Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a National Mission for Financial Inclusion to ensure access to financial services, namely, Banking / Savings & Deposit Accounts, Remittance, Credit, Insurance, and Pension in an affordable manner.
Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. Accounts under PMJDY are being opened with Zero balance. However, if the account-holder wishes to get a cheque book, he/she will have to fulfill minimum balance criteria.
Documents required to open an account under Pradhan Mantri Jan-Dhan Yojana
An account can be opened by presenting an officially valid document:
- The passport
- The driving licence
- The Permanent Account Number (PAN) Card
- The Voter’s Identity Card issued by Election Commission of India
- Job card issued by NREGA duly signed by an officer of the State Government
- Letter issued by the Unique Identification Authority of India containing details of name, address, and Aadhaar number
- Any other document as notified by the Central Government in consultation with the Regulator
- Provided simplified measures are applied for verifying the identity of clients, the following documents shall be deemed valid:
- Identity card with applicant’s Photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions
- Letter issued by a Gazetted officer, with a duly attested photograph of the person
Reserve Bank of India (RBI) vide its Press Release dated 26.08.2014 clarified that those persons who do not have any of the ‘officially valid documents’ can open “Small Accounts” with banks. A “Small Account” can be opened on the basis of a self-attested photograph and putting his/her signature or thumbprint in the presence of officials of the bank. Such accounts have limitations regarding credits (not more than ₹1 lakh in a year), aggregate withdrawals (not more than ₹10,000 in a month), and balance (not more than ₹50,000 at any time). These accounts remain valid for 12 months and can be extended for another 12 months if the account-holder provides proof of application for any valid document within 12 months of opening the account.