Empowering the Unbanked: PM Jan Dhan Yojana Unveils New Feature Allowing ₹10,000 ATM Withdrawals

In a significant stride towards financial inclusion, the Pradhan Mantri Jan Dhan Yojana (PMJDY) announces a groundbreaking feature that allows account holders to withdraw ₹10,000 from ATMs even with zero balance. Launched in 2014, PMJDY has been a cornerstone in Prime Minister Narendra Modi’s vision for a financially inclusive India, providing numerous benefits to account holders. The new overdraft facility enhances accessibility and ensures that individuals with no money in their accounts can still withdraw funds for their immediate needs.

Key Features of the PM Jan Dhan Account:

1. Zero Balance Account: PMJDY allows the opening of zero balance accounts.
2. Facilities Provided: Account holders receive a chequebook, passbook, and an overdraft facility.
3. Overdraft Facility: Enables account holders to withdraw money even with zero balance.
4. No Minimum Balance Requirement: The account does not require maintaining a minimum balance.
5. Direct Benefit: Beneficiaries gain direct access to government schemes, savings accounts, insurance, and pension plans.

How to Open a PM Jan-Dhan Account:

Opening a PM Jan-Dhan account is a simple process. Visit the nearest bank with identification documents such as Aadhaar Card, PAN Card, Passport, Voter ID, Driving License, and a residential proof certificate. Two passport-size photographs are also required. After filling out the application form, submit it at the bank counter. Upon activation, the bank provides a passbook and a debit card without any charges. The minimum age for opening an account is 10 years, and existing savings accounts can also be converted to Jan Dhan accounts.

Benefits of the Jan Dhan Account:

1. ATM Card and Insurance: Account holders receive an ATM card along with accidental insurance of up to two lakh rupees.
2. Life Cover: A life cover of ₹30,000 is also provided.
3. Interest on Savings: Interest is earned on the deposited amount, similar to regular savings bank accounts.
4. Overdraft Facility: Account holders are eligible for an overdraft of up to ₹10,000, initially with ₹2,000 available.
5. Free Insurance Schemes: Eligibility for free life insurance (PMJJBY) and corporate life insurance (PMSBY).
6. Passbook Facility: A passbook is provided, detailing all transactions related to the account.
7. Direct Benefit of Government Schemes: Beneficiaries receive the advantages of various government schemes directly into their accounts.

This new feature under PMJDY not only emphasizes the government’s commitment to financial inclusion but also provides a lifeline to individuals facing immediate financial constraints.