insurance of up to Rs 30,000 for sick account holders.
This money could be used for treatment and paying medical bills
when the need arises.
 Pass Book and Cheque Books
Some Banks are issuing additional pass books and cheque books to
some users if they make an additional payment of Rs 100 to Rs
500. This is an additional feature and can be availed by account
holders only if they feel the need for it.
 Direct Benefit Transfers
Another valuable feature of Pradhan Mantri Jan Dhan Yojana is that
bank accounts which are linked to Aadhaar ID’s can avail
government subsidies by electronic transfer directly into their
accounts . For Example : The government might transfer food
subsidies it provides to ration card holders directly into their bank
account.
 Overdraft / Loan
Overdraft of Rs 5000 will be provided to account holders who
transact regularly using their rupay card and maintain a good
balance in their bank accounts.
Confusion regarding Pradhan Mantri Jan Dhan Yojana
Some confusion has arisen with regard to PMJDY and sever of it’s
features. A meeting of finance ministry officials, bank heads and
ministers has been called for on Monday 31st August to discuss the

7. various issues raised by citizens and stakeholders. More details
about the scheme are expected to be announced next week. The
confusion exists with regard to the following important features and
conditions : –
1. Who will bear the risk and cost of the Overdraft Facility
provided ?
2. What will the exact accident cover and what will be the process
to claim it.
3. Will existing savings account holders be able to get benefits of
RuPay Card.
4. Can existing account holders open new accounts under PMJDY
?
5. What will be cost of the entire scheme and how will it be
shared between the government and banks?
6. What role will banking Correspondents play in PM Jan Dhan
Yojana ?
Benefits of Jan Dhan Yojana for the common
man of India:
The benefits that one is going to gain from this scheme are listed below.
Every person opening an account under this scheme will be getting a
new zero balance account. This account is a special account and
hence you would not be required to keep a minimum balance in your
account.
The second benefit that one will be gaining is a life cover insurance
which every account holder under this scheme is liable to it. Every
account holder will get a life cover of worth Rs. 30,000.
Every account holder will be given a new RuPay debit card. This debit
card comes along with a specialaccidental cover of 1 lakh rupees.
Under this scheme by the PM of India there are two kinds of debitcard

8. that is named as the RuPay card and the RuPay kisaan card designed
especiallyfor the farmers.
After a period of 6 months the people opening an
account under this scheme will be eligible for
taking an overdraft of five thousand. Thus this
will allow the commonman of India to take a
credit of five thousand rupees from the
government of India. His can only be done if the
account holder keeps the account active for a
period of 6 months.
Later under this scheme some areas will also get a pensionscheme
for the elderlies.
Under this scheme the government of India is changing the face of
India as many more ATMs are planned to be built as more number
of debitcard users are being made. It is a step of taking bank to
every village.
The few changing steps include the evolution of mobile banking.
Under this scheme the mobile banking will be available on Symbian
phones as well. This facility was only available for smart phone
users.
The credit amount of 5000 will be increased to 15,000 once the
repayment of the loan is done on time. This will be a great help for the
people of India to prosperas the money will be available for them

9. Pradhanmantri Jan Dhan Yojana [PMJDY]
Overdraft Facility& Benefits:
As we all know that our PM, Mr. Narendra Modi has
launched a scheme known as Pradhan Mantri Jan
Dhan Yojana to promote banking in each and every
part of the country. The scheme was announced on
the Independence Day and was launched on 28
th
August 2014.There are many facilities offeredunder
this scheme.The main aim of this scheme is to
promote banking and make sure that each family has
at-least one bank account. Many private and public
bank are taking part in this scheme. Many banks are
opening their bank from 8 am to 8pm
on every Saturday to promote this scheme.Overdraft facilities are also
offeredunder this scheme.
An overdraft facility is basically an agreement made between bank and
the account holder where the account holder can withdraw money from
his account on zero balance condition. Although, there is a limit on the
amount of money which can be withdrawn and the account holder needs
to pay the money back to bank with some interest under the specified
time.
Overdraft Facilities under Jan Dhan Yojana:
Account holders who have linked their aadhaar number with the account
can use this service.Although, a user can get Aadhaar number on the
spotas per the scheme but still only aadhaar linked accounts are liable

10. to use this facility. According to overdraftfacilities:
An amount of INR 5000 will be transferred to any one of the
account holder in the family and this amount can be withdrawn by
any one member of the family. Although, it is preferred that a
female member withdraws this amount but it’s not mandatory. This
amount will be available to only those
account holder whose account is functional for at-least six months.
This amount needs to be repaid to the bank under the specified time
as mentioned by the bank. There is a nominal interest rate which will
be charged for using this facility.
If the account holder pays back the money under the time and
maintains a good transaction history, this amount of overdraft will be
extended to INR 15,000 fornext usage.
Other benefits of Pradhan Mantri Jan Dhan Yojana:
Any personhaving a governmentID proof can open account under this
scheme.
It will be a zero balance account which means there is no need to
maintain any minimum amount of money to keep the account
functional. Also there is no need to depositany money at the time of
opening the account.
Every account holder under this scheme will get a free RuPay card
which can be used for many purposes like online transactions, e-
commercesites and can also be used as ATM. This card comes with
an accidental cover of INR 30,000.
Apart from that, a life insurance cover of INR 1 lac is also offered
under this scheme.

11. This scheme will promote mobile banking and electronic banking in the
nation. No doubt, this scheme will bring “ache din” for the nation.
TOLL FREE NUMBER FOR JAN DHAN Yojana
Call this number for any query regarding
Pradhanmantri Jan Dhan Yojana. 1800 11 0001
1800 180 1111
1.https://en.wikipedia.org/wiki/Pradhan_M
antri_Jan_Dhan_Yojana
2.http://pmjandhanyojana.co.in/kaushal-
vikas-yojana-pmkvy/
3. pmjandhanyojana.co.in/
BIBLOGRAPHY