Pradhan Mantri Jan Dhan Yojana: Prime Minister Narendra Modi on Wednesday marked the 10th anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), a landmark initiative aimed at fostering financial inclusion across India. Launched in 2014 under the National Democratic Alliance (NDA) government, the scheme has been pivotal in extending access to essential financial services, including savings accounts, credit, insurance, and pensions, at affordable rates.


As of August 14, 2024, the PMJDY has seen tremendous success, with over 53.13 crore beneficiaries and total deposits exceeding Rs 2.3 lakh crore. Notably, nearly 30 crores of these beneficiaries are women, underscoring the scheme's role in empowering marginalised communities.


In a post on X (formerly Twitter), Prime Minister Modi lauded the scheme's achievements, stating, "Today, we mark a momentous occasion — #10YearsOfJanDhan. Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people, especially women, youth, and marginalised communities.






Finance Minister Nirmala Sitharaman also praised the initiative, saying, "Congratulations to all the beneficiaries and compliments to all those who worked to make this scheme a success."






PMJDY: A Decade of Empowerment


The Pradhan Mantri Jan Dhan Yojana allows citizens to open a basic savings bank deposit (BSBD) account at any bank branch or Business Correspondent (Bank Mitra) outlet, without the need to maintain a minimum balance.


Account holders are provided with a RuPay Debit card, which includes accident insurance coverage of up to Rs 2 lakh for new accounts opened after August 28, 2018. Additionally, eligible account holders can access an overdraft facility of up to Rs 10,000.


PMJDY accounts also qualify for various government-backed schemes, including Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and the Micro Units Development and Refinance Agency Bank (MUDRA) scheme.


Future Prospects


Looking ahead, the government aims to open more than 30 million new accounts under PMJDY during the current financial year 2024-25, according to Finance Minister Sitharaman. The Finance Ministry highlighted that PMJDY has laid the foundation for several people-centric economic initiatives, facilitating direct benefit transfers and providing critical financial assistance during the Covid-19 pandemic.


The scheme's integration with the JAM Trinity (Jan Dhan, Aadhaar, Mobile) has further enhanced the reach of the Direct Benefit Transfer programme, transforming it from a partial to a comprehensive system. This integration ensures that benefits reach the intended recipients swiftly and efficiently.


Under PMJDY, there are no account opening, maintenance, or minimum balance charges, making it an accessible option for millions of Indians. The scheme continues to play a crucial role in the government's mission to achieve universal financial inclusion.


Under the scheme, a Basic Savings Bank Deposit (BSBD) account can be opened at any bank branch or Business Correspondent (Bank Mitra) outlet.


The scheme offers several benefits. Here are they:



  • No minimum balance is required for PMJDY accounts.

  • Deposits in PMJDY accounts earn interest.

  • Account holders receive a RuPay Debit Card.

  • The RuPay card comes with accident insurance coverage of Rs 1 lakh, which is increased to Rs 2 lakh for accounts opened after August 28, 2018.

  • Eligible account holders can access an overdraft facility of up to Rs 10,000.

  • PMJDY accounts are also eligible for Direct Benefit Transfer (DBT) and can be linked to various government schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and the Micro Units Development and Refinance Agency (MUDRA) scheme.