Pradhan Mantri Jan Dhan Yojana 2020: Pradhan Mantri Jan Dhan accounts can be opened in the name of a child below 18 years, but above 10 years while his or her parents will be operating the account. An ATM is also issued in the name of the child. At the age of 18, after submitting an identity proof, the bank will be handed the account to the name of the real beneficiary.
Parents are required to submit any valid proof such as Aadhaar card, passport or ration card, etc. along with their address proof. If the parents do not have any of these documents, then they can submit any one of the documents issued by the central government through which the identity is revealed.
To open a bank account under the Pradhan Mantri Jan Dhan Yojana, you can download the form from the PM Jan Dhan Yojana website or from the website of any bank. Its forms are also available at branches of banks where you can directly go and fill-up the form in the bank itself.
What is the Pradhan Mantri Jan Dhan Yojana
The Pradhan Mantri Jan Dhan Yojana, or PMJDY, is an initiative for financial inclusion launched in 2014 by the Government of India and seeks to provide access to financial services to a wide range of the country’s population. The goal of the PMJDY initiative is to provide access to savings accounts, deposit accounts, insurance, credit, and remittance services in terms that are affordable to all.
With the PMJDY, an Indian citizen can open a basic savings bank deposit account at a number of banks and financial institutions with ease. One of the most prominent features of this PMJDY account is that it is ‘zero balance’, meaning that the account holder does not need to keep a minimum amount of balance to continue with the account. A minimum balance criteria will only need to be met in case the account holder wishes to keep a checkbook with the account.
Opening a Jan Dhan Account For A Minor
The purpose of the PMJDY initiative is to ensure that all Indian citizens are provided the benefit of holding a bank account and avail financial services. In today’s age, this benefit should be guaranteed to not just adults, but also children to help them become self-sufficient in the future. Therefore, the initiative also allows a PMJDY account to be opened for a minor above the age of 10.
This PMJDY account is different from a PMJDY account for an adult as it is a joint account that the minor shares with his or her guardian. Any transactions done with the PMJDY account require the permission of both the minor as well as the guardian account holder. As the minor account holder becomes an adult, i.e., reaches the age of 18, the PMJDY will be transferred in his or her name after the required documents are submitted.
However, before the child reaches the age of 18, all the necessary documents related to the account are expected to be submitted by the guardian on behalf of the minor.
Documents Needed to open Jan Dhan account for a minor
In order to open a PMJDY account for the minor, the guardian will need to submit the following documents:
- Proof of Address:
The guardian for the minor will need to submit a valid proof of residence. This can include his or her Aadhaar card, ration card, or passport.
- Other Proofs:
In the event that the guardian cannot furnish any of the aforementioned documents as proof of address, he or she must submit a proof of identity issued by the Central Government of India. Alternatively, they can also submit a letter of authority by a gazetted officer.
- Small Bank Account:
In the event that the guardian cannot procure any of these documents, he or she can still open a temporary PMJDY account. This type of account is known as a ‘small bank account’ and due to the lack of required documents, the account holder is declared as ‘low risk’.
To open this form of PMJDY account, the account holder in question is required to sign the opening application in the presence of the authorities from the bank or financial institution. This ‘small bank account’ is valid for a period of only 12 months, within which the account holder will be required to submit one of the aforementioned documents, to keep the PMJDY account active.
Special Benefits under PMJDY Scheme
1. Interest on deposit.
2. Accidental insurance cover of Rs. 2 lakhs
3. No minimum balance required.
4. The scheme provide life cover of Rs. 30,000/- payable on death of the beneficiary, subject to fulfillment of the eligibility condition.
5. Easy Transfer of money across India
6. Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
7. After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
Access to Pension, insurance products.
8. The Claim under Personal Accidental Insurance under PMJDY shall be payable if the Rupay Card holder have performed minimum one successful financial or non-financial customer induced transaction at any Bank Branch, Bank Mitra, ATM, POS, E-COM etc. Channel both Intra and Inter-bank i.e. on-us (Bank Customer/rupay card holder transacting at same Bank channels) and off-us (Bank Customer/Rupay card holder transacting at other Bank Channels) within 90 days prior to date of accident including accident date will be included as eligible transactions under the Rupay Insurance Program 2019-2020.
9. Overdraft facility upto Rs. 10,000/- is available in only one account per household, preferably lady of the household.
How To Check Jan Dhan Yojana Account Status
- To check the status of your PMJDY account,
- visit https://pmjdy.gov.in/scheme. Click on ‘Status Enquiry’ tab. Enter the reference number you received after submitting the documents to know the status.
- If required, you can raise a complaint by clicking the ‘Feedback/Information/Complaint/Suggestion’ tab and entering details.
- Account Opening Form(English)
- Account Opening Form (Hindi
- Frequently Asked Questions on Pradhan Mantri Jan Dhan Yojana (PMJDY)
PMJDY has simplified the account opening process to encourage more citizens to open their bank accounts and bring India closer to overall financial inclusion.
Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in August 2014 as a step towards overall financial inclusion. The objective was to ensure that every individual/family should have at least one bank account. This would give every citizen access to not just banking facilities, but also to various financial subsidies passed by the government. If you are interested in opening a PMJDY account, here is everything you need to know.
With the Jan Dhan Yojana being an option available to minors, the children of India can grow up to make the most of financial services from an early age. Moreover, the process of opening and keeping a PMJDY account is simple and convenient, making it accessible for individuals from all walks of life.