Pradhan Mantri Jan Dhan Yojana (PMJDY) is a scheme that aims to provide financial inclusion to every household in India. The first and most important benefit is its free of charge zero balance account and can be used to get government pensions and subsidies directly transferred in the account. The scheme offers several benefits to Indian citizens, such as:
- Zero balance account: Senior citizens can open a bank account with zero balance under PMJDY, which means that they do not need to maintain a minimum balance in their account.
- Interest on savings: Senior citizens can earn interest on their savings, which can help them in managing their finances.
- Overdraft facility: Senior citizens can avail of an overdraft facility of up to Rs. 10,000, which can help them in managing unexpected expenses.
- Insurance cover: Senior citizens are also eligible for personal accident insurance cover of Rs. 2 lakhs under PMJDY.
- Pension account – In addition to these benefits, senior citizens can also avail of a pension through the government’s Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme, which is designed specifically for senior citizens. Overall, PMJDY has been successful in bringing financial inclusion to senior citizens and has helped in improving their financial security and independence.
The scheme aims to promote financial inclusion and literacy among all sections of society. This can help specially unbanked citizens to become more financially aware and independent and access banking services more easily. It provides an excellent opportunity for them to access banking services and improve their financial well-being.
