PMJDY, or Pradhan Mantri Jan Dhan Yojana, is a government initiative launched in August 2014 to promote financial inclusion. Its main aim is to provide basic financial services like savings accounts, remittance, credit, insurance, and pension to all individuals, especially those from low-income households who didn’t have prior bank accounts. Accounts under PMJDY can be opened at any bank branch or Bank Mitra outlet.

The scheme offers zero-balance accounts to individuals above 10 years of age, along with a RuPay debit card for cash withdrawals, purchases, and other services. It also includes accident insurance coverage of ₹2 lakh and an overdraft facility of up to ₹10,000 for eligible account holders.

Eligibility for PMJDY includes Indian residents above 18 years of age, with minors above 10 years allowed to open accounts under parental guidance. Individuals without proper documentation can open temporary accounts, which can be converted into permanent ones within 12 months after submitting valid documents.

Documents required for PMJDY account opening include Aadhaar Card, or alternatively, any other government-issued identity proof like Voter ID, Driving License, PAN Card, Passport, or NREGA Card. In the absence of these documents, individuals categorized as ‘low risk’ by the bank can open accounts with attested photographs or identity cards issued by government entities.

Benefits of PMJDY accounts encompass interest on deposits, accidental insurance coverage, no minimum balance requirement, life insurance cover, direct benefit transfers for government schemes, access to pension and insurance products, and an overdraft facility of up to ₹10,000 per household after six months of satisfactory account operation, preferably for female members.

PMJDY has significantly enhanced financial inclusion by bringing millions of unbanked individuals into the formal banking system. It has empowered them with access to essential financial services, fostering inclusive growth and financial empowerment nationwide.