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5 things to know about Pradhan Mantri Jan Dhan Yojana (PMJDY) Zero Balance Savings Account

We all know that the rural population of India faces the biggest problem as the lack of proper funds to be deposited in a bank account. A majority of India’s rural population do not have the required financial stability needed for opening and maintaining a bank account. However, the Indian Government has recently come up with a reliable solution to this problem by launching the much-awaited PMJDY (Pradhan Mantri Jan Dhan Yojana) which enables the poorest of the poor to open a zero balance account with any recognized public or private bank of the nation.

The Government’s latest financial inclusion scheme known as the PMJDY (Pradhan Mantri Jan Dhan Yojana) is aimed at seeking towards the integration of the poorest of the poor with proper bank accounts. The Pradhan Mantri Jan Dhan Yojana (PMJDY) was introduced by the Prime Minister, Narendra Modi, on 28th August 2014 towards offering each citizen of the nation an easy access to a myriad of banking services, right from opening a zero balance savings account. Since the launch of this financial scheme for the poorest of the poor, over 30 crore savings accounts have been opened across various public as well as private banks across the nation.

If you are interested in opening a savings account under the specialized Pradhan Mantri Jan Dhan Yojana (PMJDY), then here are some important pointers that you must know about:

  1. You can open a savings bank account under the PMJDY scheme by paying a visit to any branch of the public or private banks or any specified business correspondent outlet known as the “Bank Mitra”. Once your bank account has been created under the given scheme, it can be thereafter used for various types of social security schemes. Bank Mitra serves to be an organization or an individual functioning as the representative of some bank. He or she has been authorized to offer standard banking services in both the rural as well as urban areas wherein there are no banks or ATMs nearby.
  2. Opening a bank account under the PMJDY scheme is very simple. You would simply need to visit the nearest bank or the Bank Mitra (in cases of no banks nearby). Here, you can submit the required documents as afforded or required. In case there is any doubt, you can also consult the bank official or Bank Mitra available there. Once the zero balance savings account has been opened, you would be issued a specialized RuPay debit card. This debit card can be used for carrying out the normal transactions like withdrawing money. This serves to be equivalent to any normal debit card in case of the usual savings accounts.
  3. All the households across the nation –both in the rural as well as in the urban areas are aimed to be covered under the PMJDY scheme. The respective bank accounts are to be opened for around 6 crore savings account in the rural areas and around 1.5 crores in the urban areas. All the bank accounts that are opened under the given scheme need to have an overdraft facility of around 5,000 INR for the accounts that are linked to Aadhar cards after the recommended operations in the given account for around 6 months.
  4. There are several salient features of the PMJDY scheme offered to the residents of India. Here are some of them:
  • At least two members of a single family might apply for the zero balance savings account under the given scheme.
  • There is the allowance for depositing as well as withdrawing money for free.
  • Funds are allowed to be transferred without any fees.
  • You, as an application, would receive a free life cover of 30,000 INR along with an accident cover of 1 Lakh INR per account.
  • Literacy programs under the particular scheme enable the account holders to be financially literate about their respective bank profiles.
  1. The objective of the PMJDY (Pradhan Mantri Jan Dhan Yojana) scheme is to enable the citizens of the country to be in possession of at least one bank account wherein they are able to pool the daily or monthly savings while availing the standard services as well as benefits of the banking products. Through this scheme, even illiterate people of the rural or urban areas are able to open a bank account and make use of the RuPay debit cards. Moreover, the concerned bank officials under this scheme are entitled to offer relevant knowledge and banking information to those who are completely unaware of the same.

Through the highly specialized Pradhan Mantri Jan Dhan Yojana (PMJDY), the nation can expect to grow progressively by making its citizens financially aware of its potential. Ensure that you are financially secure by opening the highly specialized Kotak 811 zero balance saving.


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